"The Highlights and Achievements of India’s Historic Hosting of the G20 Summit"
Introduction
India hosted the 18th G20 Summit in New Delhi on September 9-10, 2023, marking the first time that the country and South Asia hosted the prestigious forum of the world’s 20 largest economies. The summit was chaired by Prime Minister Narendra Modi, who emphasized the theme of “One Earth, One Family, One Future” to reflect India’s vision of global solidarity and cooperation.
The summit witnessed several landmark achievements and outcomes that showcased India’s global leadership and commitment to addressing the pressing challenges of the 21st century.
Strong, Sustainable, Balanced and Inclusive Growth
The G20 leaders endorsed the New Delhi Declaration, which outlined a comprehensive and ambitious agenda for achieving strong, sustainable, balanced and inclusive growth in the post-pandemic world. The declaration reaffirmed the G20’s support for multilateralism, free trade, innovation, digitalization and climate action.
The declaration also endorsed the
G20 Action Plan on COVID-19 Response and Recovery, which provided a roadmap for
enhancing global health security, ensuring equitable access to vaccines and
therapeutics, strengthening social protection systems, promoting quality
education and skills development, and supporting the most vulnerable countries
and groups.
The G20 leaders also agreed to
extend the Debt Service Suspension Initiative (DSSI) until the end of 2023, and
to implement the Common Framework for Debt Treatments beyond the DSSI to
provide debt relief for low-income countries. The G20 also pledged to mobilize
$100 billion per year by 2025 to support climate finance for developing
countries.
The G20 leaders reaffirmed their
commitment to achieving the 2030 Agenda for Sustainable Development and its 17
SDGs. They recognized that the COVID-19 pandemic has exacerbated existing
inequalities and vulnerabilities, and called for urgent action to accelerate
progress on the SDGs.
The G20 leaders launched several
initiatives to support the implementation of the SDGs, such as:
- The G20 Compact with Africa (CwA),
which aimed to foster private sector investment and job creation in Africa
- The G20 Initiative on Quality
Infrastructure Investment for Sustainable Development (QII4SD), which
aimed to promote high-quality infrastructure projects that are resilient,
inclusive, environmentally friendly and socially beneficial
- The G20 Initiative on Food Security
and Nutrition (FSN), which aimed to enhance food security and nutrition
for all, especially in conflict-affected and fragile states
- The G20 Initiative on Circular Carbon Economy (CCE), which aimed to reduce greenhouse gas emissions by promoting circularity, efficiency and innovation in the use of carbon resources
Green
Development Pact for a Sustainable Future
The G20 leaders adopted the Green
Development Pact (GDP), a landmark agreement that aimed to foster a green and
sustainable recovery from the COVID-19 pandemic. The GDP consisted of four
pillars:
- Green Growth: The G20 leaders
committed to align their recovery plans with the goals of the Paris
Agreement on climate change, and to achieve net-zero greenhouse gas
emissions by mid-century
- Green Finance: The G20 leaders agreed
to enhance green finance flows and investments, and to promote consistent
disclosure of climate-related financial risks
- Green Innovation: The G20 leaders
agreed to boost green innovation and technology transfer, especially in
renewable energy, energy efficiency, hydrogen, carbon capture utilization
and storage (CCUS), and nature-based solutions
- Green Cooperation: The G20 leaders agreed to enhance green cooperation among themselves and with other stakeholders, such as international organizations, civil society, private sector and youth
Multilateral
Institutions for the 21st Century
The G20 leaders recognized the
need to reform and strengthen multilateral institutions to make them more
effective, representative and accountable in addressing global challenges. They
expressed their support for:
- Reforming the World Trade
Organization (WTO) to ensure a fair, transparent and rules-based trading
system
- Reforming the International Monetary
Fund (IMF) to ensure adequate financial resources and governance
representation for emerging and developing economies
- Reforming the World Health
Organization (WHO) to improve its preparedness, response and coordination
capacities for global health emergencies
- Reforming the United Nations (UN) system to enhance its efficiency, effectiveness and legitimacy
Technological Transformation
and Digital Public Infrastructure
The G20 leaders acknowledged that
technological transformation and digitalization are key drivers of economic
growth, social development and environmental protection. They agreed to foster
an open, secure, stable and trustworthy digital environment that respects human
rights, privacy and data protection.
The G20 leaders also welcomed
India’s initiative to create a Global
Digital Public Infrastructure Repository (GDPIR), which would serve as
a platform to share best practices, standards and solutions for building and
maintaining digital public infrastructure (DPI) across the world. DPI refers to
the digital platforms, systems and services that enable the delivery of public
goods and services in a transparent, efficient and inclusive manner.
India has emerged as a global
leader in DPI, having successfully implemented several large-scale digital
initiatives such as Aadhaar (the world’s largest biometric identification
system), UPI (the world’s largest real-time payment system), GSTN (the world’s
largest indirect tax system), DigiLocker (a cloud-based document storage and
verification system), CoWIN (a digital platform for COVID-19 vaccination) and
e-RUPI (a digital voucher for welfare payments).
The GDPIR would aim to facilitate
cross-border collaboration, innovation and interoperability among DPIs, and to
support the development of digital public goods that can benefit all countries
and people, especially the underserved and marginalized. The GDPIR
would also foster a wholesome and safe digital ecosystem that promotes digital
literacy, inclusion, empowerment and security.
The G20 leaders also launched the G20
Digital Economy Task Force (DETF), which would coordinate the G20’s
efforts to harness the potential of digital technologies for sustainable
development. The DETF would focus on four priority areas:
- Digital Transformation for Growth and
Jobs
- Digital Inclusion and Connectivity
- Digital Trust and Security
- Digital Governance and Cooperation
The DETF
would also work closely with other relevant G20 working groups, such as the G20
Global Partnership for Financial Inclusion (GPFI), which has lauded the
transformative impact of DPIs in India.
Gender
Equality and Empowering All Women and Girls
The G20 leaders reaffirmed their
commitment to achieving gender equality and empowering all women and girls as a
prerequisite for sustainable development. They recognized that the COVID-19
pandemic has disproportionately affected women and girls, especially in terms
of health, education, employment, income, safety and participation.
The G20 leaders endorsed the G20
Action Plan on Gender Equality and Women’s Empowerment, which outlined
a comprehensive and action-oriented framework to advance gender equality across
all domains of the G20 agenda. The action plan focused on six key areas:
- Promoting women’s leadership and
participation in decision-making
- Enhancing women’s economic
empowerment and entrepreneurship
- Eliminating all forms of violence
against women and girls
- Ensuring women’s access to quality
health care and sexual and reproductive health rights
- Supporting women’s education, skills
development and lifelong learning
- Strengthening women’s resilience to
shocks and crises
The G20 leaders also launched the G20
Women Leaders’ Network (WLN), which would serve as a platform for
dialogue, exchange and collaboration among women leaders from the G20 countries
and beyond. The WLN would aim to amplify women’s voices, perspectives and
solutions on global issues, and to inspire more women to take up leadership
roles in various sectors.
The G20 leaders discussed various
financial sector issues that are critical for ensuring financial stability,
resilience and inclusion in the face of global uncertainties. They agreed to:
- Implement the Basel III reforms to
strengthen the regulation, supervision and risk management of banks
- Enhance the monitoring of non-bank
financial intermediation (NBFI) activities to address potential systemic
risks
- Support the transition from LIBOR to
alternative reference rates to ensure smooth functioning of financial
markets
- Promote financial inclusion and
literacy for all segments of society, especially women, youth, rural
populations and MSMEs
- Address the challenges posed by
crypto-assets and stable coins to ensure consumer protection, market
integrity and financial stability
The G20 leaders also welcomed the
progress made by the Financial Action Task Force (FATF) in combating money
laundering, terrorist financing and proliferation financing. They reaffirmed
their support for the FATF standards and called for effective implementation by
all countries.
The G20 Summit 2023 was a
historic occasion for India to showcase its diversity, legacy, development and
vision for a unified global future. The summit also demonstrated India’s
ability to host a successful mega-event amid the COVID-19 pandemic, with strict
adherence to health protocols and safety measures.
The summit delivered several
concrete outcomes that reflected the collective will of the G20 leaders to work
together for a strong, sustainable, balanced and inclusive recovery from the
COVID-19 crisis and to address the common challenges facing humanity. The
summit also set the stage for further cooperation and coordination among the
G20 members and other stakeholders in the run-up to the next G20 Summit in Brazil
in 2024.
Sources
2.
https://blog.finology.in/Legal-news/g20-summit-objectives-achievements-and-2023-india-presidency
4.
https://en.wikipedia.org/wiki/2023_G20_New_Delhi_summit
11.
https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1954600
G20 Summit 2023 India: PM Modi Cheers Historic Consensus: New Delhi Declaration Adopted
Dr. Mayank Chandrakar is a writer also. My first book "Ayurveda Self Healing: How to Achieve Health and Happiness" is available on Kobo and Instamojo. You can buy and read.
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