The G20 consults and collaborates to more effectively address and govern key issues related to the global economy, including international financial stability and liquidity, climate action and sustainable development. Crisis and disaster response, peace, security and terrorism and political issues are increasingly covered. It wants to influence, reform and work with multilateral organizations – the UN, the World Bank, the IMF and the WTO.
He is credited with many beneficial initiatives, including the historic release of $650 billion Special Drawing Rights for liquidity during the Covid-19 pandemic, the Financial Stability Board, Basel III: The International Banking Regulatory Framework, IMF recapitalization, government debt repayment for the poor. countries and the global minimum tax agreement for multinational companies.
But these have not been enough to fully mitigate the devastating shock of Covid-19 or to offset the cascading impact of climate change and conflict on economic growth, backsliding on the SDGs and increasing poverty. It has not significantly eased the biggest debt crisis of developing countries in a generation: $11.1 trillion or 31% of GDP. It has increased dependence on disruptions in global supply chains and some economic and financial centers.
The geopolitical crisis caused by the Russia-Ukraine war and the specter of its nuclear Armageddon, combined with the strategic competition between China and the West, has created a true Cold War 2.0 polarization. Developing countries are particularly reeling under the triple crisis of food, fuel and fertilizer while grappling with the conundrum of recessionary inflation. Multilateral organizations cannot respond effectively and need to be reformed and rethought in the 21st century. to provide global public goods in the 21st century.
Never has India mattered more to the world and the world mattered more to India than it does now under the leadership of Prime Minister Modi. This is particularly the case in the four main projects of humanity, including peace and security, sustainable development, environmental and climate action, democracy and human rights, and humanitarian crisis and disaster response. Few other G20 leaders have been as committed and invested in this as PM Modi, bringing India as a whole, the government and all peoples’ businesses and movements closer.
India’s cachet as the world’s oldest, largest and most populous democracy is essential to the G20. As the world’s fifth economy and soon to be the third. Its fastest growing economy is seen as a bright spot in what is predicted to be India’s century. Being a state of civilization and having an immense cultural influence is in keeping with the role of Vishwa Guru. India is poised to reap a demographic dividend with its largest youth, talent and workforce cohort. Sarvodaya-ri Antodaya and the wonderful social justice project of SDGs is recognized worldwide. India has set global benchmarks in many areas of Tech 4.0, especially digital. He has shown his deep commitment to climate action and green development. Scaling successes in other G20 countries, but particularly in the Global South, can be demonstrated.
India’s King Bhagirath’s catastrophic response to a once-in-a-century pandemic and global solidarity as part of its vaccine success story is an inspiration. He has been a credible advocate and provider of peace and security and counter-terrorism. Its strategic autonomy and multi-alignment attitude is very suitable for building bridges and consensus on key issues.
India’s G20 presidency logo represents the hope that in times of deep crisis the lotus of humanity and global solidarity will blossom for our Earth, One Family, One Future. PM Modi forms his vision for Atmanirbhar, Nav Bharat and the destiny of a developed country by 2047. Hosting the G20 is a win-win opportunity for India to build transformative trade, tourism, FDI, Tech 4.0 acquisition and creative partnerships with the G20 countries. Also, creating a global environment and tools, especially financial ones, to accelerate SDG achievement will benefit India and the Global South.
As India moves towards the Summit across 200 G20 events, India will have to overcome internal and external challenges and zero-sum narratives of self-aggrandizement. “It will have to catalyze a fundamental mindset shift to benefit humanity as a whole,” fashion global solutions and game-changing deliverables that would be made in India but with the G20 imprint. India, which is a microcosm of the world and has the interest of humanity embedded in its very being, seems well placed for this.
(The author is a former UN Assistant Secretary-General)