Despite India growing consistently and emerging as a leader, some foreigners don’t accept it. They still judge India by the 100-year-old pictures of poverty and famine etc. Hence, it is very critical for India to work on its image to showcase the power and progress it has achieved. I am sure that involvement in groupings of nations can help in that transformation.
India, which takes over the Presidency of G20 nations for the first time, has a big opportunity to accelerate sustainable growth in India and the world. India would hold the G20 Presidency from December 1, 2022, to November 30, 2023.
G20 Presidency would place India on the global stage, providing an opportunity to place its priorities and narratives on the global agenda.
India can showcase its leadership, among other areas, in climate action and climate commitments, in which the country made significant progress.
The position comes at a time when the world is going through a transition. While the pandemic woes are ebbing, geopolitical tensions are rising. Even as the war is ongoing between Russia and Ukraine, conflict is simmering in the Taiwan strait with China displaying military might following the visit of US officials to Taiwan.
The G20 under the current Presidency of Indonesia has articulated three priority issues — global health architecture, digital transformation, and sustainable energy transition, which India should ensure are continued.
The government is already working on such an agenda.
India, as the next G20 President, will identify, highlight, develop and strengthen international support for priorities of vital importance in diverse social and economic sectors, ranging from energy, agriculture, trade, digital economy, health and environment to employment, tourism, anti-corruption and women’s empowerment, including in focus areas that impact the most vulnerable and disadvantaged, according to Harsh V Shringla, India’s Chief G20 Coordinator.
India should do…
In my view, as also many experts believe, India should use the Presidency to set an agenda which favours emerging and poor nations.
It can play the role of a mediator by striving to get both Russia and the West off Ukraine. It should ask the West to put Ukraine’s North Atlantic Treaty Organisation membership on hold while urging Russia to withdraw and pursue diplomatic ways to address its grievances. India has strong relationships with both the West and Russia and can play the role of a mediator to end the stalemate. If the war ends, it will also help in cooling energy and commodity prices and inflation to some extent.
Barring a few, most G20 nations have raised interest rates, which will increase the cost of doing business across the world and slow down investment. India needs to set the G20 agenda to create new supply chains and manage food shortages to contain inflation.
India can work for cooperation at the G20 over tech regulation to balance the interest of the private sector, sovereignty and security of nations and economic growth.
With climate change becoming a serious issue, India can take a lead to ensure that carbon emission and renewable energy targets are met globally.
Agriculture and food subsidies
The G-20 Presidency will be a golden opportunity for India to correct the long-standing anomalies that go against the developing countries, especially in the domain of agriculture and food subsidies, SBI Research said in its latest report.
G20 economies currently account for 85 per cent of global GDP, 75 per cent of international trade and two-thirds of the world population, making it the premier forum for international economic cooperation.
The domestic support per farmer in the US in 2016 was as much as $60,586, while in the UK it was at $6,762, which must have jumped following the pandemic, the report argued. Even China’s subsidy support was almost four times of India’s.
“…discounting the agri-output numbers at 1987 prices (the reference year), using the GDP deflator show that India will need to cut its subsidy by as much as 92 per cent from current levels if it were to bring subsidy to 10 per cent of agri output / WTO-mandated targeted subsidy! This is thus a theatrical absurdity as it will require India to eliminate all support to the vulnerable segment of the rural economy,” the report said.
https://bfsi.economictimes.indiatimes.com/news/editors-view/g-20-presidency-a-golden-opportunity-for-india/93810401#:~:text=The%20G%2D20%20Presidency%20will,said%20in%20its%20latest%20report.
