The Group of Twenty – popularity known as G20, is emerged as the premier forum for international economic cooperation. It was formed in 1999 for the Finance Ministers and Central Bank Governors to meet the global challenges of economic and financial issues. Moreover, it was further elevated and upgraded to the level of Head of State/Government meeting in 2009 on the background of global financial crisis of 2007. Since its beginning, it has been occurring annually under the leadership of a rotating presidency.
In a recently concluded G20 Summit in New Delhi, African Union (AU) was added to this group by Indian Prime Minister which makes the count of state heads twenty-one. Now, we are going to delve into the details of G20 takeaways which will be beneficial for India in the future. First of all, India has tried to highlight her cultural supremacy by establishing the theme of G20 as “Vasudhaiva Kutumbakam. (One Earth, One Family, One Future)”
On One Earth, it discussed the Political sovereignty of the states, Economic growth and development, Climate change, Terrorism and Digital Infrastructure. The success of summit can be understood the way all the 83 paragraphs of the 2023 G20 New Delhi Leaders Declaration was passed unanimously by keeping China and Russian in agreement. Both these countries refused to attend the summit based on their prior commitments. It became a historic moment in the annals of G20 Summit because it lacks the footnotes or Chair’s Summary. In addition to it, Indian Prime Minister gave impetus on the global south concerns to be heard and discussed on global platform. And, inclusion of African Union to this elite group is the pragmatic approach to set the ball rolling. Under this category, many strategies of climate change were put forward by raising $ 5.9 trillion dollars to the green financing requirements. Promises were made to achieve net-zero carbon emission by 2070. Terror-financing was criticized vehemently without naming any country in particular. In addition to it, a robust digital infrastructure was pronounced to be the need of the hour. India led the path by showing its example in this domain. India’s stature as a global leader has achieved a milestone by hosting the G20 Summit and taking many initiatives to make this planet as “One Earth”.
On One Family theme, it encapsulated Indian-Middle East economic Corridor, road and transport, inclusive economic growth by bridging the gap between North and South Globe, Millet trilogy, and Fair and sustainable tax system. For economic activities, mobilization of natural resources appears to be very important. Therefore, here, the role of road and transport comes into play as a pivotal. By considering it, the Indian-Middle East economic Corridor was proposed to be built. It will reduce the cost of transportation in many ways. Developing countries will immensely be benefitted from it. A huge untapped resource will be mobilized and many new markets will be established to counterbalance the lop-sided reliance on western economies and the USA. India’s diplomatic channels carved a niche in the tough terrain of supremacy reigning over the centuries in the domain of trade and investment.
On One Future theme, a wide array of futuristic policies was framed such as Revival of Black Sea Initiative, Global Health, Global Anti-base Corrosion & Profit shifting and Global Biofuel. Each topic was considered to be very important in the basket of future commodities. Since the world population is young presently which will be inching closer to ageing by the end of this century. Therefore, it becomes necessary to frame policies to support global health and India is the de facto benefactor of it. It is estimated that India will gain $100 million to $240 million dollars from Anti-Base Corrosion and putting a bracket on the profit shifting mechanism. In addition, an acceleration of transition from traditional fossil fuels to biofuel will raise the demand of solar energy on a global platform. It means India will get the lion’s share.
Finally, the will, wisdom and organizational skills of Indian presidency had remained noteworthy and the rain of benefits would drench India to the skin in future.