The 18th Summit of Heads of State and Government of the Group of 20 (G20) was held in  Bharat Mandapam International Exhibition-Convention Centre, Pragati Maidan, New Delhi on 9–10 September 2023, under the presidency of India for the year 2022- 23. The G20 Leaders’ Summit focused on ‘One Earth, One Family, One Future’. The subject emphasizes the importance of humans, animals, plants, and microorganisms and their interrelationships on Earth and the Universe, as a whole.

The Leaders’ Summit was the culmination of the G20 phase during the Presidential Year for India and the work that was carried out throughout the year through Ministerial Meetings, Working Groups, and Engagement Groups.

Agenda Priorities for the 2023 Summit

G20 India has put forth six agenda priorities for the G20 dialogue in 2023:

• Green Development, Climate Finance & LiFE
• Accelerated, Inclusive & Resilient Growth
• Accelerating progress on SDGs
• Technological Transformation & Digital Public Infrastructure
• Multilateral Institutions for the 21st century
• Women-led development

In an interview on August 26, 2023, Prime Minister Modi expressed hope for a developing agenda under India’s presidency of the G20, a human development approach in line with Global South issues, including climate change, debt restructuring, and G20 Common Framework for Credit and Global Cryptocurrency Regulation Strategy.

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Highlights of Key Achievements under the Presidency of India

• The Indian Presidency created a solution that suits each member of the G20 and offers a common path for all. Many of the results of this presidency include a comprehensive strategy for developing countries.
• Agreement on the need for better, bigger, and more effective MDBs The G20 Independent Expert Group on strengthening MDBs established, and submitted the first volume of its report. Agreement to collectively boost the World Bank’s financing capacity.
• Endorsement for the G20 roadmap for implementing the recommendations of an independent panel on the capital adequacy framework for the MDBs. These will potentially yield additional lending headroom of $200 billion over the next decade.
• A global push for clearer policies and crypto regulation has gained momentum under India’s presidency, with global consensus emerging on crypto.
• Recommendations on financial inclusion and productivity gains through digital infrastructure were formulated.
• A consensus on a debt relief framework for Zambia, Ghana, and Ethiopia was achieved. The financing of the sustainable, resilient cities of tomorrow is now all under the framework and can be used by MDBs.
• We have achieved a major green development pact to focus on financing, cutting global greenhouse gas emissions, a global biofuel alliance, sustainable development, and ending plastic pollution, among others, for which every single country has come together.
• There is a major shift towards sustainable development, health, and education, resilient and inclusive growth, women’s empowerment, and well-being.
• G20 countries have promised to increase global renewable energy capacity by lowering about seven billion tons of carbon dioxide emissions between now and 2030, according to estimates by the International Energy Agency (IEA).
• It aims to end hunger and malnutrition, aware that global challenges such as poverty, climate change, pandemics, and conflicts affect vulnerable populations, especially women and children, equally.
• During the G20 presidency, the working group on agriculture reached historic agreements in two areas: Deccan G20 High-level principles on Food Security and Nutrition and the Millet initiative called MAHARISHI.
• G20 leaders stressed the importance of strengthening the Agricultural Market Information System (AMIS) and the Global Agricultural Monitoring Group for Earth Observation (GEOGLAM) for greater transparency.
• The New Delhi 2023 Declaration builds on previous G20 declarations, particularly the 2015 Turkey Declaration which strongly acknowledges terrorism. Unlike the G20 Bali 2022 Leaders’ Declaration, which focuses on the financing of terrorism and strengthening the Financial Action Task Force (FATF), the New Delhi Declaration contains more concerns.

G20 now G21! (In meaning and Expression)

African Union Admitted to G20

The Acceptance of the African Union as a permanent member of the G20 is an important step to increase the representation of developing countries at the forum. This seems a great step towards transforming global trade, finance, and investment and gives the Global South a greater voice in the G20, allowing African interests and perspectives to be heard and recognized at the G20.

Global Biofuel Alliance (GBA)

GBA will develop a coalition of governments, international organizations, and industry to promote the adoption of biofuels, positioning biofuels as a key part of the energy transition and contributing to job creation and economic growth.

It will help accelerate biofuel programs like PM-JIVANYojna, SATAT, and GOBARdhan schemes in India. According to IEA, biofuels will have the potential to grow 3.5-5x by 2050 due to the Net Zero target, creating a huge opportunity for India.

The Global Biofuel Alliance began with nine founding members: India, the United States, Brazil, Argentina, Bangladesh, Italy, Mauritius, South Africa, and the United Arab Emirates, with four members supporting, namely, Bangladesh, United Arab Emirates, Mauritius, and Singapore. 19 countries and 12 international organizations have agreed to join, further.

India- Middle East- Economic Corridor (IMEC)

A Memorandum of Understanding was signed between the governments of India, the US, Saudi Arabia, the European Union, the UAE, France, Germany, and Italy to establish IMEC. IMEC is part of a wider initiative called the Partnership for Global Infrastructure Investment (PGII). It is a major infrastructure project connecting India, the Middle East, and Europe. The project aims to create a network of transport corridors, including rail and sea.

IMEC is seen as a response to China’s Belt and Road Initiative (BRI) by providing an alternative infrastructure system.

G20 Global Financial Inclusion Document by World Bank

The World Bank’s G20 Global Partnership for Financial Inclusion acclaimed the transformative impact of India’s digital public infrastructure (DPI) over the past decade under the central government. This has further escalated a DPI approach of 47 years of financial inclusion in just 6 years.

Jan Dhan-Aadhar-Mobile (JAM) Trinity has increased the financial inclusion rate from 25% in 2008 to 80% in 6 years, along with complementation from regulatory frameworks, national policies, and evidence-based verification.

Memorandum of Understanding (MoU) with Bangladesh

Prime Minister Narendra Modi and his Bangladeshi counterpart Sheikh Hasina held bilateral talks. The two countries have also signed three memorandums of understanding, including cooperation in digital payment mechanisms.

A Memorandum of Understanding (MoU) in Digital Payment Mechanism has been signed between the National Payments Corporation of India (NPCI) and Bangladesh Bank, as per the official statement released by the Ministry of External Affairs. Another Memorandum of Understanding focuses on the renewal of the Cultural Exchange Program (CEP) between India and Bangladesh for 2023-2025. The third MoU was signed between the Indian Council of Agricultural Research (ICAR) and the Bangladesh Agriculture Research Council (BARC).

Implications and Way Forward for India

The road ahead for India is fraught with challenges, including supply chain disruptions, cost-of-living crises, rising energy prices, and climate-related challenges, including the Ukraine war and the Covid-19 pandemic threatening the global economy. The G20 provides an effective multilateral forum for the Global South to advance the agenda with a greater voice. For the first time, the G20 has emerging and developing countries in the Troika.

India’s presidency has set G20 priorities on macroeconomic implications of food and energy security, climate change, strengthening the Multilateral Development Bank (MDB), inclusive, equitable, and sustainable development, digital public infrastructure, and climate finance.

The Prime Minister’s slogan ‘Sabka Saath Sabka Vikas’ envisions and symbolizes the collective efforts of the people and equally applies to the comprehensive development of children’s education.

Disclaimer: the above article is based on the following sources of information: The Hindu and The Mint.