Date: 14/11/2022

Relevance: GS-2: Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests.

Key Phrases: G20, global policymaking, vasudhaiva kutumbakam, Lifestyle for Environment, Nationally Determined Contributions, public goods, technological breakthroughs.

Context:

• As India takes over the reins at G20, inclusivity and cooperation are at the core of its mission, as indicated clearly by the symbolism behind its new logo.
• 2023 will be a watershed year for India in global policymaking.

Background:

• India has been a part of the G20 since it was established in 1999 as a forum for finance ministers in the aftermath of the Asian financial crisis.
• As a major developing economy, India has a vital stake in the stability of the international economic and financial system.
• Historically, India’s agenda at G20 summits have been driven by the need for greater inclusivity in the financial system, avoiding protectionist tendencies and ensuring that the growth prospects of developing countries do not suffer.
• India has strived to ensure that the focus of the global community remains on the need to ensure an adequate flow of finances to emerging economies to meet their developmental needs.
• India is currently part of the G20 Troika (current, previous and incoming G20 presidencies) comprising Indonesia and Italy.

Key Highlights:

• In a historic moment, Prime Minister (PM) unveiled the logo, theme, and website of India’s Group of 20 (G20) presidency on.
• The vision and objectives he outlined for India and the world have raised the already massive expectations from the presidency and further entrenched India as an architect of the global agenda.
• India’s assumption of the G20 presidency is consonant with the PM’s mission of undertaking leadership roles on the international stage that will allow the nation to steer change, engineer sustainability, champion the causes of emerging economies, and advance growth.
• With framing India’s imminent interventions at the G20 within the ethos of vasudhaiva kutumbakam (the world is one family), there is every indication that the qualities of inclusiveness and cooperation for the common good will prevail.
• As the PM observed while unveiling the G20 logo, the lotus represents shared knowledge, prosperity, and hope.
• These ideas stem from India’s tradition of building consensus through dialogue.

Various initiative Government is taking in line with G20 commitments

• Mata bhumiah putroham prithiviyah :
  • Major Indian climate initiatives have recently been set into motion with the invocation of Mata bhumiah putroham prithiviyah, signifying that the earth is our mother, and we are her children.
• One Sun, One World, One Grid programme:
  • The names of initiatives, the One Sun, One World, One Grid programme that India will build upon with partners at G20, reflect a spirit of unity and a shared future.
• LiFE (Lifestyle for Environment):
  • It aims to promote sustainable and healthy lifestyles.
  • It will democratise efforts to tackle the climate crisis, going beyond policymaking and encouraging every individual to contribute to the climate response.

Why India’s G20 presidency promises to be a watershed moment?

• Boosting Digital Economy:
  • Digital payments in India could reach $10 trillion by 2026, and the country’s digital economy alone is expected to cross $800 billion by 2030.
  • Boosting the global digital economy has been a core G20 objective.
• Sustainable blue economy:
  • The World Economic Forum has argued that G20 must promote a sustainable blue economy.
  • Oceans, coasts, and the resources they harbour could act as engines of economic growth.
  • G20 nations — which make up 45% of the world’s coastline and 21% of its exclusive economic zones — are extraordinarily well placed to foster blue development.
  • As India leads the G20, its farsightedness about the blue economy could prove exemplary.
• Push the adaptation agenda:
  • India’s annual per capita carbon footprint is well under 2 tonnes, about a fourth of China’s and one-eighth of that of the United States.
  • Even as much of the global discourse around climate response continues to focus on mitigation, India’s G20 presidency will allow it to push the adaptation agenda.
  • This will be especially important for developing nations as they struggle to adapt to emissions already released by industrially advanced countries.
• India on track to become a $5-trillion economy:
  • Finally, India’s G20 presidency comes at a moment when the country is well on track to become a $5-trillion economy, despite the multiple challenges to growth caused by the pandemic.
• Part of the next troika:
  • During its G20 presidency term, India would be part of the next troika alongside Indonesia and Brazil.
  • This would be a critical moment as the troika will consist of three developing countries and emerging economies, thereby providing them a strong platform.

Conclusion:

• India must continue to counter the tendency of developed nations to hold their less advanced counterparts captive to their caprices. Climate justice and equity must become the norm.
• Helmed by India, the group will be able to draw on a wealth of cross-sectoral experience, technical expertise, and innovations that can be applied at scale.
• Driven by political will, spurred by technological breakthroughs, and fuelled by an unusual optimism, 2023 will be a watershed year for India.
• There could not be a more consequential time to lead the comity of influential nations.

Source: ORF-Online

Mains Question:

Q. India must continue to counter the tendency of developed nations to hold their less advanced counterparts captive to their caprices. Critically examine the statement. (250 Words).