India And G20: Strengthening And Shaping Global Governance

Posted by Prof.Dr Nityanand B Patil On 07/10/2023 10:30:58

Abstract

For the first time in the history of the G20, India, an emerging power representing 1.30 billion people with a democratic polity, will host the summit from 1st December 2022 and convene the G20 Leader's Summit in 2023. This symbolises that the focus of international development cooperation has shifted towards the Global South, illustrating the growing influence of emerging economies such as India in promoting multilateralism and directing international development cooperation. G20, accounting for 85 percent of global GDP, 75 percent of international trade, and two-thirds of the world population, is a premier forum for international economic cooperation. India’s presidency in this unique global institution presents an excellent opportunity to accelerate sustainable growth within India, in the emerging world, and beyond. India’s support for global cooperation, inclusive development, economic stability, and sustainable growth is in line with its national goals and the values espoused by other leaders of the G20. In this background, the paper explores India’s core interests in G20 and is confined to a specific question – With Global discord at its peak, what will India’s G20 presidency focus on? It concludes by stating that India's presidency has the potential to assist states struggling to overcome the effects of the COVID-19 pandemic, as well as to accept diverse perspectives and opinions regarding ongoing matters of concern.

Keywords: India, G 20, Global South, sustainable growth, inclusive development, economic stability

1 Introduction

As India prepares to assume the presidency of the G20 in 2022,  it intends to strengthen multilateralism and global governance further to build a peaceful, sustainable, and prosperous world for all. The principles of inclusion, flexibility, and diversity underlie this multilateral cooperation in the G20. As a founding member of the G20, India has used the forum to address issues of international importance and those that impact the world's most vulnerable populations. Following are some examples that illustrate this point. First, India is the only country among the  G20 countries advancing rapidly toward achieving its climate goals mentioned under the Paris Agreement. Second, the leadership role played by India in defining the success of the India-France-led International Solar Alliance is well regarded as a  pivotal intervention in mobilizing resources for the development of renewable energy technologies. Third,  as an essential and reliable pillar of the world economy and global supply chains, the Self  Reliant  India  (Atma-nirbharBharat)‘  initiative is expected to play a transformational role for "New India" in the global paradigm following the COVID-19 crisis. Fourth, the establishment of the Coalition for Disaster  Resilient Infrastructure, comprising nine G20 nations, to develop infrastructure that will help developing and least developed countries cope with the impacts of natural disasters.

2 EVOLUTION OF G20

Post-World War II, several initiatives aimed at international economic coordination were initiated. These included the Bretton Woods Institutions -the International Monetary  Fund(IMF), the World Bank(WB), as well as the World Trade Organization(WTO). The G20 forum is the latest in this series of post-World War II initiatives that have aimed to coordinate economic policy internationally. The first G20 was announced at the G7 summit in Cologne in June 1999 and formally established at the G7 Finance Ministers meeting on 26 September 1999. Its inaugural meeting was held in Berlin on  15–16  December 1999 and was hosted by German Finance Minister Hans Eichel and Canadian Finance Minister Paul Martin.

3 Conclusion

While the G20 cannot be a  panacea for all the world's problems, it has played a vital role in international cooperation in the past decade. In an era when rising powers seek opportunities to influence and contribute to global affairs, effective global governance through forums such as the G20 is essential. India should utilize the G20 Summit as a platform for raising discussions on issues such as the war in Ukraine, India-China border tensions, EU/U.S.-Russia hostility, deteriorating US-China relations, and the promotion of peace and cooperation in the world. Dialogue and diplomacy should be employed to resolve these issues. To conclude, India should promote an inclusive approach to international issues with pragmatic and human-centric solutions at the G20 forum.

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