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Impact Of G-20 Summit 2023 On India

The G-20 is a significant global forum comprised of 19 countries and the European Union, brought together to discuss and address pressing monetary, financial, and fiscal issues. Its formation was necessitated by the Asian Financial Crisis of 1997-1999 and the Global Financial Crisis of 2008, and it has since played a critical role in shaping the global economy. The member countries of the G-20 include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, and the United States.

It is noteworthy that the G-20 does not have a permanent headquarters or secretariat. Its presidency rotates annually and is supported by the Troika, consisting of Indonesia, Italy, and Spain. Spain holds a permanent guest position in the forum. The G-20 operates on two primary tracks: the Finance Track, led by Finance Ministers and Central Bank Governors, which focuses on monetary and financial issues and meets four times a year, and the Sherpa Track, which deals with socio-economic matters and is represented by the Sherpa of each participating country.

On December 1st, 2022 is a momentous day as India assumed the presidency of the G20 forum, taking over from Indonesia. As the largest democracy in the world, and the fastest growing economy, India's G20 presidency will play a crucial role in building upon the significant achievements of the previous 17 presidencies.

As it takes the G20 Presidency, India is on a mission to bring about a shared global future for all through the Amrit Kaal initiative with a focus on the LiFE movement which aims to promote environmentally-conscious practices and a sustainable way of living. With a clear plan and a development-oriented approach, India aims to promote a rules-based order, peace and just growth for all. The 200+ events planned in the run up to the 2023 Summit will strengthen India's agenda and the six thematic priorities of India's G20 presidency.[i]

G-20 Summit 2023 India:

The 18th G-20 Summit is currently underway in the bustling metropolis of New Delhi, India, with high-ranking officials and dignitaries from across the globe in attendance. The summit is being held at the esteemed "Bharat Mandapam" from September 9th-10th, 2023, under the banner of "One Earth, One Family, One Future" (Vasudhaiva Kutumba Kam), which underscores the importance of global unity and cooperation.

This theme is rooted in ancient Sanskrit teachings of the Maha Upanishad, contributing to the summit's cultural significance and relevance. As preparations for the summit continue, the entire city of Delhi has been put on Section 144 for two days, necessitating the closure of all shops and roads to ensure maximum safety and security for everyone involved. Additionally, the summit encompasses various meetings across different cities, including the Finance Deputies Meeting on September 5th and 6th, 2023, in New Delhi, followed by the Joint Sherpas and Finance Deputies Meeting on September 6th, 2023, also in New Delhi.

The main event of the summit, the G20 Summit, will take place on September 9th and 10th, 2023, in New Delhi. The 4th Sustainable Finance Working Group Meeting will be held in Varanasi on September 13th and 14th, 2023, followed by the 4th Meeting for the Global Partnership for Financial Inclusion on September 14th, 15th, and 16th, 2023, in Mumbai.

The 4th Framework Working Group Meeting is scheduled for September 18th and 19th, 2023, in Raipur, while the 4th International Financial Architecture Working Group Meeting will take place on September 20th, 21st, and 22nd, 2023, in Seoul, Republic of Korea. With a packed schedule of events, the G20 Summit 2023 is shaping up to be a significant and impactful event for all involved. The recent two-day summit led by Indian Prime Minister Narendra Modi brought together over 30 heads of state and 14 leaders of international organizations for more than 15 bilateral meetings.

Prime Minister Narendra Modi welcomes world leaders to Raj Ghat memorial in Delhi, emphasizing India's rise and Gandhi's legacy. The monsoon rains eased as Indian Prime Minister Narendra Modi welcomed world leaders to the Raj Ghat memorial complex in central Delhi on Sunday, site of the eternal flame that burns for Mahatma Gandhi. Gandhi led the nonviolent protests that brought India independence from British colonial rule in 1947. And Modi's decision to use the second and final day of his Group of 20 summit to remind his guests of the Father of Nation was another message signaling India's rise. [ii]

The summit was an opportunity for distinguished world leaders, including the likes of German Chancellor Olaf Scholz, French President Emmanuel Macron, British Prime Minister Rishi Sunak, Turkish President Recep Tayyip Erdoğan, Canadian Prime Minister Justin Trudeau, Italian Prime Minister Giorgia Meloni, South Korean President Yoon Suk Yeol, and Brazilian President Luiz In�cio Lula da Silva, to discuss various topics.

These topics included green and sustainable development, anti-corruption measures, and digital public infrastructure. During the summit, Prime Minister Modi kicked off the event with a speech emphasizing the importance of the term "Bharat" in various government documents, which is also enshrined in India's Constitution. This was followed by the announcement that the African Union, represented by Assoumani, would be granted permanent member status in the G20. This is a notable development as it will give a voice to the African continent within the organization, which is a significant step towards establishing a more diverse and inclusive global community.

India has been actively seeking support from the African continent to strengthen its position as an advocate for developing and underdeveloped countries. As part of this effort, India has extended invitations to Nigeria, Egypt, and Mauritius to participate as "Guest Countries" in the G20 summit. Additionally, several nations signed a Memorandum of Understanding (MoU) for the establishment of the India � Middle East � Europe Economic Corridor (IMEC) at the recent G20 Summit held in New Delhi. The primary objective of IMEC is to boost economic development in the region through a well-connected network of transportation routes, including railways and sea lanes. The Partnership for Global Infrastructure Investment (PGII) is the driving force behind the IMEC initiative.

The PGII aims to provide funding for critical infrastructure development across the world, such as roads, ports, bridges, and communication systems, to enhance global trade and cooperation. With the potential to reshape global connectivity linkages, the IMEC corridor is seen as a viable alternative to China's Belt and Road Initiative (BRI), which has established extensive shipping, rail, and road networks worldwide.

Although no leader referred to China directly during the summit, the IMEC corridor is expected to provide a more sustainable and equitable option for infrastructure development.On the final day of the summit, Modi announced that India would continue to lead the G-20 until November 30. Thus, India still had two and a half months left to lead the group. Modi then handed over the leadership role to Brazil, wishing them the best as they took over on December 1.

In recent times, the news cycle has been dominated by the successful landing of Chandrayaan-3 on the moon and the early breakthrough conventions in India that have surprised many. The G20 Summit, which was attended by the wealthiest countries in the world, saw various issues being discussed, including monetary, fiscal, and terrorism. Notably, the absence of Chinese President Xi Jinping and Russian President Vladimir Putin due to their frosty relations with India was quite noteworthy.

The Summit's "beautification drive," which cost Rs 4,100 crore, sparked controversy, and the exact cost of the event is yet to be disclosed to the public. However, the government's poverty policies have raised concerns about the displacement of street vendors and residents of New Delhi's shantytowns, as they are being forced out of their homes through bulldozing. According to local reports, Indian Railways has decided to cancel and divert at least 200 passenger train services temporarily from September 8 to 11.

The New Delhi airport has received requests to cancel 80 departing and as many arriving domestic flights during the summit, Indian media reports said.[iii] Civil society organizations have criticized the Summit for failing to address critical global issues such as economic challenges, hunger, and climate change, which have far-reaching implications. Reports of violence against Christian minorities have also surfaced, which adds to the already complex issues facing the region.

Despite the joint declaration made at the Summit outlining commitments, concerns have been raised about its effectiveness due to the absence of detailed, time-sensitive action plans and an unbiased system for monitoring and holding individuals accountable. It is worth noting that the joint declaration made in Delhi did not condemn Russia's actions in Ukraine, unlike the 2022 Bali Declaration, which has sparked criticism.

The European Union holds a disproportionate amount of representation in the G20, while other regions such as the Caribbean, Nordic countries, Southeast Asia, and Africa have been underrepresented or excluded from the G20, which raises concerns about fair representation.

The G-20 Summit ended without the traditional "family photo," symbolizing the challenges and complexities faced by the nations in attendance and the lack of unity among the world's largest economies. While the exact figures of the G20 Summit's costs are not publicly available, it is believed that they may be misleading, which adds to the already complex issues surrounding the Summit. All in all, the G20 Summit's outcomes have left many wondering about the effectiveness of such gatherings in addressing the world's most pressing challenges.

The G20 Summit, held in India, culminated in a series of remarkable achievements. The African Union (AU) was formally welcomed as a permanent member of the G20, marking an unprecedented milestone in the history of the summit. The G20 leaders adopted the 'New Delhi Declaration' for the first time, with a primary focus on promoting Inclusive Growth, thereby demonstrating their collective commitment to fostering a global economic environment that is equitable for all.

Furthermore, the Prime Minister of India, Mr. Modi, launched the Global Biofuels Alliance, which seeks to establish a comprehensive alliance with Brazil, India, the United States, and other interested countries to leverage the potential of biofuels to the fullest extent possible.

This initiative is a testament to the G20's determination to promote sustainable energy practices and reduce carbon emissions worldwide. In addition to these developments, India proposed and secured approval for the India-Middle East-Europe economic corridor, with the support of the United States, UAE, and other countries. The project involves the establishment of railway and shipping links to boost economic activity in the region, which is expected to yield significant benefits for all stakeholders involved.

Looking ahead, Brazil has been selected to host the 2024 G20 summit in Rio de Janeiro, followed by South Africa in 2025. These forthcoming summits are anticipated to be equally momentous, and will undoubtedly provide a platform for the world's most influential leaders to discuss critical issues affecting the global economy and chart a course for the future.


Award Winning Article Is Written By: Ms.Kanishka Rathore
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