Recently, the leaders of the world's Group of 20 (G20) wealthiest nations concluded a two-day summit on the Indonesian island of Bali.
What are the key takeaways from the G20 meeting in Bali?
Xi Jinping’s emergence - The G20 meeting in Bali signalled Xi Jinping’s emergence from three years of self-imposed pandemic isolation.
While the meeting Xi-Biden laid out major differences over Taiwan, trade restrictions and technology transfers, the two agreed to keep communications open and avoid confrontation.
Russia's aggression – The leaders adopted a declaration deploring Russia's aggression in Ukraine in the strongest terms and demanding its unconditional withdrawal.
Global economy - The emerging economies concern about the huge capital outflows if aggressive U.S. rate increases continue.
The G20 economies agreed to pace interest rate rises carefully to avoid spillovers and warned of increased volatility in currency moves.
Food security - The leaders promised to take coordinated action to address food security challenges and applauded the Black Sea grains initiative
However, civil society groups criticised for the absence of concrete steps on hunger.
Climate Change - G20 leaders agreed to pursue efforts to limit the global temperature increase to 1.5 degrees Celsius standing by the temperature goal from the 2015 Paris Agreement.
Russia and the West - The divide between Russia and the West was evident again for a few hours after news of the Russian-built missile landing in Poland broke.
What is the significance for India?
As India inherits the presidency of G20, with the US and European Union in one camp, Russia and China in another, it is faced with unique challenges and opportunities.
Opportunities - India’s biggest advantage lies in the fact that it has a foot in both camps.
India is about to take on the role of peace-maker on behalf of the South.
India is also readying to push for global consensus on maintaining stable supply chains for food and fertilisers to build food security globally, and for stable supplies of energy.
Another item on the agenda, might be to push the global North on its promise of climate finance and tech transfer to developing countries.
The digital divide in the developing world indicates another likely big idea during India’s presidency.
Challenges - The challenge lies in leveraging this middle ground over the next year.
As G-20 president, India’s challenge would lie in taking all members along in follow-up meetings.
India should build on its well-regarded position that ‘today’s era is not of war’ to nudge the world towards ending the war.
The G20 is a strategic multilateral platform connecting the world’s major developed and emerging economies.
Starting in 1999 as a meeting for the finance minister and central bank governors, the G20 has evolved into a yearly summit involving the Head of State and Government.
The meetings are organised along two tracks, the “Finance Track” and the “Sherpa Track”.
There are the Engagement Groups such as the Think 20 and the Business 20.
Objective - To shore up the world’s economic and financial stability
The G20 has no permanent secretariat.
India is a member of the G20 and has assumed the current Presidency.
India theme for its presidency is “One Earth, One Family, One Future” along with the official symbol of the lotus.
Together, the G20 members represent more than 80% of world GDP, 75% of international trade and 60% of the world population.
Troika, which comprises the past, present, and future presidents now includes Indonesia, India, and Brazil.
