Sansad TV Perspective: G20 Summit - Key Takeaways

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 Summit – Key Takeaways.

Anchor: Vishal Dahiya

Participants:

1. Skand Tayal, Former Ambassador
2. Dr. A. Subramanyam Raju, Dean, International Relations, Pondicherry University
3. Rajani Sinha, Chief Economist, CareEdge Group

Context

This episode of Perspective features a discussion about the recently held 17th summit of G20.

17th Summit of G20

• The 17th G20 Heads of State and Government Summit took place between the 15th and 16th of November 2022 in Bali, Indonesia.
• Theme: “Recover Together, Recover Stronger”.
• During the Summit, the leaders of the G-20 countries discussed various aspects ranging from the post-pandemic recovery to addressing the prevailing energy and food insecurity triggered due to the Russian-Ukraine war to climate change-related issues.
• The leaders also engaged in discussions over issues such as health partnerships, global infrastructure and investment, and digital transformation.
• Along with the leaders of the G-20 countries, leaders of the Netherlands, Singapore, and the UAE among others and heads of international agencies such as the UN, the IMF, ASEAN and the African Union also attended the summit.

Key takeaways from the Summit 

• G20 Leaders’ Declaration: In a declaration adopted at the end of the summit, the G20 leaders have held that cooperation is necessary for global economic recovery, combating global challenges and creating the foundation for strong, sustainable, balanced, and inclusive growth. 
  • The declaration also facilitated the commitment of member nations for more collaborations on issues like food security, climate change, health, digital ecosystem, funding poor countries and supply chain issues. 
• Russia-Ukraine war: Most of the members also strongly condemned Russia’s actions in the war in Ukraine. 
• Global economy: The member nations have agreed to monitor the interest rate rises carefully, avoid spillovers and warned of the rising volatility in their currency moves.
• Food security: Countries have made assurances that they would undertake coordinated efforts to address food security challenges and have also commended the Black Sea Grains Initiative in this context.
• Climate change: The member nations have agreed to pursue measures to limit the global temperature increase to 1.5°C and reiterated that they obey the temperature goal set during the 2015 Paris Agreement.
  • The US, Japan and other partners announced that they would mobilise around $20 billion of public and private finance to help Indonesia shut down coal power plants.
  • Further, China and the US have also assured that they would resume cooperation on climate change.
• U.S.-China ties: The Presidents of China and the US held bilateral discussions for over three hours and discussed major differences between them over Taiwan, trade restrictions and technology transfers. 
• India takes over the presidency of the G20: The Indonesian President handed over the gavel to the Indian Prime Minister as the next chair of the grouping. 
  • New Delhi is set to host G20 leaders for the summit in September 2023.
  • India will be holding an international summit of this scale for the first time.

India’s G20 Presidency

• India’s G20 presidency will be starting on the 1st of December 2022.
• The Theme during which India holds the G20 presidency will be “One Earth, One Family, One Future”.
• Various issues which will be the focus during India’s leadership include environment, sustainable development, healthcare infrastructure, peace and security, women-led development, economic growth and recovery, and technological development and innovation.
• Prime Minister Narendra Modi has assured the G20 leaders that India’s presidency will be “inclusive, ambitious, decisive, and action-oriented”.

Way forward for India

• The global economy is recovering from the pandemic shock and the world is still facing high food and energy inflation triggered due to the Russia-Ukraine war. India assumes G20 at this critical juncture and is tasked with bringing about a sustainable economic recovery.
• Further, the existing geopolitical tensions across the globe provide an opportunity for India to showcase its leadership and potential in managing both the blocks that have taken shape in global geopolitics.
• India’s vision of “Vasudhaiva Kutumbakam” or “One Earth, One Family, One Future,”  is said to be the need of the hour amidst increased polarization in geopolitics.
• India during the COVID pandemic has demonstrated its leadership qualities by not just manufacturing vaccines and essential life-saving medication for its domestic needs but also for global good. The same is expected to be demonstrated by India during its leadership of G20.
• India should highlight how it has been respecting, obeying and complying with the extant international laws and regulations to push other countries to do the same.

Also read: AIR Spotlight: India’s Presidency at G20 Summit 2023 

Conclusion

The G20 presidency provides a historic opportunity for India to not only reach out to the members of the G20 but also to the rest of the world. India must make use of this unique opportunity to the fullest and showcase its potential as a global leader by contributing to the global agenda on various pressing issues of international importance. 

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

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