Essay on the 18th G20 Summit (2023) for Descriptive Paper

Paragraph 1

Introduction

The Group of Twenty (G20) is an annual gathering of finance ministers and governors of the central banks of 19 world's largest economies, plus the European Union.

It was founded in 1999 after the Asian financial crisis as a forum for Finance Ministers and Central Bank Governors to discuss global economic and financial issues.

This was the 18th G20 summit held at Bharat Mandapam International Exhibition-Convention Centre, Pragati Maidan, New Delhi, India on 9–10 September 2023.

The next summit in 2024 will be hosted by Brazil.

 

Paragraph 2

Members & Guests

The 19 countries are - Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, and the United States.

The European Union has 27 member states - Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.

The invited/guest countries were - Bangladesh, Egypt, Mauritius, Netherlands, Nigeria, Oman, Singapore, Spain, and UAE.

 

Paragraph 3

Theme & Agendas

The theme of G20 Summit 2023 in Delhi is “Vasudhaiva Kutumbakam” or “One Earth, One Family, One Future”. 

The six agendas of the summit were:

1. Green Development, Climate Finance & LiFE
2. Accelerated, Inclusive & Resilient Growth
3. Accelerating progress on SDGs
4. Technological Transformation & Digital Public Infrastructure
5. Multilateral Institutions for the 21st Century
6. Women-led development

 

Paragraph 4

Importance of G20 for India

Representation: India’s representation in the G20 provides an opportunity to share its perspectives and opinions on key economic issues and to participate in shaping global economic policies.

Economic Growth: With this platform, India can leverage the G20 platform to attract investment and trade, which can drive its economic growth and development.

Global Issues: India can work with other G20 countries to find solutions to these issues such as climate change, poverty, and inequality to promote sustainable and inclusive economic growth.

Financial Stability: India can participate in discussions on financial regulation and stability, which can help ensure that the global financial system remains stable and resilient.

 

Paragraph 5

Major outcomes

The G20 leaders agreed to admit the African Union as a permanent member of the G20 now G21. It will allow African interests and perspectives to be heard and recognized within the G20.

Global Biofuels Alliance (GBA) is an India-led initiative that aims to develop an alliance of governments, international organizations, and industry to promote the adoption of biofuels. It will also help accelerate India’s existing biofuel programs such as PM-JIVANYojna, SATAT, and GOBARdhan scheme.

A Memorandum of Understanding (MoU) was signed between the Governments of India, the US, Saudi Arabia, the European Union, the UAE, France, Germany, and Italy to establish the India – Middle East – Europe Economic Corridor (IMEC). It aims to establish a network of transport corridors, including railways and sea lanes.

G20 Global Partnership for Financial Inclusion Document was prepared by the World Bank emphasizing the impact of India's Digital Public Infrastructure (DPI) over the past decades e.g. Pradhan Mantri Jan Dhan Yojna (PMJDY) Success, Government to Person (G2P) Payments, Unified Payments Interface (UPI) Dominance, Private Sector Efficiency, Cross-Border Payments, Data Empowerment and Protection Architecture (DEPA), etc.

 

Paragraph 6

Presidency & Mandate

The presidency of the G20 rotates every year among members, and the country holding the presidency, together with the previous and next presidency-holder, forms the ‘Troika’ to ensure the continuity of the G20 agenda.

Italy, Indonesia, and India were the Troika countries for this 18th summit. For the 19th summit, they would be Indonesia, India, and Brazil.

The G20 has no permanent secretariat. The agenda and work are coordinated by representatives of the G20 countries, known as ‘Sherpas’, who work together with the finance ministers and governors of the central banks.

The primary mandate of the grouping is for International Economic cooperation with particular emphasis on preventing future financial crises across the world.

 

Paragraph 7

Various Event Exhibitions

Digital India Experience Zone: The Zone provided key insights into the crucial initiatives of Digital India. Initiatives that were showcased include Aadhaar, DigiLocker, UPI, eSanjeevani, DIKSHA, Bhashini, ONDC, and Ask GITA. It also includes MyGov, CoWIN, UMANG, Jan Dhan, e NAM, GSTN, FastTag, and other such initiatives of the government.

RBI’s Innovation Pavilion: It included Central Bank Digital Currency; a Public Tech Platform for Frictionless Credit using technology to provide loans in a digitized paperless manner; and Unique Payment System products such as UPI One World, Rupay on the GO, and Cross Border bill payment through Bharat Bill Payments.

Crafts Bazaar was also set up at Bharat Mandapam and showcased handicraft products from different parts of India with a special focus on “One District One Product” and “GI-tagged” items. It offered delegates the unique opportunity to purchase locally sourced products.

Bharat- The Mother of Democracy: An AI Anchor welcomes the delegates and the Head of the States narrating the long history and tradition of the Indian Democratic system. The history of the “Mother of Democracy” is summed up and retold in 26 interactive screens. The textual content, along with its audio is presented in 16 global languages.

 

Paragraph 8

Conclusion

In conclusion, the G20 Summit is relevant because it brings together the leaders of the world's largest economies to address critical global issues and work towards finding solutions. Its significance lies in its ability to facilitate international cooperation and decision-making, and in its potential to drive collective action and create a better future for all.

It is a platform that can give new directions to the world.

Read more essays on the latest topics

Telegram || YouTube