“Together, we will make the G20 a catalyst for global change”- Narendra Modi
As one of the fastest-growing economies in the world, India has been offered certain opportunities, one of which being the President of the G20. On December 1st, 2022, the presidency was passed over to the PM of India, Narendra Modi from the President of Indonesia.
For the next year, India will be governing 18 other countries, i.e. US, Argentina, Brazil, Australia, Canada, Mexico, Turkey, Indonesia, South Korea, Japan, China, Germany, Britain, Saudi Arabia, South Africa, Italy, France, Russia and the European Union (EU) in the economic congregation that is G20. This is a great achievement, as G20 members are chosen for a reason- they represent around 85% of the global GDP, over 75% of the global trade, and about two-thirds of the world population. It primarily stands as a platform for Finance Ministers and Central Bank Governors to confer over international economic and finance issues and has been in place since 1999.
Since the beginning of its presidency, India has clearly defined what their priorities for the year are. Modi and other officials intend to focus on six different concerns: green development, climate finance, and the LiFE (Life for Environment) campaign; accelerated, inclusive, and resilient growth; accelerating progress in achieving the 2030 Agenda for Sustainable Development; technological transformation and digital public infrastructure; multilateral institutions for the 21st century; and women-led development.
The G20 Presidency undoubtedly has benefits for India. It allows the country to display its remarkable diversity, rich culture, and rapid growth. Additionally, it gives India the chance to show other member nations its newfound heights of excellence in areas from economic progress to space, science and technology, innovations, and start-ups. However, the presidency doesn’t just have benefits. India has taken over as president at a time when the world is dealing with countless issues- economic decline, increasing global poverty, war, and a startling delay in achieving the 17 SDGs just to name a few. India also has to handle an alienated and divided house and must face the truth about the causes of the food, fuel, and fertilizer crises, as well as the Ukraine conflict and other sanctions. This will undeniably be difficult to manage.
43 Heads of Delegation (the most ever in G20) will attend the first and final G20 Leaders’ New Delhi Summit of the year in September 2023; another impressive feat. As a country said to be dedicated to democracy and multilateralism, India's presidency will mark an important turning point as it works to advance "Vasudhaiva Kutumbakam," or "One Earth, One Family, One Future" and develop sustainable global solutions for everyone, but this can only happen if it can stay balanced and overcome the numerous challenges that stand ahead.
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