India assumed its first-ever G20 Presidency on 1st December 2022 and will be hosting 200 events in 32 different sectors across 50 cities until the next G20 Summit to be held in New Delhi in September 2023. India’s agenda for the year-long presidency is being outlined to be “inclusive, ambitious, action-oriented, and decisive.” Basing upon the theme ‘One Earth, One Family, One Future’ India will be aiming to achieve global economic growth by building consensus on a growing debt crisis, a tumultuous market economy, and an existential climate crisis.
Comprising 19 nations, G20 countries housing nearly 65% of the global population contribute 85% to the global GDP, and represent three-quarters of the world trade volume. This emanates significant importance of the summit and can posit a considerable impact in creating an enabling environment for growth and development. After 2008’s first meeting, this summit is now considered a premier forum for discussing key financial and international economic policies amongst the world’s largest advanced and developing economies.
India leading this year’s summit comes at a backdrop of geopolitical and economic headwinds. Digital Public Infrastructure and a bustling startup ecosystem are at the forefront of demonstrations planned to be furthered at the global level. Emphasizing the Startup India movement’s success, which now ensembles 80,000 plus startups and more than 100 unicorns, Startup 20 is one of the key initiatives to be undertaken. This engagement group is being set to fuel the growth of startups across G20 countries.
Climate financing will also witness a center-stage effect. Alongside, seeking to initiate global dialogue on developing disaster and climate-resilient infrastructure, discussions will also be carried out to thrust upon the transition to a circular economy. With the recently concluded COP 27, sustainability sentiments are largely high around the world. This could thus be helpful for India’s chance to spearhead sustainable innovation.
Involving the private sector, civil societies, and independent bodies, the meetings will cover discussions on finance ranging from infrastructure financing to international taxation, and growing hike rates. The second key agenda is to initiate discussions on adapting institutions like the World Bank, the International Monetary Fund, and the World Trade Organisations to meet the needs of developing countries. Overall, India has constituted 13 working groups to focus on areas like employment, trade, and investment.
As India takes over the G20 presidency and is planning to advance the above key agendas, businesses are well-positioned to benefit. The conclusions drawn from the discussions covering focus areas will influence the overall picture of sectors in the days to come. For instance, the finance ministry pushing for a discussion to arrive at a global regulatory framework for cryptocurrency will significantly influence the future trajectory of blockchain startups. From furthering digital transformation to building resilient and secure global supply chains, India’s position can mold unique ecosystems, thus making it imperative for businesses to reimagine their strategies.