Sansad Tv Perspective: India’s G20 Presidency

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: India’s G20 Presidency.

Anchor: Vishal Dahiya

Participants:

1. Prabhu Dayal, Former Ambassador
2. Prof. Harsh V. Pant, Vice President, Studies and Foreign Policy, ORF
3. Alok Bansal, Director, India Foundation

Highlights of the Discussion: 

• Introduction-India’s G20 Presidency, Logo and Theme
• Significance of India’s G20 Presidency 
• Challenges
• G20 and Climate Change

Context: Prime Minister Narendra Modi recently unveiled India’s logo and theme for its presidency of G20. 

Introduction:

• India will assume the presidency of the G20 grouping from the current chair, Indonesia, on December 1,2022 and hold the post for a year.
• This offers a unique opportunity to India to contribute to the global agenda on pressing issues of international importance. 
• India’s G20 logo juxtaposes planet Earth with the lotus, India’s national flower and the theme is ‘Vasudhaiva Kutumbakam’ or ‘One Earth-One Family-One Future’ 
• The G20 Logo draws inspiration from the vibrant colours of India’s national flag – saffron, white and green, and blue.
• The Earth reflects India’s pro-planet approach to life, one in perfect harmony with nature.
• The theme also spotlights LiFE (Lifestyle for Environment), with its associated, environmentally sustainable and responsible choices, both at the level of individual lifestyles as well as national development, leading to globally transformative actions resulting in a cleaner, greener and bluer future.
• For India, the G20 Presidency also marks the beginning of “Amrit Kaal”, the 25-year period beginning from the 75th anniversary of its independence on 15 August 2022, leading up to the centenary of its independence, towards a futuristic, prosperous, inclusive and developed society, distinguished by a human-centric approach at its core.

Image Source: pmindia.gov

Significance of India’s G20 Presidency: 

• G20 is the premier forum for international economic cooperation representing around 85% of the global GDP, over 75% of the global trade, and about two-thirds of the world population. 
• During the course of its G20 Presidency, India will host about 200 meetings in 32 different sectors in multiple locations across India. 
  • The G20 Leaders’ Summit at the level of Heads of State/Government is scheduled to be held on September 9 and 10, 2023 in New Delhi.
• According to Prime Minister Modi, this term can be an opportunity for India to share its expertise with the world in areas of women empowerment, democracy and digital technologies.
• As a country with core democratic values, India can show the world that the scope of conflict can come to an end when democracy becomes a culture. This gains significance amidst ongoing Russia-Ukraine conflict.
• India’s foreign policy is focusing on the ‘global common good’. Through its G20 leadership, India hopes to extend this principle towards finding sustainable solutions to some of the key global challenges emerging out of the interconnectedness of the world, such as climate change, new and emerging technologies, food and energy security, etc. 
• During India’s Presidency, Indonesia and Brazil along with India would form the G20 Troika. 
  • This would be the first time when the Troika would consist of three developing countries and emerging economies. 
  • It is hoped that as a result there would be a shift in the balance of power within the G20 favouring emerging economies to have a greater share in decision making at this grouping.
• The G-20 Presidency presents a great opportunity for India to correct the long-standing anomalies that go against the developing countries, especially in the domain of agriculture and food subsidies.

Challenges:

• G20’s credibility has taken a hit in the last few months due to internal rift over Russia-Ukraine conflict. As India takes on its presidency, it has to address these differences and find innovative solutions and build bridges.
• India has to chalk out an agenda that has the unanimity of all the members. Internal governance reform is needed to give thrust to inclusiveness and unity. 
• India has to work with developed countries with respect to climate financing. The developed countries have to be nudged for transfer of clean technologies and renewable energies to medium and low-income countries. 
• Amongst the many impacts of the pandemic, a major long-term impact is increasing global public debt and inflation. The global public debt has reached an unprecedented high of 256 percent of the GDP. Global lockdowns led to supply chain disruptions; this coupled with relief funds from governments induced demand spikes resulting in inflationary pressures. 
  • The Ukraine war and the resultant supply chain disruptions have further added to the inflation.
• High public debt and inflation are two major deterrents to any economy, pushing the country into stagflation, increasing the risk of a sovereign debt crisis, unemployment, and decreasing the ability to respond to shocks.
• India in its G20 presidency has a colossal balancing role to play. India’s priority areas includes tackling ballooning public debt, rising inflation, carrying forward the ongoing Indonesian agenda towards health, digital transformation, green transition, and overall macroeconomic coordination. 
• India has to chalk out a roadmap to deal with the situation by teaming up with the International Monetary Fund (IMF), Organisation for Economic Co-operation and Development (OECD), World Trade Organisation (WTO), and the Financial Stability Board.
• Other challenges include taking measures to ensure global food security and a clear-cut G20 policy on the Russia-Ukraine war. 
  • At a time when there are mounting calls to expel Russia from the forum, India has to talk tough on a “code of conduct” for all G20 members and see to it that it is enforced.

G20 and Climate Change:

• The G20 economies are responsible for nearly 75 percent of global greenhouse gas emissions and they derive 82 percent of their total energy supply from coal, oil and gas. Many G20 countries are also significant producers of fossil fuels. 
• Therefore, the group members commitments and compliance are critical to achieving global climate commitments. 
• Climate plays an important role in the both Finance and Sherpa track of the G20. The Group has frequently reiterated the timely implementation of international climate agreements and commitments.
• The G20 Presidency would place India on the global stage, providing an opportunity to place its priorities and narratives on the global agenda.
• India can showcase its leadership, among other areas, in climate action and climate commitments, in which the country made significant progress.

Conclusion: 

India’s G20 presidency comes at a critical stage in global affairs. The catastrophic consequences of the Covid-19 pandemic and climate change are also notable. Furthermore, macroeconomic challenges in the form of rising debt, inflationary pressures, and challenges due to the Russia-Ukraine war have emerged. India has a vital role to play in addressing these challenges as a country highly committed to multilateralism and an advocate of inclusiveness and equity in the global governance system
Read all the previous Sansad TV Perspective articles in the link.

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