LEADING THE G20

INDIA, WITH ITS EMPHASIS ON GLOBAL INTERCONNECTEDNESS AND A PRO-PLANET APPROACH, CAN HELP STEER THROUGH THE POLYCRISIS THE WORLD IS GOING THROUGH

Last month major cities in India were decked up with festoons, banners and lights. The Gateway of India in Mumbai was lit up with tricolour and the entire South Mumbai was draped in an air of festivity. Foreign delegates danced to traditional folk songs, flew kites in Rajasthan and sipped coffee in Bengaluru.

The spic and span South Mumbai impressed citizens, leading to many citizens remarking that such functions should be held often. But it was not an ordinary function, but a celebration of a milestone in India’s journey. The country took over the presidency of G20 nations on 1st December.

However, beyond the celebrations, India’s year-long G20 presidency comes at a crucial juncture as the world is facing what many leaders call polycrisis, which means several threats hitting at the same time.

While recessionary clouds are hovering across the globe, food, energy and fertilizer shortages plague poor countries, the Ukraine war and US-China tussle loom over global stability, inward-looking countries are moving away from globalization, global supply chains are fraying, while climate funding is in limbo.

Amid this, India has the responsibility to steer and set the global agenda in trying times at G20, whose economies represent 75% of global trade, 80% of global GDP, and 60% of the world’s population.

THE G20

The G20, a group of the top 20 nations, was established following the 2008 global crisis and has taken on greater significance than the G7.