BENEFITS OF THE G-20 SUMMIT IN KASHMIR
The G-20 is a premier forum for international economic cooperation which plays an important role in shaping and strengthening global architecture and governance on all major international economic issues. The G-20 was conceptualized in the year 1999 after the Asian Financial Crisis. Initially it was a forum for the Finance Ministers and Central Bank governors to discuss global economic and financial issues. The status of G-20 was elevated in the year 2008 with the inclusion of Heads of respective States. The G-20 does not have a permanent secretariat and the meets are held annually under the leadership of a rotating presidency. Initial focus of the meets was aimed towards macro-economic issues but later on the agendas expanded to include a plethora of others like trade, agriculture, climate change, health, energy, environment, anti-corruption, etc.The year 2023 happens to be the year in which India is sitting at the helm of affairs of the group as its rotatory president. Many cities across the nation have been chosen to host meetings before finally holding the annual summit in New Delhi from 09 September – 10 September 2023 which will be culmination of all the G-20 processes and meetings held throughout the year. One such leg of these G-20 meetings is scheduled to take place in India’s crown i.e., the beautiful valley of Kashmir. The summit will bring a host of benefits to the region both in short term as well as long term. On December 1, 2022, India assumed the presidency of the G-20 until November 30, 2023, with the theme “Focus on Global Youth Leadership and Partnership”.One of the most immediate benefits of G-20 summit in Kashmir will be the boost to the local economy. The influx of delegates and journalists to the region will lead to a surge in hotel bookings, restaurant reservations and local transportation. This will provide a much-needed shot-in-the-arm for the local economy and it will continue to provide benefits as the visitors would explore the region and its attractions. This, in turn would help in creation of new jobs providing a much-needed boost to the local workforce. This will be the first major international summit to be held in Jammu and Kashmir after the special status of the former state guaranteed by Article 370 of the Constitution was withdrawn. With Jammu and Kashmir hosting such a high-profile mega-event in the region, the host country’s economic and tourism outlook is bound to take a leap. Needless to mention the direct cash flow impact of spending within the country, including accommodation, transport, shopping, food and entertainment, as well as media coverage and indirect spending. There will be obvious legacies, longer-term impacts, and several potential benefits of hosting the G-20 summit in Jammu and Kashmir for the region and for the global community.One way the G-20 could boost tourism in Kashmir is by promoting the region as a top tourist destination. The summit could showcase Kashmiri’s natural beauty, cultural heritage and unique handicrafts, which could attract more tourists to the region.In addition, the G-20 could also facilitate enterprises and partnerships between Kashmiri handcraft manufacturers and international buyers. This could lead to augmented demand for Kashmiri handicrafts and give a much-needed boost to the local economy.
Increased Visibility. The G-20 Summit is a prestigious event that appeals media attention from rounds the world. This would provide a platform for the Jammu and Kashmir tourism and handicraft industries to showcase their products and services to a global audience.
Economic Boost. The G-20 summit would bring a large number of delegates and tourists to Jammu and Kashmir, which would provide a significant boost to the local economy. This would lead to an increase in demand for tourism-related handicrafts and services, which would generate higher revenue for local businesses.
Investment Opportunities: The G-20 summit would offer an chance for local traders to link with delegates and investors from around the world. This could generate investment opportunities for the handicraft and tourism industries in Jammu and Kashmir.
Job Creation: The G-20 summit would create job opportunities for locals in the craft and tourism sectors. This would provide a much-needed boost to the local job market and help reduce poverty in the region.
Infrastructure Development. The G-20 summit would require the construction of new infrastructure, such as hotels, restaurants, and transportation facilities. This would provide an opportunity for local businesses to benefit from the development of these facilities.Overall, the G20 summit has the potential to significantly boost tourism and handicrafts in Kashmir, attracting more attention and investment, supporting initiatives to provide access to education, healthcare and other basic services. This will help improve the quality of life for many people in the region and contribute to a more stable and prosperous society, attracting more mega and international events after hosting one and helping revitalize the local economy.
