The Group of Twenty (G20) is the most important platform for global economic cooperation. It is the premier Intergovernmental forum regarding all significant worldwide economic concerns. It is crucial in forming and enhancing global governance. The G20 was established in 1999 following the Asian financial crisis as a forum for the Finance Ministers and Central Bank Governors to debate international economic and financial concerns. In the midst of the world financial and economic crisis of 2007, the G20 was elevated to the status of Heads of State/Government, and in 2009 it was designated as the “primary forum for international economic cooperation.”
The importance of Group of Twenty (G20) can be understood by the fact that it comprises 19 countries (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, United Kingdom and United States) and the European Union with comprises and has a representation of around 85% of the global GDP, over 75% of the worldwide trade, and about two-thirds of the world population.
The G20’s early focus was mostly on broad macroeconomic issues. The G20’s agenda has now been expanded to cover topics including trade, climate change, sustainable development, health, agriculture, energy, environment, and anti-corruption.
Annually, the G20 Summit is conducted with a rotating Presidency in charge and this time for the term starting from December 1, 2022, to November 30, 2023, the Presidency of Group of Twenty (G20) is held by India.
The presidency came to India at a time when the world faces severe economic hardships and global recessionary trends. In addition, the political polarisation between the U.S. and European Union, and Russia, all G20 members, will make every meeting that India will host fraught with tensions.
The tagline “Vasudhaiva Kutumbakam,” which translates to “One Earth, One Family, One Future,” was illuminated on 100 monuments from Kashmir to Kanyakumari to mark the beginning of India’s year of the G-20 presidency. Prime Minister Narendra Modi stated in an editorial writing that India will make its year of chairmanship one that will be focused on “healing our “One Earth,” creating harmony among our “One Family,” and bringing hope for our “One Future.”
India was instrumental in ensuring that both Russia and its critics, including the US, were given a respectful and uninterrupted opportunity to speak about the Russia-Ukraine conflict during the G20 summit in Bali (Indonesia). India, for its part, told the Russian leadership that the time was not right for war. India will have a chance to contribute to the war’s end in the coming year.
India has the chance to present a fresh agenda to the G20 countries, to the most potent group of countries in the world. It has historically always been effective for the wise distribution of global public goods and has always upheld morals in Global Politics. In the direction of same it is now necessary to make similar efforts for international digital and genetic goods. The introduction of genetic engineering and artificial intelligence technology will upend the globe. These technologies will seriously disrupt the future of humanity if they are not universally regulated in a timely and prudent manner.
There is a great deal of responsibility on India to use the G20 summit to promote the existing multilateral system because of its impressive development track record. As a result, India will have a stronger part to play in helping weaker countries create policies that would lead to economic sustainability. Additionally, India’s political importance as a platform for global governance would undoubtedly position it as an investment destination.
The world recognizes the role India had to play when Guyana President Irfaan Ali lauded India for its “leadership” of G20 amid the COVID pandemic, as the nation provided vaccines to the world. US President Joe Biden said “India is a strong partner of the United States, and I look forward to supporting my friend Prime Minister Modi during India’s G20 presidency. Together we will advance sustainable and inclusive growth while tackling shared challenges like the climate, energy, and food crises”.
India cannot outrightly neglect a couple of challenges externally and internally. China may try to continuously create border tension to divert India’s attention from the larger issues to the border issue. Though Pakistan itself is struggling with the financial crisis and internal governmental instability, would never let go of an opportunity to push back India. As an internal challenge, the potential of the leadership to gain international prominence may be threatened domestically if religious and political rifts are exacerbated for electoral or ideological reasons.
Opportunities bring challenges and India as a nation will have to collectively conquer the challenges to make the way for future and global fortune.
