Sansad TV Perspective: G20: India’s Leadership

In the series Sansad TV Perspective, we bring you an analysis of the discussion featured on the insightful programme ‘Perspective’ on Sansad TV, on various important topics affecting India and also the world. This analysis will help you immensely for the IAS exam, especially the mains exam, where a well-rounded understanding of topics is a prerequisite for writing answers that fetch good marks.

In this article, we feature the discussion on the topic: G20: India’s Leadership

Participants:

• Elisabeth Braw, Resident Fellow, American Enterprise Institute, London, United Kingdom
• Prabhu Dayal, Former Ambassador
• Dr. Sreeram Chaulia, Foreign Affairs Expert

Anchor: Teena Jha

Context:

• Speaking at an event, IMF’s Managing Director Kristalina Georgieva, took note of India’s economic trajectory and called India’s economy a bright spot in an otherwise gloomy global economic scenario. 
• The IMF projects India’s growth prospects at 6.8% in its latest world economic outlook, even as global growth is projected to slow down from 6% in 2021 to 3.2% in 2022. 
• In the context of India’s next year’s presidency of the G20 (December 2022 to November 2023), she stated that India while leading the G20 countries will leave a mark on the world for years. 

Factors that have brought India to this position of strength:

At the domestic level:

• Macroeconomic management and fiscal management in particular during the pandemic was good. This has ensured some level of stability for the Indian economy.
• Structural reforms have ensured ease of doing business. There has been a spurt of start-ups in the Indian economy. This holds immense scope for economic growth and development.
• Rapid digitalisation is a huge factor behind India’s success. This has helped improve financial inclusion and reduced the scope for corruption.
• India has made notable progress in the adoption of renewable energy and solar energy in particular.

At the international level:

• At the international level, India’s neutral position backed by an independent foreign policy during the geopolitical churn (Russia-Ukraine war) being witnessed globally, offers India a unique advantage of being able to engage with all sides. This also allows India to take up a leadership role during these tough times.

What kind of mark is India expected to bring about? 

• India given its neutral position would be able to bring together countries on opposite sides to work along together. A cohesive G20 grouping holds immense potential for economic growth and development during global economic recession-like conditions.
• India given its bright economic conditions can act as an attractive destination for foreign investment. This can provide an impetus to not just Indian economic growth but also global economic growth.
• India being a representative of the developing and least developed countries, can play a critical role in realizing sustainable development goals and reforming multilateral organizations to make them more inclusive.

How is India bracing itself for the G20 Presidency?

• • India is scheduled to hold over 200 meetings across the country during the presidency. It is preparing to use the smaller mechanisms within the G20 to enhance engagement with the participating countries. This will help India understand the opinion of these countries and build consensus.
  • India is also reaching out to non-member countries to help voice the opinions, concerns and interests of all countries.

Read all the previous Sansad TV Perspective articles in the link.

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