India being the world’s largest democracy reminded us that multilateral forums like G20 could also be a representation of democratization and decentralization. India’s persistent call for G20 to be ambitious and action-oriented culminated in its promise from G20 Bali in November 2022 where it was promised to the African Union that it would be included as a full-time member in order to make the forum G21. Not only did it show the idea of inclusivity, but also presented a textbook case of what it means to host a forum with the intention to democratize it further. It is significant to note that in the coming decade, 3/4th of the global growth is going to come from emerging economies, with countries like India and China shaping the world economic order. IMF predicts India’s growth projections to be around 6.8%, the highest amongst all the economies cited in its latest World Economic Outlook report. Furthermore, its current growth rate of 7.8% reflects dynamism amidst conflicts and difficult conditions facing the world economy[1]. Investments respond to the appeal. And it has. FDI inflow from August 2023 to October 2023 grew in India from US $ 2908 mn to US $ 6338 mn[2].
India’s G20 presidency was a locked moment in history wherein the communique included no footnotes and pressing situations like the Ukraine conflict had some substantial content[3]. It is not surprising to say that the official logo of G20 represented the connotation of living in harmony with the ecosystem during the challenges. Through India’s LiFe Policy, we were also reminded that sustainability is not something to be taken for granted, and it is everyone’s responsibility to be conscious of the resources we are borrowing from the earth.
G20 meetings could have been conducted in New Delhi alone, but that would have showed a limited diversity. We were conscious of our cultures, our values, our diversity, and our celebrations. With more than 200 meetings spread over 98 cities, we rekindled our spirits by turning a forum into a people’s festival.
India has been attentive in amplifying the issues that matter the most to billions. Issues like Biofuels which seemed a technocrat’s jargon were of concern to common folks. By launching the Global Biofuel Alliance, India wanted to emphasize on development and deployment of sustainable biofuels through technical support for national programs. Sustainable biofuels require participation from forest dwellers as well, as forest and agricultural waste is something pertinent in accelerating the development of biofuels.
India’s G20 was a difficult tightrope in bringing countries of different conscience under one umbrella. Its sub-theme ‘one family’ brought the ideals of Gandhiji’s Sarvodaya into the picture. Each country was to bring to the table its vision of Vasutaiva Kutumbakam(the world is one family). While we were confident of our intention for G20, the world was encouraged to set their ambitions right. The world needed multilateralism when its entire concept was rusting with ideological poverty. India’s presidency was an opportune time for presenting the world a strong case from the global south. Not only was 2023 a moment of accolade for G20 under a Global South country, but it was also a seeding time for other countries who are taking the mantle in the upcoming years, namely Brazil and South Africa. Together, these four anchors (Indonesia in 2022, India in 2023, Brazil in 2024, and South Africa in 2025) will shape the global order which had been fragmented due to policy discords and misplaced economic support.
G20 2023 will also be recalled in the coming times for acknowledging the requirement of the developing countries by computing their Nationally Determined Contribution (NDCs) obligations to the tune of $5.9 trillion (with $4 trillion in the form of clean energy, and hence India’s thrust towards Biofuels, and $1.8 trillion in the form of blended finance, hence the idea of re-emphasizing on multilateralism through Multilateral Development Banks, or MDBs)[4].
G20 consists of nations that are responsible for 85 per cent of the world’s GDP and it contributes to 80 per cent of global emissions. Having an explicit mention of climate finance was something that will be a policy by empiricism for Brazil in G20 2024. Further, a New Collective Quantifiable Goals (NCQG) was formed to consider the needs and urgency of developing countries to align with their Paris goals. India has been scaling up the frank dialogue needed to fast-track climate goals, and having a floor to commonly arrive at such policy options is something to be noted as a public policy objective. Not only has this opened the discourse of India being a rising power, but a strategic one as well.
Becoming the bridge builder between the much-developed north with greater bargaining power and the less developed south, India has been changing the way international relations work.
India’s view of multi-polar world order aims to minimize economic fragmentation and enhance inclusive development, with a special focus on the global south. In addition, India made sure that its G20 presidency was not a floor for pejoratives and selective exclusion of development policies. To a common person, the G20 was often thought of as a forum for world leaders to talk about policies, but India’s G20 brought a lot of new forums like ‘Voice of the Global South Summit’ for lesser developed countries to participate actively at the negotiating tables. The inception of the G20 Empower Group to further women’s leadership in the private sector was also marked with accolades under India’s presidency. A G20 group on ‘Strengthening Multilateral Development Banks (MDBs)’ was also constituted to recommend, reevaluate, and bolster the objectives of MDBs which are fine-tuned to the needs of the 21st century while respecting the vision of countries excluded before.
India understood that at this hour of the world under tempest, G20 needed fuel to pragmatically align the objectives of development that included not only the developed world but also the emerging world. The crisis of energy, food, fuel, and economy was never about the global north itself; it was also about the needs of the global south.
India’s next G20 presidency is going to come after 20 years, nearing the time when India’s vision of a developed country by 2047 (Viksit Bharat) aligns well with G20. India’s next G20 presidency will give more bargaining power for the global south to present its case of inclusive development.
[1]Gourinchas, P. (2024). IMF Blogs. Accessible on Global Economy Remains Resilient Despite Uneven Growth, Challenges Ahead (imf.org)
[2]DPIIT, Quarterly fact sheet on FDI Inflow. Available on https://dpiit.gov.in/sites/default/files/Fact%20Sheet%20December%202023_1.pdf
[3]G20 New Delhi Leader’s declaration, available on Microsoft Word – New Delhi Leaders’ Declaration Final Adoption (mea.gov.in)
[4]Business Standard (2023), Trillion needed to meet Paris Climate goals: G20 under India’s presidency. Accessible on https://www.business-standard.com/world-news/trillions-needed-to-meet-paris-climate-goals-g20-under-india-s-presidency-123090900898_1.html