Source– The post is based on the article “India’s G-force moment” and published in The Hindu on 24th November 2022.
Syllabus: GS2- Global groupings and agreements
News- The article explains the opportunity provided by G20 leadership to increase its stature in the international community.
Together, the G20 members represent over 80% of the world’s GDP, 75% of international trade and 60% of the population.
What should be the policy formulation that India must come up with at G20?
First, the world needs new windows for financing climate infrastructure. Using the G20, India should press the IMF, the World Bank Group and the Asian Development Bank to open new windows for financing climate infrastructure to support the Panchamrit goals.
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 fastly. Some of its principal components are Aadhaar, UPI, eKYC, DigiLocker.
Third, India could use the platform to push its own agenda and South Asia’s agenda on a global scale. For example, coming up with an alternative financial mechanism to SWIFT and taking steps for making the rupee more international.
Fourth, India should leverage the G20 to re-imagine the shareholding structures of the IMF and World Bank. The current structures of the World Bank and the IMF are at variance with the emerging world in general and India in particular. India can use the leadership to re-imagine the shareholding structure in such a way that it reflects its global aspirations and power position and also those of other emerging markets.
Fifth, India, like the European Union, represents a multicultural and multi-religious quasi-federal structure. The G20 would be a good platform for India to showcase the multiple aspects of its composite culture so that the world begins to appreciate the richness and cultural tenacity of the country.
Lastly, India can use this opportunity to boost tourism in the country. India has a huge potential to boost tourism. India receives around 17 million-18 million tourists every year. Compared to this, Las Vegas gets over 30 million tourists.