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India’s G20 Presidency and Summit

About G20 India Presidency 2022

G20 Founded in 1999, G20 or Group of 20 is an intergovernmental forum comprising 19 nations around the world and the European Union. It is the leading forum for deliberation and coordination of core economic and policy issues at the global scale through dialogues, discussion, planning and implementation. It includes both developed and developing nations and these 20 countries account for 80% of the world’s GDP, around 75% of the world trade, and 60% of the world’s population.

The group does not have a permanent secretariat and each annual meeting is supported and coordinated by the Troika – the past, the current and the incoming presidency. For the 2023 G20 Summit, the Troika consists of Indonesia, India and Brazil.

Current Challenges: Pandemic and the Ukraine war have once again exposed fragilities in the post-World War multilateral system.The inability of multilateral institutions to handle emerging crises, including climate emergencies and geopolitical tensions, has led to a loss of confidence in these institutions.

G20-country
G20-country

Read about: G7 Countries

India G20 Presidency Theme

  • Principle: India’s G20 Presidency will function around the principles of the universal sense of one-ness –based on the adage Vasudhaiva Kutumbakam, meaning ‘that all of the world, universe or reality is one’.
    • It is drawn from the ancient Sanskrit text of the Maha Upanishad.
  • India’s G20 Presidency Theme: ‘One Earth, One Family, One Future’.
    • One Earth: Heal the planet by encouraging sustainable and environment-friendly lifestyles based on Indian traditions.
    • One Family: Promote harmony within the human family by depoliticizing pertinent supply chains of food, fertilizers, and medicines. This is done with the aim to prevent humanitarian crises due to geo-political tension.
    • One Future: Encourage honest conversations among the most powerful nations of the world regarding core issues of climate change and mitigation of risks posed by weapons of mass destruction to enhance global security.
      • Theme affirms the value of all life – human, animal, plant, and microorganisms – and their inter-connectedness on the planet Earth and in the wider universe.
  • Focus: India’s Presidency is about human-centric globalisation and is expected to have large-scale impact on the intergovernmental policy formulations and discussions that will influence the New World order and set the global post-pandemic economic agenda.

 

Various Groups under G20 India Presidency

  • Task Force on Reformed Multilateralism: It will seek to create a roadmap for “Multilateralism 2.0”.
    • A targeted reform agenda for key multilateral institutions, whether the United Nations or its affiliated frameworks such as the WHO, WTO and the ILO, must be undertaken.
    • Leaders’ Declaration adopted at Bali at the Summit, acknowledges the importance of upholding international law to preserve peace and stability.
  • Task force on Digital Futures: It will endeavour to build an inclusive digital public infrastructure to ensure affordability and safe access by all.
  • Finance Track will focus on key issues such as financing for infrastructure, financing for health care, financial sector policy changes, and financing for sustainable growth under the eight working groups.
  • The Sherpa Track will focus on thirteen issues like anti-corruption, agriculture, the digital economy, and climate change.
    • G20 EMPOWER: This initiative aims to empower women and accelerate their leadership in the private sector by leveraging alliances between business leaders and G20 countries.
    • RIIG (Research and Innovation Initiative Gathering) aims to enhance and strengthen research and innovation collaboration among the G20 member countries.
    • Eleven Engagement Groups, consisting of non-government participants from G20 member countries, will provide towards the policy recommendations.

 

G20 India Presidency 2022 Conclusion

  • When it comes to the IMF and World Bank’s shareholding structures, India should use the G20 as a springboard for creative rethinking.
  • By creating an alternative financial mechanism to the U.S.-monopolized SWIFT and taking baby moves toward making the rupee more international, India may utilise the platform to push its own agenda and South Asia’s agenda on a global scale.
  • India might use the G20 as a stage to exhibit the many facets of its composite culture, helping the world to recognise the country for its cultural wealth and resilience.
  • India’s G20 Presidency will be of a just and sustainable future for all in the world.
    • The theme further emphasises on Prime Minister’s vision of Lifestyle for the Environment or LiFE, which is associated with the need to make sustainable and responsible choices starting on an individual level for a greener and bluer future.

UPSC Mains Result 2022

 

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