It is a moment of pride for the 1390 million Indians since India has taken over the G20 presidency for this year with overwhelming support from nations. India’s leadership will be tested this year as G20 president because of world disruptions led by War, Recession, Inflation etc. There are certain issues which G20 should address. The issues are as follows-
Digitalization- The G20 should speed up digitalization, automation in the fields of business, agriculture, payment mechanism, AI driven technologies, Healthcare sector. India’s UPI success story should be conveyed. G20 should encourage startups who introduce digitalization, blockchain in agriculture sector.
Food security- The nations should address the food security issues as poor nations are more insecure when countries face natural disasters.
Regulate Cryptocurrency- Main reasons G20 should regulate crypto is to protect consumers from fraud currently cryptocurrency is unregulated Asset.
Debt management initiatives- Assist small nations with debt management, transparency. Monitor cash balances & promote efficient cash management practices. Advice matters related to investments.
Focus on Renewables- G20 should keep climate change an important priority and focus to shift to renewable projects such as solar power, EVs, green hydrogen mission, phase out fossil fuel.
Dollar strengthening- Dollar is getting stronger ever since US Federal reserves are hiking interest rates and many currencies including important ones are under a free fall situation. G20 should address this issue.
Get Globalization back on track- Globalization has become “Slowbalization” due to the war, G20 should once again integrate world economies which can boost global trade.
Diversify supply chains- Diversifying supply chains to countries such as India, South East Asia can benefit and reduce logistics cost. Since G20 plays an important role on Global stage, it would be appreciated if G20 addresses
these issues.
- Tanmay Rajesh Saukur
R. D. National College
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