Col B S Nagial (Retd)
The Group of Twenty is a leading avenue for global economic cooperation. It plays a vital role in shaping and strengthening the international structure and the governance of almost all economic activities. India holds the presidency of G-20 w.e.f 01 Dec 2022 to 30 Nov 2023. The G20 came into being in 1999, after the financial crisis in Asia, as a platform for Finance Ministers and Central Bank Governors to deliberate on global economic and financial issues. The G-20 was upgraded to the Heads of State/Government level in the wake of the global economic and financial crisis of 2007. In 2009, it was assigned as the leading forum for global economic cooperation.
The G-20 summit takes place yearly under the leadership of a rotating Presidency. Initially, this group focused mainly on broad macroeconomic issues. However, it has since enlarged its focus to trade, sustainable development, health, agriculture, energy, environment, climate change, and anti-corruption. The G-20 member nations represent about 85 percent of the worldwide GDP, over 75 percent of the worldwide trade, and about two-thirds of the world population.
The G-20 Presidency coxswains its schedule for one year and conducts the summit. It entails two parallel pathways: the Finance Track and the Sherpa Track. In the course from the Sherpa side, it is synchronised by the ‘Sherpas’ of the member countries, who are personal emissaries of their countries’ leaders. Finance Ministers and the Governors of Central Banks of the member nations lead ‘Finance Track’. Within the two tracks are thematically focused working groups in which representatives from the concerned ministries of the members, invited/guest countries, and various international organisations participate. Also, there are ‘Engagement Groups’ which blend the support and cooperation of civil societies, parliamentarians, think tanks, women, youth, labour, businesses and researchers of the G20 countries.
The G-20 can help nation-building through global cooperation by promoting economic growth, financial stability, and sustainable development. Tthe G-20 could contribute to nation-building in the following ways:
* Promoting economic growth: The G-20 can help countries build economies by encouraging investment, trade, and innovation policies. By sharing best practices and coordinating economic policies, the G-20 can help create an environment conducive to economic growth and job creation.
* Addressing global challenges: The G-20 can play a vital role in addressing global challenges such as climate change, pandemics, and migration. By working together, the G-20 can develop policies and strategies that effectively deal with these issues and ensure that all share the benefits of economic growth.
* Strengthening global financial systems: The G-20 can help countries build solid and stable economic systems by promoting sound regulatory policies and financial reforms. By coordinating their efforts, the G-20 can ensure that the global financial system is resilient and can withstand economic shocks.
* Supporting sustainable development: The G-20 can help countries achieve sustainable growth by promoting environmentally and socially inclusive policies. By investing in renewable energy, improving infrastructure, and providing access to education and healthcare, the G-20 can help countries build a sustainable future.
Thus the G-20 can help in nation-building by promoting economic growth, addressing global challenges, strengthening global financial systems, and supporting sustainable development. The G-20 can help create a more prosperous, stable, and sustainable world by working together.
India’s G20 Presidency theme is Vasudhaiva Kutumbakam, One Earth-One Family-One Future. The theme confirms the value of all life – human, animal, plant, and microbes – and their interaction on the Earth and in the universe. This theme also focuses on LiFE (Lifestyle for Environment), with its connected, environmentally sustainable and responsible choices for individual lifestyles and national development, leading to global transformation resulting in a cleaner, greener environment.
The logo and the theme send a powerful message of India’s G-20 Presidency, which is determined for impartial and unbiased development for all in the world as we circumnavigate through these tempestuous times in a supportable, holistic, responsible, and inclusive manner. They represent a uniquely Indian approach during the G-20 Presidency of existing in harmony with the surrounding ecosystem. For India, the G-20 Presidency also scripts the commencement of Amritkaal, the twenty years starting from the 75th anniversary of its independence on 15 Aug 2022, leading up to the centenary of its independence, towards a futuristic, prosperous, inclusive and developed society, distinguished by a human-centric approach at its core.
India is an emerging leader. India, with an abundance of cultural heritage and a diverse population, over the years, it arose as a significant player in the global economy and a leader in various fields such as technology, medicine, and space exploration. Several factors have contributed to India’s rise as a world leader:
* Economic growth: India has experienced strong economic growth in recent years, which has facilitated it to become a significant player in the global economy. The country has a large and growing middle class, creating a vast consumer goods and services market.
* Technology and innovation: India is home to many tech companies and startups, which have driven innovation in various fields. India has also been investing heavily in research and development, which has helped it become a leader in areas such as artificial intelligence and biotechnology.
* Demographic advantage: India has a large and young population, which provides it with a demographic advantage over many other countries. This has helped India become a primary source of talent for industries worldwide.
* Soft power: India’s rich cultural heritage has helped it project its soft power worldwide. Indian movies, music, and cuisine are popular in many countries, and the country’s spiritual traditions have also gained a following.
* Diplomacy: India has been actively engaged in global diplomacy, forging partnerships with other countries and playing a pivotal role in international forums such as the United Nations.
India’s rise as a world leader results from economic growth, technological innovation, demographic advantage, soft power, and diplomacy. With continued investment in these areas, India is well-positioned to continue its ascent on the global stage.
Conclusion: India’s holding of the G20 presidency has conclusively gestured its rise as an important player on the worldwide stage. Even though many countries in the world, both developed and developing, have found it problematic to successfully handle the difficulties thrown up by the COVID-19 pandemic and the Russia-Ukraine conflict. India, by its bold leadership and judicious policies, has been able to efficaciously circumnavigate the gusts it has come across over the last three years. On acquiring this duty, PM Narendra Modi said that India’s G20 presidency will be “inclusive, ambitious, decisive and action-oriented.” Visitors to India will definitely experience its fantastic diversity, inclusive traditions, and cultural richness.
India has also emerged as the global South’s strong and clear voice. There is a persistent feeling among numerous small nations that their apprehensions and difficulties do not get the consideration they warrant. In an extraordinary path-breaking inventiveness, India conducted the Voice of the Global South for Human-Centric Development virtual summit from 12-13 Jan 2023. The subject matter of this summit was Unity of Voice, Unity of Purpose. The conference brought together 125 nations of the global South to share their perceptions and significance on a common platform across various issues. The numbers show that the summit received a robust and positive response worldwide.
(The author is founder-director of the Academy of Proficiency and Training, Tricity, Chandigarh)
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