India’s G-20 moment

The moment of India’s ascent to the G20 presidency coincides with the country’s 75th year of Independence. This opportunity must not be frittered away. Together, the G20 members represent over 80% of the world’s GDP, 75% of international trade and 60% of the population. There are a few wins possible for India.

What should be our agenda at G-20?

India must come up with a formulation that showcases its true strengths.

1. First, the world needs new windows for financing climate infrastructure. Using the G20, India should press the International Monetary Fund (IMF), the World Bank Group and the Asian Development Bank to open new windows for financing climate infrastructure to support the Panchamrit goals.
2. Second, India should use the G20 to roll-out the India Stack on the global stage. India Stack is the world’s largest digital public utility and is growing by leaps and bounds. Some of its principal components are Aadhaar, UPI, eKYC, DigiLocker.
3. Third, India could use the platform to push its own agenda and South Asia’s agenda on a global scale — for example, by coming up with an alternative financial mechanism to SWIFT, which is a U.S. monopoly; and taking baby steps for making the rupee more international.
4. Fourth, India should leverage the G20 to re-imagine the shareholding structures of the IMF and World Bank. This is easier said than done. Still, it is time to begin conversations around restructuring the World Bank and the IMF, so that they bear fruit sometime in the future.
5. Fifth, the G20 would be a good platform for India to showcase the multiple and myriad aspects of its composite culture so that the world begins to appreciate the richness and cultural tenacity of the country. This is a big moment for India to showcase and influence soft power abroad, as the brilliant and powerful diaspora is doing right now. 
6. Lastly, India receives around 17 million-18 million tourists every year. India has a huge potential to boost tourism. Can the various G20 meetings not be held in the Top 25 destinations of India to power the tourism industry?

Conclusion –

G20 is all about just one thing — reconciling the irreconcilable. If there is one country which has the stature to make this happen, it is India. If anyone can provide leadership and make this happen, it is India under the leadership of Mr. Modi at this moment.

Source – The Hindu

QUESTION – The G-20 presidency for 2023 is a golden opportunity for India to set the agenda according to its own true strengths. Discuss how this opportunity can be converted to suit the best interests of the country in the future.