G20 presidency offers India opportunity to shape the international response to pressing global challenges.
Hyderabad: It is a watershed moment for India which has just assumed the presidency of the G20, a premier forum for global economic cooperation. The new role offers the second most populous country in the world an unprecedented opportunity to shape the international response to pressing global challenges and transition from being a rule-taker to being a rule-maker. It can now serve as the voice of the Global South, a grouping that largely includes lower-income nations in Latin America, Asia, Africa and Oceania. The theme of India’s G20 presidency will be driven by the underlying vision of ‘Vasudhaiva Kutumbakam’ (the world is one family), best encapsulated by the motto ‘One Earth, One Family, One Future’.
The focus will be on highlighting the linkages between inclusive development, gender equality, peace and security and the full use of technological innovations for universal benefit. The challenge before New Delhi will be to forge unity within a disparate grouping to tackle larger global challenges such as economic slowdown, indebtedness of countries and the climate crisis amid persisting divisions over the Ukraine conflict. This approach will require constant and meaningful engagement with all G20 members, including China, which is engaged in a bitter border standoff with India. At a time when the world is passing through turmoil marked by military conflicts, economic uncertainty and the aftereffects of the pandemic, there are high expectations on India to strive for unity that can address the most challenging and pressing issues.
Amidst the widening gulf between the West and Russia over the Ukraine conflict, India needs to act as a bridge so that G20 members can tackle the larger pressing issues together and revive the momentum for achieving the Sustainable Development Goals (SDGs). India also needs to work for reforms of multilateral bodies such as the World Bank and International Monetary Fund (IMF) – whose current mandate does not equip them to respond to contemporary challenges, including raising more finances through the private sector or providing financing for climate action. New Delhi is positioned uniquely in the world as a country that understands the priorities of the developed nations and appreciates the challenges and ambitions of the developing world, allowing it to act as a bridge to meet expectations on both sides.
India’s independent foreign policy, effectively demonstrated in the ongoing Ukraine war, has made the world sit up and take notice. In its new position, India plans to shake up global climate goals, secure green investment and shift global governance to the benefit of fellow travellers in the Global South. It is expected to continue to push the rich countries to keep their long-delayed promises for significant amounts of spending for climate adaptation in lower-income countries. India was instrumental in the creation of a specific fund to help poorer nations.
