India’s G20 presidency

India is set to take over the G20 presidency from Indonesia at the end of the ongoing Bali summit. PM Modi has said that India’s tenure will be grounded in the theme of ‘Vasudhaiva Kutumbakam’ or ‘One Earth, One Family, One Future’. New Delhi will assume charge at a time when the geopolitically polarised world is facing myriad challenges: the Russia-Ukraine war, the global economic slowdown, the food and energy crises, and the looming spectre of climate change. Can India act as a unifying force to bring warring or disagreeing nations to the negotiating table? Or, will Delhi have to walk a tightrope all along to ensure that its ties with Russia and the US, in particular, are not impacted?

The G20 is an influential forum for global economic cooperation; it accounts for around 85 per cent of the global GDP, more than 75 per cent of the worldwide trade and around two-thirds of the world’s population. India’s presidency will face a litmus test as the International Monetary Fund (IMF) has stated that the global economic growth outlook is becoming ‘gloomier’. Citing three key factors for the weakening of the global economy — persistently high and broad-based inflation, the weak growth momentum in China, and Russia’s invasion of Ukraine — the IMF, however, is hopeful that ‘with careful policy action and joint multilateral efforts, the world can move toward stronger and more inclusive growth.’ As the G20 chair, India will have an important role to play in making global conditions conducive for an economic resurgence.

Despite its deepening relationship with Moscow, New Delhi has been forthright in telling the old ally that the Ukraine war should not be allowed to drag on because it threatens to destabilise the world order and global economy. India has been assertive enough at the ongoing COP27, where it has blocked an attempt to bracket it with the historical polluters — the US and other rich nations which have sown the seeds of climate chaos. India stands to gain in stature in the international arena if it can take along both developing and developed nations to counter global headwinds during its G20 presidency.

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