World is realizing the real strength of India. The Examples are "India's G20 Presidency has been a beacon of hope in a time of global uncertainty." It’s not my words. This statement is from UN Secretary-General António Guterres. According to US President Joe Biden: "India has shown exemplary leadership" of the G20.
World is aware of the G-20 summit organized by India this year on September 9-10. And The theme of the summit was “Vasudhaiva Kutumbakam” / "One Earth, One Family, One Future".
G-20
The G20, an informal consortium of 19 nations and the European Union, includes the International Monetary Fund and the World Bank. It brings together the world's major advanced and emerging economies, representing approximately two-thirds of the global population, 85% of the world's GDP, 80% of global investments, and more than 75% of worldwide trade. This influential forum plays a critical role in addressing global economic challenges and fostering international cooperation on a broad spectrum of issues. The G-20 members are Argentina, Australia, Brazil, Canada, China, France, Germany, India (Bharat), Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States, African Union, European Union.
Origin of G-20
The Group of Twenty, or G20, has evolved over the years from a ministerial-level forum into a critical platform for global economic cooperation. Its journey began during the Asian Financial Crisis of 1997-1999 when G7 invited both developed and developing economies to engage in discussions.
Initially, the forum was composed of finance ministers and central bank governors, convening in 1999. Their goal was to address the pressing economic challenges faced by nations across the globe. However, it was the seismic events of the 2008 Financial Crisis that truly underscored the necessity for a new level of consensus-building.
In response to the 2008 crisis, it was decided that the leaders of the G20 nations would meet annually. This marked a significant shift towards a more political and influential role for the forum. The leaders' summits became a pivotal platform for high-level discussions on global economic stability, financial regulation, and strategies for sustained growth.
To ensure that these annual gatherings are well-prepared and informed, the G20 finance ministers and central bank governors continue to meet twice a year. These meetings are concurrent with those of the International Monetary Fund (IMF) and The World Bank, fostering a collaborative environment where critical global economic issues can be thoroughly examined and addressed.
This evolution of the G20 reflects the growing recognition of the interdependence of economies worldwide. It has transformed from a crisis-response mechanism into a key player in global economic governance. The G20's ability to bring together the world's major economies, representing both developed and emerging nations, allows for more comprehensive and inclusive discussions on critical economic issues.
key initiatives of G-20
According to Amitabh Kant “G-20 India has been the most ambitious in the History of G-20 presidencies. With 112 outcomes and presidency documents, we have more than tripled the substantive work from previous presidencies.” The G-20 Results Included Economic Growth, Sustainable development, Climate Change, Finance, Private sector involvement, Eliminating child labour etc. but Let's explore the key initiatives that defined our presidency:
African Union integration into the G20
A milestone achievement was the invitation extended to European Union President Azali Assoumani by Prime Minister Narendra Modi, marking a historic step towards integrating the African Union into the G20. This move underscored our commitment to amplifying African voices in global dialogues and promoting balanced international representation.
India-Middle East-European Economic Corridor: Modern Spice Route
Reviving the ancient trade corridor between the Indian subcontinent and Europe, this corridor encompassed the United States, European Union, Saudi Arabia, UAE, and India. It promised a faster and more cost-effective rail transit option to West Asia and Europe, countering China's One Belt One Road initiative and strengthening economic ties among participating nations.
Revival of Black Sea Green Initiative
Drawing inspiration from the UN Brokered Black Sea Grain Deal, we prioritized the smooth flow of food grain, acting as a prominent force in fostering cooperation between Russia and Ukraine. This initiative ensured food security while promoting regional stability and economic growth.
Fair and Sustainable Tax System
Central to this initiative was the GLOBAL Global Anti-Base Erosion approach, aimed at ensuring a fair and sustainable tax system worldwide. By curbing tax evasion and promoting responsible fiscal practices, we strived for economic equity and stability on a global scale.
Digital Infrastructure
With a call for secure, accountable, and inclusive digital infrastructure, we sought to bridge the digital divide. This initiative was instrumental in propelling Indian innovations like UPI onto the global stage, fostering financial inclusion, and driving economic growth through digitalization.
Global Health: One Health Approach
In the face of global health challenges, we championed the 'One Health' approach, recognizing the interconnectedness of human, animal, and environmental health. This comprehensive strategy aimed to enhance preparedness, response, and resilience in the face of pandemics and other health crises.
Global Biofuels Alliance
This alliance stood as a testament to our commitment to sustainable energy. By accelerating the transition to biofuels, we worked towards reducing the world's dependence on traditional fossil fuels, contributing significantly to the global target of achieving net-zero carbon emissions by 2070. India assumed a leadership role in driving energy transformation on the world stage.
In conclusion, the G-20 Summit held under the presidency of India, themed "Sabka Saath, Sabka Vikas," stands as a testament to the transformation of a mere quote into a tangible reality. The Delhi Declaration, passed on the inaugural day, marks a significant milestone not only for India but for the entire world. This summit has exemplified inclusivity by welcoming the African Union into its fold, effectively evolving into the G-21. Through these initiatives, the G-20 has demonstrated a commitment to global cooperation and progress, showcasing the potential for collective action towards a more prosperous and harmonious future for all nations involved.
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