By Yasharth Rai

On 16^th November, 2022 history was in the making, as in the second day of the G20 Bali summit, India received the presidency from Indonesia. With the theme ‘Vasudhaiva Kutumbakam’ or One nation, One family and One future, India is all set to host the summit on 9^th and 10^th September 2023 in New Delhi. It will conduct approximately 200 meetings in different cities of the country this year and will showcase India’s rich culture and history to the whole world. Setting the agenda of being inclusive, ambitious, decisive and action oriented throughout its presidency portrays India’s clear mindset of utilising the position of power it got to its full potential and help in creating a change worldwide in numerous sectors and fields.

WHAT IS G20 and how does it work?

G20 or group of 20 is an economic forum founded in 1999 which entails 19 countries and the European Union. These 19 countries are a mix of developing and developed countries who come together to tackle issues related to global economy, poverty, free and fare trade, climate change, global supply chain, recession and many more.

The 20 members of the group are U.S.A, Russia, China, Australia, Brazil, Indonesia, India, Italy, Japan, Mexico, South Korea, Turkey, UK, France, Germany, Saudi Arabia, Canada, Argentina, South Africa and European Union.

credits: studyiq IAS

From 2008, the regular annual meetings were conducted and it was hosted by U.S.A. G20 doesn’t have a secretariat but has rotational presidency structure in place, where the country holding the presidency hosts the meetings and gathering in their countries and this time it is India’s turn. The G20 is a powerful institution as it covers the world’s 85% of GDP, 2/3^rd population and 75% of global trade. There are two parallel tracks of conversations in each summit, one is financial track which is headed by Prime Ministers, Presidents, Central Bank Governors and topics like tax exchange, financial regulatory reforms, financial inclusion, remittances across globe are discussed to make policies upon. Other side of parallel conversation is the Sherpa track where subjects like employment, agriculture, sustainable growth, health structure are talked about by delegates and bureaucrats or representatives of each country. Last year, sherpa of India in the Bali G20 summit was Mr. Amitabh Kant. There are countries which take part in the discussion and talks of nation in each summit but are not part of the G20 forum, they are the guest countries, Spain is the only permanent guest of G20.

WHAT IS IN FOR INDIA WITH THE COMING PRESIDENCY?

With the coming presidency, comes great responsibility as India will not only takeover as the president of G20 nation but will lead a pack of countries which includes China, U.S.A and Russia who have economic and military hegemony over the world. The presidency can definitely be a boon for India as it is a perfect opportunity to revamp India’s image globally after the 2021 COVID-19 pandemic as India’s policies and governance of the government was under great scrutiny by the global media and international organisations. It is now time for India to showcase its rich culture, history, diversity and the potential it holds to the entire world. India, an emerging global leader has now a chance to flex its commendable growth in the fields like digitization, infrastructure and connectivity. From Aarogya Setu app being praised and lauded by world bank to fintech startups which emerged from India, with the world getting educated and aware that these technological innovations are India’s brainchild, it will help in creation of India’s clout globally.

The presidency will also help India in making and strengthening relationships with its immediate neighbours, also the countries in gulf where China, India’s constant threat and competition, has started making new friends. Calling UAE, Oman and Egypt as guest countries along with six other countries by India for the upcoming summit will help India in achieving its goal of strengthening relations. Bangladesh, a country touching India’s border with five states and a constant ally since Independence, is also invited as one the guest members.

It is a golden opportunity for India to become a voice of the global south nations and it won’t be difficult for India to do so because for the first time Troika is formed where all the nations are under developing stage. Troika is a structure which entails past, current and future presidents of G20. This year’s Troika consists of Indonesia, India and Brazil. India can put out a perspective of developing nations on a global stage to tackle the current polarisation of world between U.S.A and China.

India laid out its vision of reaching net zero carbon emissions by 2070 at cop27 summit in Egypt, this vision is based on the need to ensure India’s high energy needs for development including poverty eradication, achieving sustainable development goals and economic growth. Therefore, presidency at G20 will act as a tool for India to handle the climate crisis situation the world is facing. Climate issue will definitely be a highlighted issue in India’s presidency as Narendra Modi while receiving the presidency last year mentioned about issues like climate crisis, sustainable development and LIFE (stands for lifestyle for environment, the term LIFE was) in his speech. Another vital benefit is, G20 holds 75% of global trade within its countries so India can get to play a major role as a president in policy making for the global supply chain, especially when it is disrupted, first by global pandemic and then again by Russia Ukraine war.

WILL THE PRESIDENCY BE A CAKEWALK?

USA opposing Russia in the Russia Ukraine war, China getting upset with USA on banning TikTok from government issued devices, sanctions by EU on Russia and India itself getting entangled with economic and military issues which China will definitely become one of the major hurdles in the India’s G20 presidency. Also, the shift of G20 presidency has happened amid financial and climate crisis, upsurge in commercial goods and geopolitical stress which will make difficult for India’s boat to sail through, with the presidency flag. It can become a daunting task for India to find a common ground between these big nations and create a policy for the welfare of all, but as it is said “take every difficulty as an opportunity to succeed”, it will be interesting to see how India manages to maintain peace and harmony between the nations in these adverse conditions.