G20 Summit 2023: The Group of Twenty (G20) came to its final round with Prime Minister Modi’s official address to all the dignitaries. He passed the Gavel to the President of Brazil, Lula Da Silva at the G20 summit as a mark of closure and transfer of presidency for the G20 Summit 2024. During India’s year-long G20 Presidency from 01 December 2022 to 30 November 2023, over 200 meetings are being held across all Indian States and Union Territories. The two-day-long G-20 Leaders’ Summit successfully got various deals, pacts and other cooperation from global leaders.
Source: PIB
List of Heritage Sites including in Cultural Corridor during G20 Summit 2023
This article will help you with comprehensive information about the highlights of new initiatives and developments gained during the G20 Leader Summit under India’s Presidency.
Key Achievements of G20 Summit 2023 Under India’s Presidency
The principle of “Vasudeva Kutumbakam,” or “the world is one family,” is the most important lesson to be learned from the G20 leaders’ summit, the G20 chief coordinator Harsh Vardhan Shringla said. Whereas the other key objectives and achievements of G20 Summit 2023 are:
#G20 New Delhi Leaders’ Declaration adopted with the bang of the gavel!
Read the full text 📃: https://t.co/DGID0ArdOR#G20India pic.twitter.com/u6lpZZ0ET0
— G20 India (@g20org)
September 9, 2023
Strong, Sustainable, Balanced, And Inclusive Growth
- G20 renews our commitment to ensure a level playing field and fair competition by discouraging protectionism and market-distorting practices, to foster a favourable trade and investment environment for all. It aims to achieve sustainably financed universal social protection coverage and consider the portability of social security benefits through bilateral and multilateral agreements.
- It will continue to enhance macro policy cooperation and support the progress towards the 2030 Agenda for Sustainable Development. According to New Delhi’s Leaders Declaration, “we reaffirm that achieving strong, sustainable, balanced and inclusive growth (SSBIG) will require policymakers to stay agile and flexible in their policy response, as evidenced during the recent banking turbulence in a few advanced economies where expeditious action by relevant authorities helped to maintain financial stability and manage spillovers.”
- The summit welcomes the initial steps taken by the Financial Stability Board (FSB), standard-setting bodies (SSBs) and certain jurisdictions to examine what lessons can be learned from this recent banking turbulence and encourage them to advance their ongoing work.
Accelerating Progress On Sustainable Development Goals (SDGs)
- The 18th G20 focuses on resilient and inclusive growth, women’s empowerment, and well-being in addition to sustainable development, health, and education. At the halfway point to 2030, the global progress on SDGs is up with only 12 per cent of the targets on track.
- In order to create the desired society for our future generations, the G20 will use its convening power and collective will to implement the 2030 Agenda fully and successfully to swiftly advance toward the SDGs.
- The Delhi declaration mentions the role of digital transformation, AI, and data advances, in harnessing Data for Development (D4D) and welcomes the decision to launch the Data for Development Capacity Building Initiative, and other existing initiatives.
- The global leader summit commits to enhancing global food security and nutrition for all in line with the G20 Deccan High-Level Principles on Food Security and Nutrition 2023.
- This area will also focus on the importance of foundational learning which includes literacy, numeracy, and socio-emotional skills as the primary building block for education and employment.
Green Development Pact For A Sustainable Future
- The G20 leaders approved a green development pact on Saturday to hasten the actions required to address the environmental and climate change issues. According to Sherpa Amitabh Kant, this development pact will concentrate on financing, reducing global greenhouse gas emissions, a worldwide biofuel alliance, sustainable development, and eliminating plastic pollution, among other things.
- The aim is to achieve the prosperity and well-being of present and future generations depending on our current development and other policy choices and actions with environmentally sustainable and inclusive economic growth and development in an integrated, holistic and balanced manner.
Multilateral Institutions For The 21st Century
- The 21st century also needs a system of international development financing that is capable of meeting the needs of developing nations, especially the poorest and most vulnerable ones, and that can also accommodate the scope of the challenges they face and the severity of the shocks they experience. Our attempts to generate funding from all sources for a quantum leap from billions to trillions of dollars for development will depend on stronger MDBs.
- According to Sitharaman, an agreement was reached on a framework for debt relief for Zambia, Ghana, and Ethiopia. The framework now covers all aspects of finance for resilient, sustainable cities, and MDBs can make use of it. According to Sitharaman, as part of the G20’s progress on international taxation, work has been done on the exchange of information on immovable properties.
- The proposals to restructure MDBs to meet the challenges of the twenty-first century have been approved by all members, according to Finance Minister Nirmala Sitharaman. G20 members pledge in the declaration to “pursue reforms for better, bigger and more effective” MDBs in order to “address global challenges to maximize developmental impact.”
Technological Transformation And Digital Public Infrastructure
- The concept of “digital public infrastructure” (DPI), which refers to a collection of shared digital systems that are developed and used by the public and private sectors, is constantly evolving. DPI is based on secure and resilient infrastructure, and it can be constructed using open standards and specifications as well as open-source software, which can enable the delivery of services at a societal level.
- The finance minister asserted that India has achieved all three of the “foundational” DPIs: real-time fast payment (the UPI, digital identity (Aadhaar), and a platform for sharing personal data safely without compromising privacy. The idea “to build and maintain a Global Digital Public Infrastructure Repository (GDPIR), a virtual repository of DPI,” which India willingly shared with G20 members and others, was also praised in the declaration.
What is Bharat Mandapam?
International Taxation
- International taxation is a complicated topic that involves global corporations and increasingly, internet-based companies and transactions. The two-pillar approach proposes a fundamental minimum tax for multinational corporations and identifies jurisdictions.
- According to the declaration, “We reaffirm our commitment to continue working together toward a globally equitable, sustainable, and contemporary international tax system appropriate to the needs of the 21st century.”
- In contrast, Sitharaman claimed that the committee has achieved “substantial progress” in the two-pillar approach and that work has also been done on the interchange of international real estate transactions.
Gender Equality And Empowering All Women And Girls
- The G20 reiterates that investing in the empowerment of all women and girls has a compounding impact on accomplishing the 2030 Agenda and that gender equality is of fundamental importance.
- The goal of the G20 Association for the Empowerment and Progression of Women’s Economic Representation (EMPOWER) is to hasten the advancement of women’s leadership and empowerment in the private sector. EMPOWER is an association of G20 corporate leaders and governments.
Financial Sector Issues
The system to enable the timely and adequate mobilization of resources for climate finance is the main focus of the G20 conference. “We recall and reaffirm the commitment made in 2010 by the developed countries to the goal of jointly mobilizing $ 100 billion climate finance per year by 2020, and annually through 2025, to address the needs of the developing countries, in the context of meaningful mitigation action and transparency in implementation. Developed country contributors expect this goal to be met for the first time in 2023,” the declaration said.
Countering Terrorism And Money Laundering
- The Declaration made by Delhi leaders during G20 denounced terrorism in all of its forms, either motivated by racism, xenophobia, and other forms of intolerance, as well as acts committed in the name of religion or other philosophical beliefs, while also recognizing the commitment of all religions to peace. As it represents one of the gravest risks to global peace and security.
- The Financial Action Task Force (FATF) and FATF Style Regional Bodies have increasing resource demands, and the G20 Summit in 2023 supports these needs and urges others to do the same, including for the upcoming cycle of mutual assessments.
Creating A More Inclusive World
- India with its G20 presidency aims for a tight-knit world with a mutual goal of peace and prosperity. India’s ability to get everyone on the same page is demonstrated by the G20 Declaration, which includes the African Union as a permanent member of the G20 without any comments or objections.
- The Millets and Other Ancient Grains International Research Initiative (MAHARISHI), a project to establish mechanisms to connect researchers and institutions, encourage information sharing, and organize capacity-building activities, among others, across the G20 countries, was launched with support from the G20 Meeting of Agricultural Chief Scientists (MACS) while India held the G20 presidency.
- On Saturday, world leaders unveiled a global rail and port agreement that connects the Middle East and South Asia. According to Jon Finer, the U.S. deputy national security advisor, during the bloc’s annual summit in New Delhi, the accord will benefit low- and middle-income countries in the area and enable the Middle East to play a crucial role in international trade.
- Prime Minister Narendra Modi and his British colleague Rishi Sunak agreed that India and the UK will “work at pace” to resolve any outstanding difficulties preventing the conclusion of a free trade agreement (FTA) so that a fair and progressive trade agreement is quickly reached.
- This summit also emphasizes the interdependence, relatedness, and mutually reinforcing nature of freedom of religion or belief, freedom of expression, the right to peaceful assembly, and freedom of association, as well as the role that these rights can play in the struggle against all types of intolerance and discrimination based on religion or belief.
List of all G20 Countries
What is the Importance of G20 for India?
India’s G20 Presidency’s theme, “One Earth, One Family, One Future” reflects our G-20 Presidency’s priorities, which include advocacy for inclusive and resilient growth; progress on SDGs; green development and Mission LiFE; technological transformation and public digital infrastructure; reforming multilateral institutions; women-led development; and international peace and harmony. Further, India is also amplifying the voices and concerns of the Global South and developing countries.
Under the guidance of our Hon’ble PM Shri @narendramodi, India’s @g20org presidency has worked on the theme ‘One Earth, One Family, One Future’. We’ve adopted a position to adopt people-centric, action-oriented & far-sighted approach towards the fulfillment of the main objectives… pic.twitter.com/l9SvbRyC3P
— Nirmala Sitharaman Office (@nsitharamanoffc)
September 9, 2023
India’s achievements in multilateral events like the G20 reflect the country’s higher standing and greater influence in various international institutions and multilateral forums, and in the larger footprint of Indians in every walk of life across the globe, contributing to stronger global common good. There is a global recognition today that India is a force of global good in the world, that is contributions to regional and global stability, peace, and prosperity.
Why India’s G20 presidency is significant?
India is about to experience a strategic window of opportunity. This year, the country’s economy is predicted to grow at the quickest rate among developed nations, surpassing China. India may also gain from the US-China trade war as nations look to break their ties to China in the sectors of crucial and developing technologies.
There are some early indications from the 18th G20 presidency which further marks climate change and DPI agendas as crucial. DPI in particular presents a potential low-cost software substitute for China’s “Belt and Road” Initiative.
Also, India is attempting to maintain a delicate balance between pushing for a more fair distribution of power within the international order and averting the perception that it is supporting anti-Western causes.
Sharing my remarks at the closing ceremony of the G20 Summit. https://t.co/WKYINiXe3U
— Narendra Modi (@narendramodi)
September 10, 2023
As per media reports, PM Modi as the president of G20 is determined to make the global table larger, ensuring that every call is heard and every country gets a chance to contribute. He said, “Our presidency has not only seen the largest-ever participation from African countries but has also pushed for the inclusion of the African Union as a permanent member of the G20.”
The G20 this year can be viewed as the (first) “green summit” because India is promoting a number of climate policies, such as the International Biofuels Alliance, “Mission LiFe” (which promotes the idea of a circular economy), and green hydrogen standards. In order to promote green funding, India is also urging international development banks to undergo reform.
Important Points You Need To Know About G20 Summit in India
Why does the G20 Happen?
The Group of Twenty (G20), an association of twenty of the biggest economies in the world, was created in 1999 with the intention of bringing the most significant industrialized and developing economies together to debate global economic and financial stability. It was established at the end of 2008 to deal with the biggest financial crisis ever, which was brought on by American banks and their officials. The annual summit of G20 started in 2008 has grown into a significant forum for talking about economics and other urgent global concerns. The principal topic on the agenda of each summit is still economic and financial coordination, but recurring concerns include the future of labour, climate change, and global health.
GK Question & Answers of G20 Summit 2023
How has G20 helped the world?
The G20 brings together the largest and most crucial economies in the world. Its members account for two-thirds of the world’s population, 75% of international trade, and 85% of the global GDP. According to the foremost organization for international economic cooperation, the Group of Twenty (G20) is essential in guiding the world economy through the major obstacles it is currently facing.
India passes the gavel to Brazil.
We have unwavering faith that they will lead with dedication, vision and will further global unity as well as prosperity.
India assures all possible cooperation to Brazil during their upcoming G20 Presidency. @LulaOficial pic.twitter.com/twaN577XZv
— Narendra Modi (@narendramodi) September 10, 2023
India’s G20 presidency is viewed as having won a huge triumph with the New Delhi Declaration. Its adoption demonstrated that members were able to forge an understanding despite rising tensions and opposing viewpoints. After the event, PM Modi addressed the world leader and suggested holding a virtual G20 meeting at the end of November 2023.
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Source: HIS Education