G-20 INDIAN CHAIRMANSHIP CHALLENGES & OPPORTUNITIES

The G-20 or Group of Twenty was created in 1999 as an acceptable medium between the more “elitist” G-7 and the more unwieldy 38-member Organisation for Economic Co-operation and Development (OECD). The formation of the G-20 is more so linked to the disappointment of the international community over the failure of the G-7 in finding solutions to the problems of the global economy. The middle-income countries and those with systemic economic influence in the negotiations to find solutions to global economic problems became imminent. Over the past two decades, the global economic balance has shifted, and the G-20 has been seen as a more representative and egalitarian grouping of global leadership, and was particularly useful in steering the global economy after the financing crisis and banking collapse of 2008. Significantly, the “Troika” of G-20 will be made up of emerging economies for the first time with India, Indonesia and Brazil - an indicator of the shift in the global economic agenda towards the Global South. While G-7 is generally engaging more in political and security- related issues, the G-20 primarily focuses on global economic and finance governance. G-20 is the premier forum for international economic cooperation representing around 85% of the global GDP, over 75% of the worldwide trade, and about twothirds of the world population. The G-20 is an intergovernmental forum comprising 19 countries and the European Union. It works to address major issues related to the global economy, such as international financial stability, climate change mitigation, and sustainable development. The members of the G-20 are: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union. The G-20 is divided into two channels, namely the financial track and the Sherpa track. The financial channel, specifically addresses a number of agendas related to the financial sector.

Bali Summit 15-16 Nov 2022:
The motto of recently concluded Bali Summit in Indonesia was ‘Recover Together, Recover Stronger’. Recovery from the pandemic was major focus despite geopolitical tensions overshadowing the summit. The Bali Summit focuses on a durable recovery multilateral action on climate, debt, taxation, and pandemic preparedness. The Bali Declaration acknowledged differences over Russia-Ukraine war, but most members strongly condemned it and opined that it is essential to uphold international law and multilateral system that safeguards peace and stability. Prime Minister Narendra Modi’s mantra “today’s era must not be of war” resonated in the joint declaration or communiqué issued after the G-20 Summit.

INDIA’S PRESIDENCY: DEC 2022 - NOV 2023
India has been a member of the G-20 since its inception in 1999. As an important member of the grouping, India ensured that its perspective on issues of vital national importance did not go unheard in the global financial narrative. India will be assuming chairmanship of the G-20 for one year from 01 December 22. This is a matter of pride for every Indian and an opportunity for the country to emerge as a leader to solve some of the most pressing issues facing humanity today. However, India’s Presidency comes at a watershed moment coinciding with a period of global flux. The global community is facing multiple political and economic challenges. India’s three guiding principles going into the G-20 Presidency are: - First, serving as a bridge between the developed and developing world, second, serving as the representative of the eastern bloc of nations and third, insulating the G-20 from some of the divisive pressures that have paralysed multilateralism elsewhere.

INDIA’S MAJOR OPPORTUNITIES AND CHALLENGES
Evolve a clear G-20 policy on Russia- Ukraine war ending the conflict, preventing further isolation of Russia in the forum. Focus on inclusive, equitable and sustainable growth; LiFE (Lifestyle for Environment); women’s empowerment; digital public infrastructure and tech-enabled development. The Indian PM Modi’s vision of Vasudhaiva Kutumbakam - “One Earth, One Family, One Future” with focus being “ principle of ‘data for devp’ of all. The after-effects of the pandemic and economic recovery have been worsened in the wake of Russia – Ukraine war and needs global co-operation to restore normalcy. While the overall focus will have to be on sustainable economic growth but need to chalk out a roadmap to deal with the economic situation in collaboration with the IMF, OECD, WTO, and the Financial Stability Board. Climate financing is another area that India has to work on with the affluent nations. The developed countries have to be prodded for transfer of clean technologies and renewable energies to medium and low-income countries.

THE VIEWS EXPRESSED BY THE AUTHOR ARE PERSONAL
 
COL RAJESH BHUKAR  The author is a Post Graduate in International Studies, Alumni of Defense Services Staff College, Wellington and College of Combat, Mhow