APPROACH:

• Introduce G20 and India’s taking over of its presidency in 2022.
• Discuss the path that India wants to alter or establish with this presidency
• Conclude with some parallel developments in favour of India

Answer:

G20 or a Group of 19 countries cutting across continents and the European Union representing around 85 and 75 per cent of the world’s GDP and global trade respectively. It was founded post-Asian Financial crisis as a Forum for Finance Ministers and Central Bank Governors to discuss global economic and financial issues.

India is seeking to play a significant role in finding pragmatic solutions for the well-being of all at a time of geopolitical tumult and uncertainty over post-pandemic economic recovery.

INDIA’s agenda in upcoming G20:

• The focus will be on ensuring that the developed world provides adequate climate finance i.e., 100 billion dollars pledged for developing countries.
• To restructure multilateral financial institutions so that they are geared towards increased blended finance, first-loss guarantee and credit enhancement.
  • The goal will be to make these institutions better vehicles for achieving sustainable development and climate action.
• To push for reforms in institutions like the World Bank, the International Monetary Fund and the World Trade Organisation.
  • The aim is to make them more attuned to the needs and aspirations of developing economies.
• India is positioning itself as the voice of the developing and the less developed countries in the world.

India also assumed the presidency of the UN Security Council for December month. It will host signature events on countering terrorism and reformed multilateralism. India was also handed over the chairmanship of the Wassenaar Arrangement, a multilateral export control regime, at the 26th annual plenary in Vienna in Austria.