India and G20
Updated: Apr 27
G20 means ‘Group Of 20’. G20 is a group pf 20 such countries that represents 60% of global population. These 20 countries account for 75% trade and 85% of world GDP comes from these countries. G20 consists of these countries at the moment – Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States America, European Union.
India is the G20 President from December 2022 to November 2023. This presidency is rotated between members every year. Before the G20, there was another group which was called G7. They included all developed countries. The western powers only cared for their interests and their economy. But in a globalized world, things happening in one part of the world can have an impact on the other parts of the world. There is a statement which is partially true that India has not achieved anything by getting G20 presidency as it was going to come to India at some point or the other. Getting the presidency is no big deal but how India uses this is more important. It is a chance for India to prove. The world shows how we fail very well. But the truth is India is making huge leaps in green energy. Our fintech is the most advanced globally, but we never show our advances to the world. We focus only in our failures and shortcomings. Through the G20 platform, we can prove that we are not just a big market, we are a competitive force. India finally has a chance to bring several issues forward and to take talks towards equitable solutions There was a G20 meeting in Udaipur where Sherpas of different countries got a taste of our vibrant culture and experienced our digital payment revolution. International dignitaries made payment with UPI and they learned how simple the UPI is. Because of this maybe it will help UPI go International. ‘The world is one family’, India has said this for centuries, and finally we have a chance to host the big G20 family. Now, how India make use of this opportunity will determine how our next decade goes.
- Tanisha Nair
Tolani College of Commerce