India's G20 Presidency and Economic Growth

THE YEAR 2023 IS A momentous one for India. The G20 presidency, of course, serves as a diplomatic exercise to reinforce relations with old partners, explore new ones, and enhance the incumbent nation’s image and might on the global stage.

- Chandrajit Banerjee

It also presents an opportunity for India to represent the developing world on the global stage and fulfil its domestic aspirations while doing so.

In a period of unparalleled crises, India has proven itself to be resilient. While the world faced recessionary conditions and uncertainty, India has marched ahead on its strong growth path, bringing benefits to many through new strategies.

The G20 presidency gives India the opportunity to share success stories with the world and at the same time to bring global businesses to India at a time when they are looking to diversify investment destinations.

The IMF’s latest projections highlight that emerging markets and developing economies are expected to contribute around 80 per cent of global growth, with India accounting for more than 15 per cent. Having recently become the world’s fifth-largest economy, India is also the only large economy predicted to grow at over 6 per cent in coming years. Therefore, this year presents a huge responsibility for it to be a voice for the Global South in its agenda, and leverage the G20 platform as a catalyst for global and domestic change.