The G20 presidency offers India an opportunity to shape the international community’s response to pressing global challenges.
Post Date – 12:35 AM, Sat – 12/3/22
Hyderabad: This is a watershed moment for India, which has just assumed the presidency of the G20, the premier forum for global economic cooperation. This new role offers the world’s second most populous country an unprecedented opportunity to shape the international community’s response to pressing global challenges and its transformation from rule-taker to rule-maker. It can now serve as the voice of the global South, a group that mainly includes low-income countries 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 summed up as the motto ‘One Planet, One Family, One Future’.
Emphasis will be placed on emphasizing the links between inclusive development, gender equality, peace and security and the full use of technological innovation for the general good. The challenge for New Delhi will be to build unity within a disparate bloc to tackle larger global challenges such as divisions over a slowing economy, national debt and climate crises and the ongoing conflict in Ukraine. This approach requires sustained and meaningful engagement with all G20 members, including China, which is locked in a bitter border standoff with India. At a time when the world is going through turmoil marked by military conflict, economic uncertainty and the aftermath of the pandemic, there are high hopes that India will strive to achieve unity to solve the most challenging and pressing problems.
Amid the widening divide between the West and Russia over the Ukraine conflict, India needs to act as a bridge so that G20 members can work together to address larger pressing issues and revive momentum towards the Sustainable Development Goals (SDGs). India also needs to work on the reform of multilateral institutions such as the World Bank and the International Monetary Fund (IMF) – the current mandate of these institutions does not enable them to meet contemporary challenges, including raising more funds through the private sector or providing funds for climate action. Funding. New Delhi is uniquely positioned in the world to understand the priorities of developed countries and understand the challenges and ambitions of developing countries, allowing it to act as a bridge to meet the expectations of both parties.
India’s independent foreign policy, effectively reflected in the ongoing war in Ukraine, has impressed the world. In its new role, India plans to align global climate goals, secure green investments and transform global governance to the benefit of travelers in the global south. It is expected to continue to push rich countries to deliver on long-delayed pledges to spend heavily on climate adaptation in low-income countries. India has played a major role in creating a dedicated fund to help poorer countries.