–PM Modi commits to making international financial institutions more attuned to needs of developing nations

PRIME Minister Narendra Modi of India took over India’s G-20 presidency at the G-20 Summit currently being held in Bali, Indonesia.

According to a press statement from the Indian High Commission, effective December 1, 2022, India’s presidency for 2023 will see it chairing over 200 meetings that aim to secure global economic growth and prosperity. The G-20 members represent more than 80 per cent of the world’s GDP, 70 per cent of international trade and 60 per cent of the world’s population.

Expressing happiness over India’s assumption of the G-20 presidency, Prime Minister Modi stated that India’s G-20 presidency will be inclusive, ambitious, decisive and action-oriented and noted that India is taking charge at a time when the world is grappling with geo-political tensions, economic slow-down and rising food and energy prices.

Modi said: “[This was a] proud occasion for every Indian and India would organise G-20 meetings in different cities and states of India, where the guest countries would experience India’s amazing diversity, inclusive traditions and cultural richness.”

He wished for all member countries to participate in making the G-20 a catalyst for global change when India — “the mother of democracy” — would host these meetings. Prime Minister Modi also stated that India would work to realise all aspects of India’s vision of “One Earth, One Family, One Future” (Vasudhev Kutumbkam).

The 18th G-20 Heads of States and Governments Summit will take place on 9-10 September 2023 in New Delhi. The summit will be a culmination of all the G-20 process and meetings held throughout the year among ministers, senior officials and civil societies.

The G-20 consists of two parallel tracks: the Finance Track (led by Finance Ministers and Central Bank Governors of the member countries) and the Sherpa Track – personal emissaries of the leaders).

The Sherpa oversees negotiations over the course of the year, discussing the agenda and items for the summit and coordinating the substantive work of the G-20.

In addition, there are 10 engagement groups which bring together civil societies, parliamentarians, think-tanks, women, youth, labour, businesses and researcher of the G-20 countries. Former Foreign Secretary of India, Harshvardhan V Shringla, has been nominated as India’s Chief G-20 Coordinator, while Former NITI Aayog Chairman Amitabh Kant will be India’s G-20 Sherpa.

India’s stated purpose of its presidency is to find global solutions for the well-being of the world and to find consensus on challenges, including a slowing global economy, debt crisis impacting 70 countries, poverty, post-pandemic recovery and the existential climate crises.

Through its leadership position, India wants to steer the G-20 opportunities providing adequate finance to the global push keeping in line with climate justice. A second key agenda would be reforms of institutions such as the World Bank, the IMF and the WTO. The aim is to make them more attuned to the needs and aspirations of developing economies.

Prime Minister Modi, while elaborating that India maintains close relations with developed countries very well on the one hand and at the same time understanding the views of developing countries, pointed out that the world was “looking with hope” towards collective leadership, whether it is G-7, G-20, G-77 or the UNGA. In such a situation India’s presidency of G-20 assumes a new significance.

Furthering India’s vision and the common objective of doing the whole world together for a better future, Prime Minister Modi gave examples of “One Sun, One Earth, One Grid” which has been India’s clarion call for a revolution in renewable energy (International Solar Alliance) born out of this call), and the global health campaign of “One Earth, One Health).
Brazil will take over the presidency from India late next year.