India takes over the G-20 Presidency
India takes over the G-20 Presidency- An Overview
December 1st, 2022 marks an important day when India takes over the Presidency of the G-20 forum. India being the world’s largest democracy and fastest-growing economy, India’s G-20 presidency will play an important role in building on the significant achievements of the previous 17 presidents.
India is committed to ensuring a shared global future for all through the Amrit Kaal initiative, focusing on the LiFE movement, which aims to promote environmental practices and sustainable lifestyles. The 200+ events planned in the run for the 2023 summit reinforce India’s agenda and the six thematic priorities of India’s G20 presidency.
What is G-20?
The G20, or Group of 20, is an intergovernmental forum of 19 countries and the European Union (EU). It is the latest pointer in a series of post-World War II initiatives aimed at international coordination on economic policy. It works to address critical issues related to the global economy, such as international financial stability, climate change mitigation, and sustainable development.
The G20 was established in 1999 as a platform for Finance Ministers and Central Bank Governors to discuss international economic and financial issues. Together, the G20 countries account for two-thirds of the world’s population, 75% of world trade, and 85% of global GDP. After the global financial and economic crisis in 2007, the G20 was raised to the level of heads of state/government and called “the main forum for international economic cooperation”.
The G20 has two main activities: the Finance Track for finance ministers and central bank governors and the Sherpa Track. The G20 process is chaired by Sherpas appointed as personal representatives of the leaders of member states. This Sherpa is responsible for overseeing the talks, negotiating the summit agenda, and coordinating important activities throughout the year. G20.
Summits of G-20 Forum
The G20 Summit of Finance Ministers and Central Bank Governors, which prepares and conducts the Leaders’ Summit, was created in recognition of the 2007-2008 financial crisis and the insufficient involvement of emerging economies as the core discourse of global economy and governance.
- The theme of the 2006 Summit was “Building and Sustaining Infrastructure”. Issues discussed include domestic reforms to achieve “sustainable growth”, global energy and resource markets, World Bank and IMF reforms and the impact of demographic change.
- In 2007, South Africa hosted the G20 Secretariat with South African Finance Minister Trevor A. Manuel.
- In 2008, Brazilian Finance Minister Guido Mantega chaired the G20 and proposed a dialogue on competition in the financial market, clean energy, economic growth, and financial elements of growth and development.
- Japan hosted the 2019 summit.
- The 2020 summit was supposed to be in Saudi Arabia but was held ‘virtually’ on November 21st –22nd, 2020 due to the COVID-19 pandemic.
- The G20 Rome 2021 summit will be held on October 30th-31st, 2021 in Rome, the capital of Italy.
- Indonesia hosted the G20 presidency from December 1st, 2020, to November 30th, 2022. The three priorities of Indonesia’s G20 presidency were global health architecture, digital transformation, and sustainable energy transition.
- India, as a nation committed to democracy and multilateralism, our presidency will be an important milestone as it seeks to find practical global solutions for the benefit of all and embody the idea of “Vasudhaiva Kutumpakam”.
Chair Rotation for G-20 Presidency
To determine which member states will chair the G20 summit each year, all members except the European Union are assigned to one of five different groups, one with four members and the other with three. Countries from the same region are placed in groups other than Group 1 and Group 2. All countries in one group can take turns hosting the G20 president.
Each year, a different G20 member state takes over the presidency between December 1st and November 30th. The system has been in place since 2010, when South Korea, a member of the Group of 5, took over the G20 chair.
Presidency of India for the year 2023
The G20 summit is held every year with a rotating presidency and in 2023 India will hold the presidency. The group has no permanent secretariat and is supported by current and future former presidents known as the Troika. In 2023, the Troika consists of Indonesia, Brazil, and India.
The summit is scheduled throughout the year from December 2022 to February 2023 including various host cities of Bengaluru, Chandigarh, Chennai, Guwahati, Indore, Jodhpur, Khajuraho, Kolkata, Lucknow, Mumbai, Pune, Rann of Kutch, Surat, Thiruvananthapuram, and Udaipur.
The theme for 2023 and its significance
The theme this year, “Vasudhaiva Kutumpakam” which translates to “One Earth, One Family, One Future“, is inspired by the Maha Upanishad, an ancient Sanskrit text. It highlights the importance of all life- humans, animals, plants, and microorganisms- and their interdependence on Earth and in the universe.
In addition, the theme also culminates LiFE (Lifestyle for the Environment) highlighting the importance of a sustainable lifestyle and environmental responsibility at the personal and national level in creating a clean, greener, bluer, and more sustainable future.
The G20 Presidency for India also harbingers the 25-year Amrit Kaal initiative, starting from the 75th anniversary of Indian Independence on August 15th, 2022, to the 100th anniversary.
India’s G-20 Precedence and Agenda
India’s presidency of the G-20 this year provides a unique opportunity to lead a collective approach to solving multiple, complex, and interrelated challenges while accommodating the needs and aspirations of developing countries.
The COVID-19 pandemic, supply chain disruptions, climate change, food, and energy security risks, geopolitical tensions, inflation, and the credit crisis are contributing to lower economic growth and uncertainty in global economic growth. As a troubleshooting platform, India’s main development partner, Asian Development Bank supports India’s G20 Presidency’s top priorities are supporting cities as engines of economic growth, the clean energy transition, and shaping the global health agenda.
- Sustainable Finance for Tomorrow’s Cities:
The first agenda is about financing the cities of tomorrow and establishing them as the main drivers of economic growth. While cities account for more than 80% of global GDP, unplanned and rapid urbanization is limiting economic opportunities. According to estimates, by 2050 more people will live in cities. To maintain economic potential, the cities must be better equipped with infrastructure and modern services such as safe water, transportation, electricity, waste management, and affordable housing.
- Entrepreneurship and Skill Development:
The cities must be nurtured as a center for entrepreneurship, employment, and skill development. This requires substantial investment in smart, sustainable, and resilient urban infrastructure. The private sector is an important partner in this much-needed investment. The G20 platform can be used to mobilize international support to meet these funding needs.
- Green Development and Energy Transition:
India’s focus on climate change, with a particular focus on climate finance and technology, is to ensure an energy transition for developing countries only.
Introducing the LiFE movement that protects the environment and builds on India’s sustainable tradition. Enabling an orderly and fair transition from carbon-intensive energy to renewable energy to improve energy security, increase economic productivity and job creation, improve environmental outcomes, and reduce health costs. In other words, promote decarbonization with recently announced programs such as the National Hydrogen Mission, Production-Linked Incentives for electric vehicles, and the manufacture of solar technologies and battery energy storage
- Health Care:
India’s G20 presidency is a transformative vehicle for a more resilient, effective, and sustainable health system and to advance G20 pandemic preparedness efforts. The G20 can help shape a global health agenda aimed at ensuring universal, affordable, and high-quality healthcare. It is important to prevent health emergencies and strengthen preparedness, strengthen cooperation in the pharmaceutical sector, and use digital health innovations and solutions to maintain universal health.
- Accelerating progress on the SDGs:
The G20 President of India collided with the most important point of Agenda 2030. As such, India recognizes the devastating impact of COVID-19, which has turned the current decade of action into a decade of recovery. In this context, India would like to propose the G20’s efforts to achieve the goals set in the 2020 Sustainable Development Agenda.
- Women-led development:
India hopes to use the focus of the G20 forum to highlight inclusive growth and development, with women’s empowerment and representation at the center of India’s G20 discussions. It is aimed at keeping women at the forefront and in leading positions to promote socio-economic development and the success of the SDGs.
The Way Forward
The road ahead for India is full of 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 that threatens 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 the emerging and developing countries in the Troika.
Prime Minister Narendra Modi announced that the President will be inclusive, ambitious, proactive, and decisive to make the G20 People a post-pandemic world. The Indian presidency has set G20 priorities with a focus on the macroeconomic implications of food and energy security, climate change, strengthening multilateral development banks (MDBs), inclusiveness, fair and sustainable development, digital public infrastructure, and climate finance.
PM Modi’s slogan ‘Sabka Saath Sabka Vikas’ envisages and symbolizes the collective efforts of the community and is equally applicable to the comprehensive development of children’s education.
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