World

India assuming G-20 Presidency at a time of crisis

India formally took over the G20 presidency from Indonesia in a historic moment. The Group of Twenty, or G20, is an intergovernmental forum of the world’s 20 major developed and developing economies, and it is the premier forum for international economic cooperation.

About G20

The G20 was established in the aftermath of the financial crisis that swept through Southeast Asian economies in the late 1990s as a forum for finance ministers and central bank governors, but it was expanded to include heads of state and governments in 2007.

It’s coordinated efforts during and after the 2008 global financial crisis helped to calm fears and restore economic growth. The grouping consists of 19 countries spanning continents and the European Union, accounting for roughly 85 percent of global GDP (GDP).

The G20 does not have a permanent secretariat, and one member takes over the presidency each year to steer the grouping’s agenda, which is divided into two tracks, one led by finance ministers and the other by emissaries of member leaders. Following India, Brazil will assume the G20 presidency, followed by South Africa in 2025.

G20 presidency at a time of crisis

Dr. Mohan Kumar, former Indian Ambassador to France, told DD India in an exclusive interview, “We have crisis everywhere, and I believe it provides an opportunity. India was able to agree on a paragraph in Bali that talks about a formulation for the war in Ukraine, and secondly, the war has entered a new phase, which is characterized by low intensity conflict in Ukraine, so India can focus on geo-economics unless a Black Swan event occurs and something untoward occurs.”

He furthered, “I believe India will try three things: first, we will try to be the voice of the global South; second, we will try to get some action on climate change; and third, we must deal unequivocally with the problems that developing countries face, such as food, inflation, energy, and security.”

India’s priorities and the likely outcomes from the talks

“The G20 format is dedicated to improving the Global Financial Architecture and solving global economic problems, it is not a format for resolving global political or security issues. As a result, related issues are on the agenda for the G20 presidency and especially in this day and age, it should refocus on its original goal of attempting to solve the world’s economic ills” said Dr. Swasti Rao, Associate Fellow at the Europe and Eurasia Center.

 

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