G-20 PRESIDENCY OF INDIA

It’s a proud moment for every Indians as India has taken over the Presidency of  G20 summit with effect from 01st December 2022 till 30 November 2023 for a duration of one year. G20 was founded in 1999 after the financial crisis which hit  Asian continent and it was primarily founded as a forum for the finance ministers and central banks to discuss various issues pertinent to global economy and finances. In the year 2008, G20 was upgraded and heads of all the countries started to participate in the summit; this was done in the wake of the recession and financial crisis of 2007 and in 2009, the forum was re-designated as premier for international economic cooperation. The term G20 is derived from 20 members who represent the forum from 19 countries and the European union. This forum represents approximately 85% of the global GDP and around 75% of the global trade. The members of G20 account for over about two thirds of the world’s population and apart from the permanent members there are nine other guest countries as well, which including countries like Bangladesh, Egypt, UAE, Spain and others.

Presidency in a Nutshell

India has taken over the presidency from Indonesia and will be handing it over to Brazil for the year 2024. There is no permanent secretariat for the G20 forum, however, the President country steers the G20 agenda for the entire year and hosts the summit along with various other conferences. Each country nominates a Sherpa (representative) apart from the finance ministers and central bank governors who form the core group of G20 forum in the entirety. Sherpa is responsible to coordinate the Sherpa side of the process and finance ministers in conjunction with the central bank governors coordinate the financial track. In addition to that there are engagement groups which bring together civil societies, parliamentarians, think tanks, women, labour, youth, researchers and businesses of the G20 countries. The presidency is augmented by Troika which consists of the previous, the current and the next president country for the G20 Summit; therefore for the present year Indonesia, India and Brazil will form the Troika. India has taken a very serious acceptance of the presidency of this G20 summit; as it will be an acid test for the leadership of India if we are aiming to become a superpower in the near future. The primary theme of this G20 summit is Vasudeva Kutumbakam which translates into “one earth, one family and one future”.  This theme is derived from the ancient Sanskrit text in the Maha Upanishad. Essentially the theme affirms the value of all life, animals, plants and microorganisms and their interconnectedness with humans to strive on Mother Earth. For India, the presidency also marks the beginning of ‘Amrit Kal’ a 25 year long period after the 75th anniversary of Independence, till completing hundred years of India’s independence. The presidency of G20 undoubtedly is a golden opportunity for India as a nation to prove it’s might and leadership throughout the world. The Indian leadership has pledged to be a voice for the countries which are of low income and high debt in their economy, India has promised to become the voice of the unheard.

Way Forward

India has always advocated the idea of a multipolar world, surpassing the absolute monopoly and hegemony of any of the developed country, the G20 presidency has come as an opportunity to present this Indian idea to the world and work as a team along with other nations to achieve this. Currently India is among the world’s top five economies. India is also part of the B4 and this year can be utilized judiciously to present India’s diversity, ethnicity and potential as a rising superpower to the World. As we have witnessed in the last decade; the world is curious to understand and know India better. Today ‘India is being studied in a new light’ and has emerged as a role model for all developing nations, providing a road map towards rapid growth and development. According to the Prime Minister of India “India’s presidency will be inclusive, ambitious, decisive and action oriented”. India will be hosting more than 200 multinational conferences throughout the year in various parts of India thereby promoting the Brand India and also encouraging tourism and digitization in India and abroad. The nations of the world are looking upon India and its presidency for the betterment of third world countries and much of the neglected population of the world working towards this step, India will also be hosting over 10 different sessions of the Global South Summit, wherein representatives of over 125 countries will be participating virtually making it a low budget and high yield forum to discuss various issues including fragmentation of the international landscape, shortages of food, oil and gas crisis, Ukraine war and terrorism across the globe. India aims for a human centered globalization and wants to be the voice of the low income and high debt countries. The global South Summit is also being seen as a major success for Indian diplomacy as they were able to gather over 125 countries in less than a year’s time.

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