Prime Minister Narendra Modi and Indonesian President Joko Widodo attend the handover ceremony during the G20 Summit in Nusa Dua, Bali on November 16, 2022. photo credit: AFP
Yes20 is usually very polite, about pious motherhood – statements like ‘wash your hands before eating’. decision making only when all group 20 countries Gave his consent on some big step. This, as any organizational theorist will tell you, is impossible.
However, given Prime Minister Narendra Modi’s sheer ability to turn almost anything into an opportunity, India must forge ahead through some concrete changes that will have a profound impact on the global order. moment of India’s ascent to the G20 Presidency Coincides with the 75th year of the country’s independence. This opportunity should not be let out of hand. Together, G20 members represent more than 80% of the world’s GDP, 75% of international trade, and 60% of the population. Some wins are possible for India.
Editorial | Welcome Pragmatism: On India’s G20 Chairmanship
policy formulation
Traditionally, the presiding country usually formulates its own policy. For example, the agenda of the Italian Presidency rested on the three pillars of people, planet and prosperity. The Saudi Presidency also had three objectives: empowering the people, protecting the planet and shaping new frontiers. India must come up with a formula that reflects its true strength.
First, the world needs new windows for financing climate infrastructure. Using the G20, India should press the International Monetary Fund (IMF), the World Bank Group and the Asian Development Bank to open new windows for climate infrastructure financing to support the Panchamrit goals. Traditionally, the IMF provides financial assistance for balance of payments needs. But now even countries like India, which are economically strong, need finance to invest in climate-related infrastructure. Unlike the World Bank, the IMF functions exclusively through grants. It is flush with money and looking for avenues of investment. If India manages to persuade the IMF to open a window for climate finance, it will be significant.
Second, India should use the G20 to roll-out the India Stack on the global stage. India Stack is the world’s largest digital public utility and is growing rapidly. Some of its key components are Aadhaar, UPI, eKYC, DigiLocker. Mr. Modi has often been asked to share the design and implementation framework of India Stack at various global fora. If India does this using the G20 as a platform, it will enable the country to be showcased on the global stage and other countries to jumpstart their own systems. The display of India Stack will further enhance India’s prestige abroad.
Third, India can use the platform to advance its own agenda globally and that of South Asia – for example, coming up with an alternative financial mechanism to SWIFT, which is a US monopoly; And taking small steps to make the rupee more international.
Fourth, India should take advantage of the G20 to re-imagine the shareholding structures of the IMF and the World Bank. This is easier said than done. While there has been a lot of talk about India’s position in the UN Security Council, it is yet to happen. Nevertheless, it is time to start talks about restructuring the World Bank and the IMF, so that they may bear fruit sometime in the future. The current composition of the World Bank and IMF is at variance with the emerging world in general and India in particular. India can use the leadership to re-imagine the shareholding structure in a way that reflects its global aspirations and position of power and also other emerging markets.
Fifth, India, like the European Union, represents a multicultural and multi-religious quasi-federal structure. There are various states or countries like Europe within the boundary of India. India has a rich culture. The G20 will be a good platform for India to showcase the diverse and myriad facets of its composite culture so that the world begins to appreciate the country’s richness and cultural prowess.
This is a great moment for India to project soft power and influence abroad, as the talented and powerful diaspora is doing now. This can be a great moment to bring together the power of Indian diaspora and the power of Indian culture on one platform. The world needs an alternative to America’s soft power and culture, which has long been omnipresent.
Lastly, India receives about 17 million-18 million tourists every year. Compare this to Las Vegas, a city in the US that alone receives over 30 million tourists. There are immense possibilities to promote tourism in India. Amitabh Kant, the IAS officer who appeared in ‘Incredible India!’ He was a key driver of initiatives like and ‘God’s Own Country’, now G20 Sherpas. Can India’s top 25 destinations not host various G20 meetings to give a boost to the tourism industry?
consensus building
The G20 is about one thing only – sorting out the irrelevant. If any country has the stature to do so, it is India. The country has earned its stripes through its astute economic management during tough external and internal times (inflation is 11% and rising in the UK; 9% in the US and 7% in India and falling). Also, the development and roll-out of COVID-19 vaccines in India was noteworthy. India has rightly earned global praise for both these achievements and is thus well positioned to build a difficult but necessary consensus at the G20 forum. If anyone can provide leadership and do so, it is India at this point of time under the leadership of Shri Modi.