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G20, a pathfinder

  • Published
    5th Sep, 2023

Context

India's 2023 G20 presidency is a historic pivot in global governance, emphasizing the theme "Vasudhaiva Kutumbakam" or "The world is one family." This presidency reflects India's efforts to revive, reform, and defend globalisation while prioritizing the concerns of the Global South.

Democratisation and Decentralisation of Global Economy:

  • Corrected focus: Under India's G20 leadership, there is a focus on the democratisation and decentralisation of the global economy.
  • Emerging threats: Recent geo-economic developments, such as protectionist policies in the United States and the European Union, threaten the interconnected futures of nations.
  • Finding solution: Correcting this shift away from the principles of globalisation, which should benefit the poor the most, is crucial for the developing world.

Reforming Global Finance and Fostering Inclusivity:

  • Sharpening aim: India's G20 presidency aims to reform global finance, as financial globalisation has stalled since the 2008 crisis.
  • Redirecting towards emerging economies: International finance remains centred on older geographies, neglecting emerging economies that will drive global growth. India's G20 presidency seeks to redirect capital towards these emerging economies, fostering equitable global development.
  • Inclusiveness: Additionally, India has transformed the G20 into a more inclusive platform, amplifying the voices of marginalized groups and broadening the scope of global governance discussions.

The Global South's Redefined Role:

  • Shift towards South: India's G20 presidency marks a historic shift in global governance towards the Global South.
  • Complete growth: It reclaims the term "Global South," emphasizing green growth, tech-first development, women-led progress, and inclusive growth.
  • Redefining: India's diplomacy, diverse scholar community, and warm hospitality have redefined the Global South as pathfinders for a greener, digital, and equitable future, challenging past reductionist narratives.
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