The leaders’ declaration of the G20 Summit held in Bali this month talked about an ‘unparalleled multidimensional crises’ period that the world is currently experiencing. It pledged to enhance public investments while promoting private investments and strengthening multilateral trade. Many of its policy actions relating to the global economy, sustainable development and digitalisation were aligned to the recommendations brought out by B20, the business engagement group of the G20.
At a time when there are perceptible shifts in geopolitical alignments, India’s role as G20 president will be central to global stability and macroeconomic coordination as nations strive to recover from the pandemic aftermath and the conflict in Ukraine and tackle climate change.
The theme of Vasudhaiva Kutumbakam or “One Earth One Family One Future’ is entirely apt for the current challenges. As stressed by Prime Minister Modi during the G20 summit in Bali, “India’s G20 presidency will be inclusive, ambitious, decisive and action oriented.”
India has constituted 13 working groups under the sherpa track that would provide recommendations on areas such as employment, digital economy, and trade and investment. Under the finance track, G20 finance ministers and central banks will discuss macroeconomic development, economic risks, and international financial architecture, among others.
The priorities rightly identified by India represent critical issues facing the world.
On sustainability, India has emerged as a top 5 ranked nations in the climate change performance index for 2023, the highest among the G20.
Digitalisation in India is on the fast track, propelling sectors such as retail, fintech, education and many others.
India’s leadership in these areas will help the G20 drive its agenda during the coming year. This will be supported by suggestions from the world’s businesses, which will develop ideas under the B20 group. As the designated B20 secretariat, the Confederation of Indian Industry (CII) in consultation with stakeholders including the government has outlined nine priority areas for discussions.
The article was first published in The Hindu Businessline on 29 November 2022.