G-20 Summit 2023: Opportunity for India to Flex Its Muscle in Global Economy

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Since independence, India has hosted multilateral conferences, events, summits, and sport events such as The UNESCO Conference-1956, The Asian Games- 1982, NAM Summit- 1983, The Commonwealth Games-2010, the India-Africa Forum Summit-2015. But, the G20 presidency is an unparallel moment where India has opportunity to shape the global agenda and promoting its priorities like climate change, inclusive growth and development, women empowerment, digital innovation, equitable global health access, knowledge sharing and technological transformation, renewable energy and strengthening the global trade system.

India joined G-20 in 1999 as a founding member and hosting the biggest gathering of world leaders, G-20 summit after 40 years. While G-20 has its agenda to discuss and coordinate various global issues from climate change and finance to debt waiver and food security and public health, it is also an opportunity for the host nation to flex its diplomatic clout. In recent years, Indian government has made significant changes in economic policies to attract foreign investment, improve infrastructure, and promote entrepreneurship.

Today, India's economy is growing at an average rate of 6-7% that make it one of the fastest-growing economies in the world. India's growing influence in world economy make it a significant member in G-20 where the country has opportunity to contribute to global economic growth through its domestic policies and flex its muscle globally.

How India Can Contribute to Global Economy through G-20 Summit 2023?

Through Business Ideas:

Recently, Indian government has launched "Make in India" initiative to boost productivity in manufacture sector and to create employments and launched "Digital India" campaign to improve digital infrastructure and access to technology. By sharing such ideas with other G-20 nations, India can contribute to global economy.

Through Open and Inclusive Trading System:

After economic liberalization in 1991, India did multifaceted economic progress and established a distinguished identity in the world economy. India is always a strong supporter of open and inclusive trading system, but today due to rising tension between countries the global trade system is under threat. India can work withother G-20 nations to promote a more open and inclusive trading system that benefits all nations, particularly developing economies. Apart from that, India is also a member of World Trade Organization and works actively in negotiations on various trade issues, such as agriculture, legal services for business, IT and other services and Intellectual Property Rights. India can share these business strategies in G-20 summit.

Through Banking and Financial System:

Whether merging of nationalized banks or increasing trend of digital transactions or fast growth of fintech sectors; India's banking and finance sectors have gone through significant changes; and crucial reforms have been made to ensure financial stability where introduction of a bankruptcy code is proving effective to improve the health of the banking sector. India can work with other G-20 nations and share its ideas to ensure financial stability globally by promoting and implementing global financial regulations such as the Basel III framework for banking supervision.

Promoting Renewable Energy:

India's renewable energy industry is growing exponentially that reached US $20 Billion in 2022 and has immense opportunities that aims to mobilize $1 trillion of investment by 2030. In addition, India has launched some ambitious initiatives such as the International Solar Alliances and the National Clean Energy Fundto contribute to global economic growth and sustainability. By sharing its experience with other G-20 nations, India can help them to develop more sustainable energy systems.

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