Single title - Foundation Office India
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Over the last two decades, the G20 has emerged as an effective response mechanism to global crises. It has become a leading forum of the world’s major economies that seeks to develop policies to address global challenges. In doing so, the G20 has evolved in both, terms of the underlying process as well as the variety of topics that are on the agenda and the number of stakeholders that are involved in the process. The scope of discussion under the G20 has expanded over the years to include both financial and non-financial issues.
The G20 provides a forum for both developed countries and emerging market economies to deliberate on issues and priorities for the global economies at large. It also often allows the space to build coalitions with other likeminded countries and takes up causes on behalf of economically weaker countries. India is designated to take on the presidency of the G20 in 2023, the first time since the forum was elevated to the leaders’ level in 2008. India’s presidency in 2023 will be a unique opportunity for India to shape global economic governance and contribute to the global agenda with its own priorities and ideas. There are several challenges, however, which India, like other emerging markets, confronts. Besides the task of formulating inclusive opportunities for the post COVID era, the country needs to resolve the rising border tensions with China. Further, there is a continued threat from the monetary policies of select advanced economies and coupled with oil price volatility, it creates financial vulnerabilities among emerging markets. In addition to the established themes of trade, financial regulation, climate change etc., India can lead on several issues that hold domestic importance.
This paper identifies and examines some of the emerging issues in selected areas such as trade and investment, development, employment and corruption, faced by the G20 members to suggest an outlook for the Indian Presidency. The paper is based on inputs collected during the ICRIER G20 conference and an examination of the existing information and documents related to the G20, available in the public domain.