The G20: An Overview and India’s Role
The Group of Twenty (G20) is an international forum for the governments and central bank governors from 19 countries and the European Union (EU). With members representing about two-thirds of the world’s population, it plays a substantial role in addressing global issues. In recent news, India has been announced to take on the G20 presidency from December 1, 2022, to November 30, 2023.
G20 Members and Structure
The G20 comprises of Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the U.S., and the EU. These member nations represent 80% of global GDP, 80% of global investment, and over 75% of global trade. Each country is represented by a “Sherpa,” who is responsible for planning and implementing initiatives on behalf of their country’s leader. India’s current Sherpa is its Minister of Commerce and Industry.
Evolution of G20
Originating in response to the Global Financial Crisis of 2007-08, the G20 quickly gained prominence as a top crisis management and coordination body. The U.S., which held the G20 presidency in 2008, convened the first summit, leading to significant global reforms, including blacklisting states involved in tax evasion and avoidance, establishing stricter controls on financial institutions, and discouraging trade barriers.
Over the years, the group widened its focus to address broader issues, including climate change, social security, inequality, agriculture, and more. However, despite making commitments in these areas, the group has seen criticism for the lack of demonstrable action, particularly in the wake of COVID-19.
India’s Role in G20
As a founding member of the G20, India has utilized this platform to advocate for critical issues impacting vulnerable populations worldwide. However, domestic challenges, such as rising unemployment rates and poverty, have made it difficult for the nation to assume a leadership role.
Despite these hurdles, India has demonstrated commitment in areas like climate change, being on track to fulfill its Paris Agreement commitments. Its leadership in promoting renewable energy through initiatives like the India-France led International Solar Alliance has received global praise. The country’s “Self Reliant India (Atmanirbhar Bharat)” initiative is expected to play a transformational role in global economies post-COVID-19, further demonstrating its potential influence within the G20.
The G20 Presidency and the Way Forward
With India set to assume the G20 presidency in 2022, it represents an opportunity to reestablish faith in multilateralism. Priorities for this tenure should include equitable vaccine distribution and patent waiver. Strengthening partnerships with international organizations like the IMF, OECD, WHO, World Bank, and WTO is also critical, as they can assist in monitoring progress towards shared goals.
To conclude, the G20 plays a substantial role in addressing global issues. With India’s upcoming presidency, there is an opportunity to drive significant action in areas such as climate change, economic resilience, and pandemic recovery. Meanwhile, ensuring an effective and equitable response to ongoing global challenges remains a top priority for the group.
