India is the world’s fifth largest economy. As such, it has a major role in the world economic order and the future of the global economy. India’s leadership will give an opportunity to developing countries to advocate for their further advancements. Our Nation’s constant goal has been sustainable development, including climatic changes, renewable energy and biodiversity conservation. We have always advocated the importance of the interests of the rising economies of the world in the global-decision making process and will continue to do so during its presidency. India’s presidency gave the rising economies a platform to address their priority issues and concerns at a global level. The 2023 G20 New Delhi Summit was held on 9-10 September, 2023 at Bharat Mandapam International Exhibition-Convention Centre, Pragati Maidan, New Delhi. It was the first G20 Summit held in India.
However, India’s presidency also came with a lot of challenges. India had to balance its own national interests alongside addressing global issues. Success at balancing this particular challenge ensured India’s stellar stance as president of the G-20 Summit. India also had to make sure that the geopolitical issues did not overshadow the economic issues. G-20 is a platform for addressing global economic issues. However, India came into presidency at a time when tensions between US and China were heightened. India’s capability in handling this tension also cemented its position as president of the G-20 Summit. Another major challenge for India was the scrutiny that it was under, from developed and developing countries alike. India had demonstrated its commitment to adhering to its principles of multicultural and economic cooperation.
G-20 is a mixture of different countries with their respective cultures, ideologies and beliefs. It was imperative to ensure consensus building among all these differently faceted countries. India had to make decisions that would lead to everyone present finding a common ground they could walk on. Dealing with key-issues of every country and finding a ground zero for everyone has become a major factor for India to prove its leadership.
PM Narendra Modi had stated at the G-20 Summit, “Today, the expectations of the whole world from India have increased a lot. Experts from all over the world and various international organizations are saying that India’s time has arrived.” His words ring true.
Written By: Ms.Debasmita Bhandari, PGDM, Batch (2023-25) ABBS School of Management.
Mentored by: Dr.Kamini Dhruva, Professor, ABBS School of Management