The G20 Summit held in New Delhi recently marked the end of India’s presidency with a ceremonial handover of the G20 leadership to Brazil. Prime Minister Narendra Modi handed over the symbolic gavel to Brazilian President Luiz Inacio Lula da Silva, expressing confidence in Brazil’s ability to uphold global unity and prosperity.
The G20 presidency rotates among five groups of member countries, with each country in a group becoming eligible for the presidency when their turn arrives. The presidency grants the country the opportunity to shape the G20’s agenda and host G20 meetings throughout the year. Brazil will officially assume the G20 presidency on December 1, with the next summit scheduled for November 2024 in Rio de Janeiro.
During India’s year-long G20 presidency, from December 1, 2022, to November 30, 2023, over 200 meetings were held across all Indian states and union territories. The two-day G20 Leaders’ Summit in New Delhi resulted in various agreements, pacts, and collaborations among global leaders. This article provides comprehensive insights into the highlights of new initiatives and developments achieved during the G20 Leader Summit under India’s presidency.
Key Achievements of G20 Summit 2023 Under India’s Presidency
- Strong, Sustainable, Balanced, and Inclusive Growth: The G20 reaffirmed its commitment to fostering a level playing field and fair competition by discouraging protectionism and market-distorting practices. The leaders aimed to create a favorable trade and investment environment, achieve universal social protection coverage, and enhance macroeconomic policy cooperation. They also supported the progress towards the 2030 Agenda for Sustainable Development.
- Accelerating Progress on Sustainable Development Goals (SDGs): The G20 focused on resilient and inclusive growth, women’s empowerment, and well-being, in addition to sustainable development, health, and education. The leaders committed to using their collective influence to implement the 2030 Agenda and advance the SDGs. They emphasized the role of digital transformation, AI, and data advances in achieving the SDGs.
- Green Development Pact for a Sustainable Future: The G20 leaders approved a green development pact to expedite actions addressing environmental and climate change issues. This pact covers financing, reducing global greenhouse gas emissions, a global biofuel alliance, sustainable development, and the elimination of plastic pollution. It emphasizes environmentally sustainable and inclusive economic growth and development.
- Multilateral Institutions for the 21st Century: The G20 acknowledged the need for international development financing that can meet the needs of developing nations, especially the most vulnerable ones. They expressed support for stronger Multilateral Development Banks (MDBs) and debt relief frameworks for countries like Zambia, Ghana, and Ethiopia. Reforms for more effective MDBs were also endorsed.
- Technological Transformation and Digital Public Infrastructure: The concept of “digital public infrastructure” (DPI) gained prominence, referring to shared digital systems developed and used by the public and private sectors. India showcased its achievements in foundational DPIs like real-time fast payment (UPI), digital identity (Aadhaar), and secure data sharing. A “Global Digital Public Infrastructure Repository (GDPIR)” was proposed to share DPI expertise.
- International Taxation: The G20 reaffirmed its commitment to achieving a globally equitable, sustainable, and contemporary international tax system. Progress was made on the two-pillar approach for multinational corporations, and discussions included international real estate transactions.
- Gender Equality and Empowering Women and Girls: The G20 emphasized the importance of investing in the empowerment of all women and girls. The G20 Association for the Empowerment and Progression of Women’s Economic Representation (EMPOWER) aims to accelerate women’s leadership and empowerment in the private sector.
- Financial Sector Issues: The focus on climate finance was central, with a commitment to mobilize $100 billion in climate finance per year by 2020 and annually through 2025 to address the needs of developing countries. The G20 also supported the Financial Action Task Force (FATF) and regional bodies in countering terrorism and money laundering.
- Creating a More Inclusive World: India’s G20 presidency aimed to amplify the voices and concerns of the Global South and developing countries. India succeeded in including the African Union as a permanent member of the G20. Initiatives like the Millets and Other Ancient Grains International Research Initiative (MAHARISHI) and global rail and port agreements were launched.
The Importance of India’s G20 Presidency
India’s G20 presidency was significant for several reasons:
- India’s robust economic growth and its potential to surpass China’s growth rate positioned it as a crucial player on the global stage.
- India aimed to balance its push for equitable global power distribution with avoiding support for anti-Western causes.
- India’s G20 presidency emphasized climate policies, digital infrastructure, and green development.
- It highlighted India’s contributions to global democracy and democratic principles.
- India showcased its cultural heritage and commitment to democratic values through interactive exhibitions.
- India’s presidency contributed to a stronger global common good and reinforced its role as a global force for peace, stability, and prosperity.
Odisha’s Importance in G20
The G20 Summit in Delhi celebrated India’s rich cultural heritage, with a focus on the Konark Wheel, a symbol deeply rooted in India’s history and culture. The stage was set at Bharat Mandapam, where world leaders gathered. India emphasized its democratic traditions through interactive exhibitions showcasing yoga asanas and democratic principles.
The Konark Wheel, with its 24 spokes, symbolizes ancient wisdom, advanced civilization, and democratic ideals. It also features on India’s national flag, signifying progress and the passage of time. The Konark Sun Temple, home to this iconic wheel, is a UNESCO World Heritage Site and a prominent pilgrimage destination in Odisha.
India continued to display its cultural heritage with “Surya Shakti,” a representation of solar power, and an exhibition titled ‘Bharat: Mother of Democracy.’ These exhibitions highlighted India’s role as a champion of democratic values on the global stage.
Significance of India’s G20 Presidency
India’s G20 presidency marked a strategic window of opportunity, with a strong economic outlook and potential benefits from the US-China trade dynamics. India’s emphasis on climate policies and digital infrastructure, along with its commitment to equitable global representation, positioned it as a significant player on the world stage.
The G20 serves as a crucial platform for addressing global economic and financial challenges. Its members collectively represent a significant portion of the world’s population, trade, and GDP. India’s achievements during its G20 presidency reaffirm its role as a global force for stability, peace, and prosperity. Prime Minister Modi’s call for a virtual G20 meeting in November 2023 further underscores India’s commitment to inclusive global governance.
“In closing, India’s leadership at the G20 Summit 2023 underscores the nation’s remarkable progress on the global stage. From its strong economic growth to its commitment to sustainability, India continues to be a beacon of hope and opportunity. As a diverse and thriving democracy, India’s contributions resonate not only within its borders but across the world. The G20 Summit has showcased India’s dedication to inclusive growth, technological innovation, and a sustainable future. As we look ahead, India’s journey of progress remains an inspiring testament to the potential of a nation fueled by democracy, diversity, and determination.” stated by Senior Media Personality and political Critic Shri Prasanta Patnaik.
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