India seems to be combining its growing economic clout with its G20 presidency to make its tryst with history as it takes up difficult and urgent issues that require global attention. However, the G20 agenda that India has set up for its presidency also includes many topics rooted in its own national developmental priorities
India's G20 agenda includes technological transformation and digital public infrastructure (DPI); progress on sustainable development goals (SDGs); green development and LiFE (Lifestyle For the Environment); and women-led development
NaBFID Chairman K.V. Kamath feels the India Stack can become a model for the world. “UPI is a global settlement system and is much more modern and nimbler [than its peers],” he says about the digital payments system that is finding takers in Singapore, the UAE and France
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Some of the priorities set by India at the G20 Summit include reform of multilateral development banks to make them more relevant for the Global South and a global framework to regulate cryptocurrencies
Resolution of debt stress, development of digital public infrastructure, inclusion of African Union as a permanent member of the G20 and accelerating Sustainable Development Goals (SDGs) are also part of India's G20 goals
The country has been successful in delivering an action plan to accelerate progress on SDGs; the plan reiterates the commitments of member states to deliver on the goals. Similarly, the theme of energy transition is also finding many takers
As the world’s third-largest renewable energy producer and with initiatives such as production-linked incentives for electric vehicles and a National Green Hydrogen Mission, India has paved the way for meaningful discussions
- G20 nations account for over 85% of global GDP
- It makes up over two-thirds of global trade and investments
- These nations also house over 60% of the global population
Amitabh Kant, India’s Sherpa to the G20, told Business Today that the goal of India’s presidency is to bring the G20 nations together as problem-solvers to tackle cascading and interlinked crises for a resilient, sustainable, and inclusive world. He said, “We will aim to drive a broader consensus on a majority of our outcomes during these meetings.”
Whatever the final outcome, India has managed to set the agenda and get world leaders thinking about a new future ahead of the G20 Summit scheduled for September 9 and 10