INDIA'S G-20 PRESIDENCY – INTERNATIONAL
News: India’s presidency of G-20 gives it additional heft at G-7 summit
What is in the news?
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On the sidelines of the
G-7, Prime Minister has said that aligning the G-20 agenda with Japan’s agenda
for the G-7 summit is key for the just global order.
Importance Issues Before G-20 Presidency to India:
1. Geopolitical Issues:
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The world is struggling
with geopolitical rifts such as the tensions between the US and China, the two
biggest economies in the world, or the decline in trade between the UK, the Euro
area in the wake of the Brexit decision.
2. Economic Crumpling:
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In response to high
inflation, central banks across countries have raised interest rates, which, in
turn, have dampened economic activity further.
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Some of the biggest major
economies such as the US and the UK are set to face a recession; others, such
as those in the euro area, are likely to slow down to almost a halt.
3. Supply Chain Issue:
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Russia’s invasion of
Ukraine has not only created massive geopolitical uncertainty but also spiked
global inflation, thanks to supply bottlenecks and curbs across a whole host of
commodities.
4. Polarization:
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The growing polarization
between democratic nations led by the US and authoritarian regimes centered
around China is making the situation more complicated.
5. Gap Between Global South and Global North:
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Primary requirements of
the global south include capital, technology, and capacity building to tackle
underdevelopment, poverty, and climate change.
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India faces the challenge
of uniting leaders from both the global south and the global north to minimize
this gap and facilitate more effective resolution of these issues.
G-20 Initiatives under India's Presidency:
1. G20
Trade and Investment Working Group:
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To propose a common
digital platform for ease of cross-border trade,
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Legal aid system for
developing countries for dispute settlement in WTO,
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Ways to eliminate
distortionary non-tariff measures for developing countries and LDCs, and
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A framework to address
crucial issues at the WTO in clearly defined circumstances like the Covid-19
pandemic.
2. Startup20 Engagement Group:
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The Startup20 Engagement
Group will be established under India's G20 Presidency for the first time,
recognizing the role of startups in driving innovation that responds to a
rapidly changing global scenario.
3. Disaster Risk Reduction Working Group:
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The DRRWG is an
initiative taken by India under its G-20 Presidency.
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It was established to
encourage collective work by the G20, undertake multidisciplinary research and
exchange best.
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This initiative of India
to include Disaster Risk Reduction in the G-20 is a part of the Sendai
Framework for Disaster Risk Reduction 2015 to 2030.
4. Voice of the Global South Summit:
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Global-South Science and
Technology Initiative: To share expertise in areas like space technology and
nuclear energy.
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Global-South Center of
Excellence: To undertake research on
development solutions or best-practices of any developing nation.
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Global-South
Scholarships: For students from
developing countries to pursue higher education in India.
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Global-South Young
Diplomats Forum: To connect youthful
officers of our foreign ministries and to synergize the country’s diplomatic
voice.
5.Aarogya Maitri:
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Under this project India
will provide essential medical supplies to any developing country affected by
natural disasters or humanitarian crisis.
6. Digital Economy Working Group:
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Digital Economy Working
Group with a motive to enhance cooperation among the G20 members in the field
of the digital economy and to reap the benefits of ongoing digital
transformation.
7. Stay Safe Online:
●
stay safe online’
campaign was launched to create awareness about the best cyber practices and to
ensure cyber hygiene.
8. G20 Digital Innovation Alliance:
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The alliance is an
attempt towards boosting adoption of innovative and digital technologies in the
G20 sphere and to encourage innovations in six key fields:
○ Agri-tech,
Health-tech, Ed-tech, Fin-tech, Secured Digital Infrastructure, and Circular
Economy.
WAY FORWARD:
1. Climate Finance:
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India needs to focus on
climate financing and encourage wealthy nations to transfer clean technologies
and renewable energies to medium and low-income countries, while highlighting
its impressive track record in solar energy.
2. Ensure Global Supply Chain:
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Due to the Russia
-Ukraine war global supply chain has collapsed as Russia is the major exporter
of food commodities to most of the countries.
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India in the name of G-20
Presidency should reassure the food security and global supply chain in the
lines of 'Black Sea Grain Initiative'.
3. Promotion of Welfare of Global South:
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From social justice
projects to digital transformation, climate and environmental activism to
pandemic and disaster relief, India can provide proven solutions and be a
Global South transformer.
4. Technological Transformation:
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As G20 Presidency, India
can foreground its belief in a human-centric approach to technology, and
facilitate greater knowledge-sharing in priority areas like digital public
infrastructure, financial inclusion, and tech-enabled development in sectors
ranging from agriculture to education.
5. Multilateral Reforms:
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India's G20 priority will
be to continue pressing for reformed multilateralism that creates a more
accountable, inclusive, just equitable and representative multipolar
international system that is fit for addressing the challenges in the 21st
century.
6. Achieving Sustainable Development Goals:
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India, as the G20
Presidency, should aim to prioritize the attainment of the 2030 Agenda for
Sustainable Development amidst the COVID-19 pandemic, shifting the focus from a
decade of action to a decade of recovery.
G-20:
About:
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The G20 was formed in 1999 in the backdrop of the financial
crisis of the late 1990s that hit East Asia and Southeast Asia in particular.
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Its aim was to secure
global financial stability by involving middle-income countries.
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On the advice of the G7
Finance Ministers, the G20 Finance Ministers and Central Bank Governors began
holding meetings to discuss the response to the global financial crisis that
occurred.
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Nine years later, in
2008, the leaders of the G20 countries gathered for the first G20 Summit.
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Together, the G20
countries include 60 percent of the world’s population, 80 percent of global
GDP, and 75 percent of global trade.
Members:
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The members of the G20
are Argentina, Australia, Brazil, Canada, China, France, Germany, India,
Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South
Africa, Turkey, the United Kingdom, the United States, and the European Union.
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Presidency:
○ The
presidency of the G20 rotates every year among members, and the country holding
the presidency, together with the previous and next presidency-holder, forms
the ‘Troika’ to ensure continuity of the G20 agenda.
○ Current
troika:
■ Indonesia
■ India
■ Brazil.
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Theme
of India's presidency:
○ “Vasudhaiva Kutumbakam”
or ‘One Earth, One Family, One Future'.