G20 Summit 2023: India’s Emphasis on Unity, Climate action & Economic Co-operation

The G20, also known as the Group of Twenty, is a group of 19 countries and the European Union that work together on global economic problems. It was created in 1999 because of big economic issues around the world.  

The G20 includes countries with very big economies, and together they make up about 80% of all the money made in the world, they do 75% of all the world’s trade, and more than two-thirds of all the people in the world live in these countries. 

It holds annual summits attended by heads of government, finance ministers, foreign ministers, and other high-ranking officials. India is hosting the G20 Summit this year, and its theme is “Vasudhaiva Kutumbakam,” emphasising unity and a shared future, derived from the Maha Upanishad.

Talking about what they will talk about at the summit, they will discuss many different things, not just money and finance. They will also talk about climate change, clean energy, helping poor countries with their debts, and how big international companies pay taxes.  

They will focus on giving more money to poor countries through international groups, changing the way countries owe money to each other, making rules for cryptocurrencies, and dealing with problems that come from political issues when it comes to food and energy.  

India is particularly interested in topics like making the environment better, giving money for climate-related things, using technology for good, and making sure that poorer countries can switch to cleaner energy sources. Additionally, India will introduce the LiFE movement, aligning with its sustainable traditions to promote environmentally conscious practices. 

During one of her meetings, India’s Finance Minister, Nirmala Sitharaman, mentioned that many countries are interested in the topics India wants to discuss at the summit. Additionally, she stated that all G20 countries supported India’s ideas for the summit’s agenda and provided helpful suggestions to enhance and strengthen these ideas. 

A top White House official has stated that the U.S. wants the G20 countries to work together to improve and expand international development banks such as the International Monetary Fund (IMF) and the World Bank.  

The U.S. will emphasize its commitment to the G20 during President Joe Biden’s visit to India, highlighting that this forum is vital for major world economies to solve global issues together. The main aim of the G20 is to make these international development banks, like the IMF and World Bank, more effective and larger in scope. 

What is the biggest concern around the talks? Divisions among member states on the Ukraine war remain a challenge in forging a joint declaration. The absence of Chinese President Xi Jinping and Russian President Vladimir Putin is seen as an indication of the divisions within the group. Forging a consensus is crucial given that geopolitics impacts economic policymaking. 

The Business 20, or B20, is a group within the G20 that gathers influential business leaders to offer advice to the heads of state. Led by N Chandrasekaran of Tata Sons, the B20 made recommendations such as improving international trade, using technology for public services, reducing carbon emissions, setting online security rules, sharing technology, and integrating Africa into the global economy.

Also Read: G20 Summit 2023: India’s Chance to Showcase Success & Growth

They also suggested creating new organizations to work on their ideas and find funding for important projects.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.