Index:

Acknowledgment.
Certificate
Introduction to G20
Formation and Objectives of G20
Members of G20
Works of G20
Engagement Groups of G20
Significant achievements of G20
India’s G20 Presidency
India’s Agenda Priorities for its Presidency of the G20
Challenges for India
Opportunities for India
Way Forward for India’s Presidency
Conclusion
Bibliography

Introduction to G20

The Group of Twenty (G20) is the premier intergovernmental forum for

international economic cooperation. The forum plays an important role in
shaping and strengthening global architecture and governance on all
major international economic issues.

The G20 is a group of the world’s largest developed and developing

economies that serves as a forum for international economic cooperation.
As a forum for the Finance Ministers and Central Bank Governors to
debate international economic and financial concerns.

India holds the Presidency of the G20 from 1 December 2022 to 30

November 2023. The theme of India's G20 Presidency is - "Vasudhaiva
Kutumbakam" or "One Earth . One Family . One Future".

Formation and Objectives of G20:

Prior to 1999, merely a group of seven (G7) developed countries, including

the US, the UK, Canada, France, Germany, Italy and Japan, formed an
alliance to deal with the financial crisis. The G20 was established as a
consequence of a meeting of the G7 Finance Ministers and Central Bank
Governors, who recognized the need for a broader spectrum to address
global financial issues.

The G20 was established in 1999 as a new grouping of countries having a

persistent economic impact in the wake of the 1997 global financial crisis.
The present forum first met at the level of Finance Ministers
and Governors of Central Banks with the purpose of dealing with policies
to accomplish international stability in the economy.

The objectives of G20 platform includes:

 Establishing and strengthening global architecture,

 The leading forum for fostering global economic cooperation,
 Formulating international standards for tackling pressing and critical
problems,
 Provide aid to the most vulnerable nations, and center the recovery
on high-quality employment, and
 Commitment to the principles of “strong, sustainable, balanced and
inclusive growth.”

MEMBERS OF G20:

The G20 consists of 19 individual countries plus the European Union (EU).
The Group of Twenty (G20) comprises 19 countries (Argentina, Australia,
Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan,
Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye,
United Kingdom and United States) and the European Union. The G20
members represent around 85% of the global GDP, over 75% of the global
trade, and about two-thirds of the world population.

WORKS OF G20
 The G20 Presidency steers the G20 agenda for one year and
hosts the Summit. The G20 consists of two parallel tracks: the
Finance Track and the Sherpa Track. Finance Ministers and
Central Bank Governors lead the Finance Track while Sherpas
lead the Sherpa Track.
 The G20 process from the Sherpa side is coordinated by the
Sherpas of member countries, who are personal emissaries of
the Leaders. Finance Track is led by Finance Ministers and
Central Bank Governors of the member countries. Within the
two tracks, there are thematically oriented working groups in
which representatives from the relevant ministries of the
members as well as from invited/guest countries and various
international organisations participate.
 The Finance Track is mainly led by the Ministry of Finance.
These working groups meet regularly throughout the term of
each Presidency. The Sherpas oversee negotiations over the
 course of the year, discussing agenda items for the Summit
and coordinating the substantive work of the G20.
 In addition, there are Engagement Groups which bring together
civil societies, parliamentarians, think tanks, women, youth,
labour, businesses and researchers of the G20 countries.
 The Group does not have a permanent secretariat. The
Presidency is supported by the Troika - previous, current and
incoming Presidency. During India’s Presidency, the troika will
comprise Indonesia, India and Brazil, respectively.

Engagement Groups of G20:

The G20 has several engagement groups that provide a platform for
dialogue between the G20 and non-governmental stakeholders. The
engagement groups are Business 20 (B20), Civil 20 (C20), Labour 20
(L20), Science 20 (S20), Think 20 (T20), Women 20 (W20), and Youth 20
(Y20). Each engagement group is made up of organizations from the
respective sectors and is responsible for developing policy
recommendations for consideration by the G20.

Significant achievements of G20:

Over the past two decades, through consistent and mutual efforts, G20
has been able to significantly impact the governance of member nations.
Some of the significant contributions of G20 include:

 Flexible: With only 20 members, the G20 is flexible enough to make

quick choices and adapt to changing circumstances.
 Inclusive: Every year, invited countries, international organizations,
and civil society organizations are included in participation groups,
allowing for a larger and more thorough viewpoint when examining
global concerns and creating consensus to address them.
 Coordinated action: The G-20 has also played a key role in
bolstering the worldwide financial regulatory framework, including
improved cross-country cooperation.
 Assisted in a US$235 billion surge in loans from multilateral
development banks at a time when private-sector sources of finance
were dwindling.
 During the global financial crisis of 2008, one of the G20's major
accomplishments was the rapid deployment of emergency money.
 It also strives to improve the monitoring of national financial
institutions in order to promote reforms in international financial
institutions.
  Reforms to the international tax system driven by the
G20/OECD Base Erosion and Profit Shifting (BEPS) project, as well as
the implementation of tax transparency standards, are examples.
 The G20 was instrumental in the passage of the Trade Facilitation
Agreement, which the World Trade Organisation estimates may
contribute between 5.4 and 8.7% of global GDP by 2030 if fully
implemented.
 Better Communication: The G20 brings together the world's most
industrialized and developing countries to debate how to bring
consensus and rationale into decision-making.

India’s G20 Presidency:

India convened the G20 Leaders' Summit for the first time in 2023, as 43
Heads of Delegations- the largest ever in the G20 participated in the final
New Delhi Summit in September, 2023. As a nation committed to
democracy and multilateralism, India's presidency was a significant
milestone as it seeks to find practical global solutions for the benefit of all
and embody the idea of "Vasudhaiva Kutumbakam," or "the world is one
family."

The G20 Summit is held annually with a rotating presidency, and in 2023,
India held the presidency. The group does not have a permanent
secretariat and is supported by the previous, current, and future holders
of the presidency, known as the troika. In 2023, the troika consisted of
Indonesia, Brazil, and India.

This summit concluded a series of meetings throughout the year, with

potential host cities for meetings from December 2022 to February 2023
including Bengaluru, Chandigarh, Chennai, Guwahati, Indore, Jodhpur,
Khajuraho, Kolkata, Lucknow, Mumbai, Pune, Rann of Kutch, Surat,
Thiruvananthapuram, and Udaipur.

Vasudhaiva Kutumbakam, which translates to "One Earth, One Family,

One Future," is the theme of India's G20 presidency. It is inspired from the
Maha Upanishad, an old Sanskrit scripture. The theme fundamentally
highlights the importance of all life—human, animal, plant, and
microorganism—as well as their interdependence on Earth and across the
universe. The theme also exemplifies LiFE (Lifestyle for Environment),
which highlights the importance of environmentally sustainable and
responsible lifestyle choices, both at the individual and national level, in
creating a cleaner, greener, and bluer future.
The G20 Presidency also heralds for India the start of "Amritkaal," a 25-
year period commencing from the 75th anniversary of its independence
on August 15, 2022, leading up to the centenary of its independence

India’s Agenda Priorities for its Presidency of the G20:

India's agenda during its G20 presidency was inclusive of ambitious,

action-oriented, and decisive. The activities and deliberations of the
Think20 (T20) engagement group of the G20 were spread over seven task
forces. India started its presidency term agenda with a series of cultural
initiatives that included various Jan Bhagidari activities, a special
University Connect event with 75 educational institutions across the
country, the lighting up of 100 ASI (Archaeological Survey of India)
monuments with the G20 logo & colours and showcasing G20 at the
Hombill festival in Nagaland (The Indian Express, 2022).

G20 India has put forth six agenda priorities for the G20 dialogue in 2023:

1. Green Development, Climate Finance & LiFE

 India's focus on climate change, with a particular emphasis on
climate finance and technology, as well as ensuring just energy
transitions for developing countries.
 Introduction of the LiFE movement, which promotes
environmentally-conscious practices and is based on India's
sustainable traditions.
2. Accelerated, Inclusive & Resilient Growth
 Focus on areas that have the potential to bring structural
transformation, including supporting small and medium-sized
enterprises in global trade, promoting labour rights and welfare,
addressing the global skills gap, and building inclusive agricultural
value chains and food systems.
3. Accelerating Progress on SDGs
 Recommitment to achieving the targets set out in the 2030 Agenda
for Sustainable Development, with a particular focus on addressing
the impact of the COVID-19 pandemic.
4. Technological Transformation & Digital Public Infrastructure
 Promotion of a human-centric approach to technology and increased
knowledge-sharing in areas such as digital public infrastructure,
financial inclusion, and tech-enabled development in sectors such
as agriculture and education.
5. Multilateral Institutions for the 21st century
 Efforts to reform multilateralism and create a more accountable,
inclusive, and representative international system that is fit for
addressing 21st century challenges.
6. Women-led Development
 Emphasis on inclusive growth and development, with a focus on
women empowerment and representation in order to boost socio-
economic development and the achievement of SDGs.

In an interview on 26 August 2023, Prime Minister Modi expressed

optimism about the G20 countries' evolving agenda under India's
presidency, shifting toward a human-centric development approach that
aligns with the concerns of the Global South, including addressing climate
change, debt restructuring through the G20's Common Framework for
Debt, and a strategy for regulation of global cryptocurrencies.

Challenges for India:

India faces several challenges as a member of the G20. One of the main
challenges is to ensure that the voice is heard in the group. India is one of
the largest economies in the world, but it is still a developing country and
does not have the same level of influence as some of the other members.
Another challenge is to balance its domestic priorities with its
international commitments. India has a large population and many
pressing social and economic issues that it needs to address, but it also
has to participate in global efforts to address issues such as climate
change and trade.

Building consensus to find solutions for pressing issues like the slowing
global economy, the massive debt crisis that threatens to affect about 70
countries, the rise in global poverty brought on by the Covid-19 pandemic,
and the climate crises will be difficult for India's G20 presidency.
Addressing climate change and advancing sustainable development is a
crucial priority for India's G20 presidency. While G20 has made a
commitment to achieve carbon neutrality by 2050, making a plan for
ground-level changes will not be easy. The presidency provides an
opportunity to rally G20 nations towards ambitious climate targets,
promoting renewable energy, sustainable agriculture, and climate
resilience measures

India will face the challenge of advocating for a fair and inclusive global
trading system amidst rising protectionism and trade tensions. Balancing
the interests of developed and developing nations, addressing trade
imbalances, and fostering a rules-based international trade regime will
require diplomatic finesse and negotiation skills.
Opportunities for India:
Although riddled with challenges, G20 presidency also presents several
opportunities for India.

India’s prowess in information technology and innovation positions it well

to harness the opportunities presented by the digital economy. As the G20
president, India can promote digital literacy, financial inclusion, e-
governance, providing health care and exploring ways to leverage
technology for sustainable development. While the UPI has been a big
domestic success, through various government and non-government
forums, the presidency presents an opportunity to push the platform to a
global level, apt with India’s rising clout.

India’s G20 presidency presents a unique opportunity to prioritize global

health systems and enhance international cooperation after the
pandemic. India, being a major supplier of generic drugs and a hub for
vaccine production, can contribute significantly to discussions on
equitable access to healthcare, strengthening health infrastructure, and
building resilience against future health crises. Along with serving the
global health cause, any progress on the issue will help the Indian
economy.

Tourism’s share of world GDP is approximately 6.1%. And although India is

one of the most diverse nations in the world, India ranks much lower in
various global tourism rankings. The G20 presents an opportunity for India
to promote itself as a major tourist destination. By promoting its
attractions, facilitating partnerships, advocating for necessary
infrastructure development, and fostering international cooperation, India
can harness its actual potential in tourism.

Way Forward for India’s Presidency:

PM Modi has already been acknowledged as the peacemaker by the very

fact that the Bali Summit ended on a positive note of acceptance by all
nations on his famous statement to Mr Putin that the present era was not
that of war. India has also been recognised for its vaccine diplomacy
during the post-pandemic recovery period. India is thus in a very strong
diplomatic position to use its one-year presidency and leave a mark on the
world map. The critical areas that need to be dealt with along with carving
out an acceptable solution to the challenges would include:
 Multilateral cooperation: India must not only take the lead in
strengthening the G20 group and reducing the differences that
have crept in due to the geopolitical situation, but also set the
pace for the future of multilateral cooperation in various fields of
the group’s multidimensional agenda.

 Inclusive approach: In the period of the presidency and as the

host for the 2023 G20 summit, India must bring forth the views of
countries that are not represented in the G20. India must
encourage a comprehensive approach with human-centric
arrangements to resolve worldwide issues as a way forward.

 Elevating the African Union: Another significant objective should

be to end the sidelining of African nations by promoting the
African Union’s (AU) status from being a perpetual observer to
member status of the G20, bringing it to the level of the EU.

 India-focused view: India must strive to bring together an Indo-

centric vision, expand the area of critical concerns of the Global
South, and leverage the diplomatic advantage to share and settle
the positions of competing centres of power involving China, the
USA-led West Block and the Russian block.

 Strengthening Systems: As the President of the G20, India must

aim to strengthen its partnership with international organisations
such as the IMF, OECD, WHO, World Bank, and WTO and strive to
get their focus on stricter norms for controlling funds for states
involved in terror-related activities.

 International Institute for Regulatory Development: The G20

presidency gives India an opportunity to initiate a transformation
of the global regulatory structure by establishing the International
 Institute for Regulatory Development (IIRD). India can be the
torchbearer for a new regulatory framework.

Conclusion:

India, at the G20 summit, has very clearly articulated its vision by stating
that, “Without peace and security, our future generations will not be able
to benefit from economic growth and technological innovation.” As an
established global leader now, the promise PM Modi makes for an action-
oriented and ambitious presidency will be closely watched, not only by the
members of the G20 but also by international institutions like the UN,
think tanks, diplomats across the world, and more importantly, by the
neighbouring countries of the Indian Ocean Region (IOR). India has
already taken the lead in some aspects, particularly in technology with
digital public goods and its governance, self-reliance or Aatma Nirbhar,
vaccine diplomacy, and asserting its firmness on various geopolitical
issues. Therefore, the stage is set now for India to take the lead and work
towards global peace, rule-based governance and growth for all on the
world canvas.

Bibliography:

www.wikipedia.com

www.youtube.com

www.moes.gov.in (Ministry of Earth Sciences)

www.mea.gov.in (Ministry of External Affairs)

www.india.gov.in (National Portal of India)

www.g20.in

www.politicsforindia.com
www.google.com