The G20 Presidency And India’s Future Challenges
Taking over the G20 presidency for a year will be a historic event. All Indian states will host meetings and hold the New Delhi summit in September.
The Global Economic Council will preside over 200 meetings to ensure global economic prosperity and health.
India will have the chance to decouple its challenges and work on an amicable solution. Seeing how India prioritizes its global agenda will be fascinating.
Priorities for India’s G20 presidency are counterterrorism financing, anti-money laundering, drugs, WTO reforms, and implementing the Paris Climate Agreement. Covid-19 contributed to India’s GDP loss, which will also discuss. 5.1 percent is expected in 2021.
Furthermore, it will aim to become a $ 5 trillion economy and a true electronic democracy shortly. The G20’s Sherpa for India, Amitabh Kant, also stated that India intends to study the debt crisis that will impact millions of people from 70 countries, the slowing global economy, and climate change.
As far as buying power parity is concerned, we are the world’s third-largest economy. As India moves forward, it will have to face many other challenges.
Narendra Modi has warned countries that use terrorism for their foreign policy against being caught up in ambiguity when dealing with terrorism.
According to him, we should not respond differently depending on where attacks occur because of false conceptions of terrorism.
According to the Prime Minister, all terrorist acts deserve outrage and action. As a result, India will face a significant challenge in addressing countries that support terrorism.
Heath Challenge & Climate Change
Indonesia hosted the G20 Summit and emphasized building a global health architecture to address various health issues and help developing economies survive health crises like Covid-19 and monkeypox.
India also sometimes faces similar challenges and needs to form a bloc to fight pandemics. Development economies need more equipment and talent that the fund will significantly benefit.
The costs of climate change, whether due to pollution or more frequent extreme weather events, have swiftly risen in India.
Net-zero carbon emissions economies will require much work, resources, and planning. To keep up with renewable energy generation, public investments in green infrastructure need to be made.
Technology, costs, and raw material availability will likely become more uncertain without similar changes in other countries.
According to the G20, the digital economy could facilitate the economy’s recovery after the pandemic.
The G20 has been focusing on measuring the digital economy since the DETF was formed in 2016. According to India’s finance minister, the new global tax framework proposed by the G20 will be constructive in reducing the problems caused by digitalization.
Despite that, they have yet to agree to eliminate the equalization levy. As a group of nations, the G20 is also facing several problems that require a global solution.
India’s PM Modi stated, addressing an Indian audience in Bali, that it keeps close ties with developed nations while also understanding developing countries.
Furthermore, he reiterated India’s stance that only one world should exist without a first or third world.
The spirit of Vasudhaiva Kutumbakam (the world is one family) will seek pragmatic solutions for global welfare while evolving India through its leadership.
G-20 And The Divisions Ahead
It’s like an Indian Premier League series, with big wins and losses. The difference is this is a group made up of rich and not-so-rich countries, posing to be a team but spanning both sides of the fence, comprising more than 80% of global GDP.
Similarly to the IPL series, each player has their prestige to keep in mind while playing the game with a constantly changing team.
In the context of the G-20, India’s Presidency carries significant weight, especially as the world economy reels from natural and unnatural disasters. Then some are entirely unreasonable and illogical.
The origins of the G-20 came from the 1997-1999 Asian financial crisis, a financial crisis that caused the developing world to suffer heavy economic losses leading to double-digit declines in GDP in some countries.
The profit margins of the giant economies in the G-7 were also affected by this. They then advised Central Bank Governors to hold meetings to address the crisis.
G-20 was formed to coordinate a response to the US financial crisis, which eventually included Argentina, Australia, Brazil, China, India, Italy, Indonesia, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, and Turkey.
A pandemic, a suddenly severe climate crisis, and a battering Ukrainian war are causing a significant fire that this body is supposed to put out. The Ukraine crisis exemplifies differing viewpoints and objectives on all three issues.
edited and proofread by nikita sharma