G20 presidency to showcase India's growth
Dec 13, 2022
New Delhi [India], December 13 : The G20 is a good opportunity for India to show the growth of the country as it is the world's third-largest defence spender and would like to lead the countries that have an influence on world politics as the chair country, Ken Nagao writes in Wedge Online.
Notably, India has already kicked off its G20 since it officially assumed the presidency on December 1.
The G20 account for two-thirds of the world's population, 85 per cent of GDP and 75 per cent of international trade. Since there are about 200 countries in the world, it shows that less than 10 per cent of the countries have this much power, according to Wedge Online.
The G-20 was founded back in 1999 after the Asian financial crisis as a forum for Finance Ministers and Central Bank Governors to discuss global economic and financial issues.
The Group of Twenty (G-20) comprises 19 countries (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkiye, the United Kingdom and the United States) and the European Union. The G-20 members represent around 85 per cent of the global GDP, over 75 per cent of the global trade, and about two-thirds of the world population.
The group focuses on policy coordination between its members in order to achieve global economic stability, and sustainable growth; promote financial regulations that reduce risks and prevent future financial crises and create a new international financial architecture.
In 2023, India's population is expected to surpass China's to become the world's most populous country with a population of 1.4 billion. In terms of defence spending, India is already the third largest in the world after the United States and China.
In order for India's growth to be correctly understood by the world, we need an opportunity to properly publicize it, reported Wedge Online.
Russia's invasion of Ukraine has significantly changed G20 this year.
The first G20 Sherpa meeting under India's Presidency kicked off in Udaipur on December 5 where Russia's G20 Sherpa Lukash said that digital transformation and innovations are key drivers of growth and development.
She further said, "Hence proposed by #G20India as cross-cutting topics at all the G20 working tracks."During the G20 Sherpa meeting held in Udaipur, Russian G20 Sherpa Svetlana Lukash lauded India and Indian Sherpa Amitabh Kant for putting 'Women-led development' as one of the group's key priorities.
The G20 or Group of 20 is an intergovernmental forum of the world's major developed and developing economies. It comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US, and the European Union.
India will host over 200 meetings in over 50 cities across 32 different workstreams. It would have the opportunity to offer G20 delegates and guests a glimpse of India's rich cultural heritage and provide them with a unique Indian experience.
