G20 Osaka summit 2019
G20 and India
Recently PM Narendra Modi attended G20 summit held in Osaka, Japan. PM Modi in his departure statement said
The G20 is an annual meeting of leaders from the countries with the largest and fastest growing economies. Its members account for 85% of the world’s GDP, and two-thirds of its population. The G20 Summit is formally known as the “Summit on Financial Markets and the World Economy”. It was established in 1999 after financial crisis of 1997-1998.
G20 has following members :-
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States and the European Union.
➢ Themes of G20
• Theme 1: Global Economy
• Theme 2: Trade and Investment
• Theme 3: Innovation
• Theme 4: Environment and Energy
• Theme 5: Employment
• Theme 6: Women’s Empowerment
• Theme 7: Development
• Theme 8: Health
➢ India’s voice at the G20 summit
• India is likely to raise issues such as financial stability, artificial intelligence, energy security, reforming multilateralism and common efforts to address terrorism at the summit.
• The latest G20 is being held a time when the very idea of multilateral talks to manage global affairs and resolve disputes is at threat as read from Trump’s tweet.
• Negotiations to get waiver for S400.
• Burning issues of international consequence, such as the US-Iran standoff over the latter’s nuclear ambitions and the trade spat between the US and China, could eclipse other matters listed for discussion (women’s empowerment, energy and the environment, among them), but even so, India has a chance to voice itself on various things affecting the country and the rest of the world.
• US and China trade war talks.
• At this forum back in 2008, then Prime Minister ManmohanSingh had spoken about countering the Great Recession as an economist, prompting global commentators to commend the expansion of what was earlier a much smaller group of countries with large economies.
• While coordinated action to rescue the world economy was the challenge ten years ago, now it is mostly about issues on which a convergence of views is far more difficult. Still, there are some issues that India is expected to push that could find listeners.
• Apart from a series of bilateral meetings with other countries, India may also go ahead with a couple of trilateral (RIC=Russia-India-China and JAI=Japan America-India) on the sidelines of the G20 summit.
• Balancing relations appears to be the objective.
• In a world turning too fractious for its own good, neutrality could hold power.
➢ Challenges before India to hold G20 2022 summit
In 2022 India will be host to the G20 summit.
Is India ready for this leadership? Does it have a clear global financial agenda? Does the country have the capacity to lead the G20 year intellectually, financially, managerially and administratively? At some levels, India is ready. But there lies some challenges too. Some of them are :-
• First, a G20 presidency brings together several global leaders, which expects good airports, accommodation, conference facilities, and communications infrastructure all year round.
• Second, the president of the G20 is tasked with leading and managing the global economic agenda for the year. In India, the ministries have fine officers with this knowledge, but they are overworked and limited by their short tenures.
• Third, the logistical exercise is monumental, and unprecedented for India. It needs an energetic secretariat to organise over 150 high-level ministerial, sub-ministerial and sub-forum meetings through the year; at least 50 task forces lead scores of meetings including those by sub-forums for think tanks and business.
• Fourth, intellectually, India is constrained on capacity. There is limited expertise within think tanks or academia on this subject. It requires deep inter-disciplinary research on the international monetary system, global financial architecture, global trading system, and global climate, energy and sustainability issues.
Osaka is an opportunity for India to promote its national interests in an international context. India also has an opportunity to become a ‘rule maker’ from ‘rule taker’ but it have to overcome all the all the challenges.