G20 INDIA –ONE EARTH, ONE FAMILY, ONE FUTURE
Equality, the most important prerequisite for all citizens across the world, is a belief that no one should have poorer life chances because of the way they were born, where they come from, what they believe, or whether they have a disability. It is also about ensuring that every individual has an equal opportunity to make the most of their lives and talents. However, on ground many forms of inequalities exist which are multidimensional in nature and are interrelated in such a manner that lack of one form leads to inaccessibility and unaffordability of services in other sectors. Among the various inequalities like wealth inequality, treatment and responsibility inequality, political inequality, life inequality and membership inequality, the wealth and income inequality forms the core as the lower incomes or loss of income leads to inaccessibility and unaffordability of services in all other sectors as well.
An economic inequality occurs not only at an individual level, but at a country level as well. There is enough evidence to suggest that most number of emerging economies in world have not been adequately represented in global economic discussion and governance. After the Asian financial crisis in 1990s, the G20 was founded in 1999 to strengthen the global architecture and governance on all major international economic issues. The G20 initially focused largely on broad macroeconomic issues, but it has since expanded its agenda to inter-alia include trade, sustainable development, health, agriculture, energy, environment, climate change, and anti- corruption. In 2008, the G20 was raised to the summit level and the work got divided broadly into two tracks, the Finance track and the Sherpa track. The former comprises of all meetings with G20 finance ministers and central bank governors and their deputies throughout the year, focussing on monetary and fiscal issues, financial regulations, etc. while the later focuses on broader issues such as political engagement, anti-corruption, development, energy, etc.
The G20 membership comprises a mix of the world’s largest advanced and emerging economies representing about two-thirds of the world’s population, 85% of global gross domestic product, 80% of global investment, over 75% of global trade and roughly half the world’s land area. The G20 Summit is held annually, under the leadership of a rotating Presidency and India assumed this year’s G20 Presidency on the 1st of December 2022 from Indonesia. India’s presidency has come at a time of escalating global tensions when the world is facing multiple challenges including post COVID-19 economic recovery, climate change, food and energy security crisis, supply chain disruptions and conflicts and more importantly Russia– Ukraine war. However, at the same time, the year-long G20 presidency offers India a significant opportunity to set global agendas, articulate policies and build consensus over critical economic, development, socio-political and security issues. Under Indian Presidency, the G20 in 2023 focuses on the theme, 'One Earth, One Family, One Future'. The theme affirms the value of human, animal, plant, and microorganisms and their interconnectedness on planet Earth and in the wider universe. Since India has been actively involved in the G20 preparatory process both at the Sherpas Track and the Financial Track since its inception, it should not be difficult for India to promote and advance the
interests of the Global South and New Delhi's own credentials as a voice of the Global South.
The G20 Presidency has provided a ripe time for India to emerge as a perfect choice not only for manufacturing and assembling in the economic arena but also for bridging the increasing divide between countries, not only the developing and developed world split but the rupture among the West as well, especially in the context of the Russia–Ukraine War. If G20, under India’s leadership, facilitates progress on these long-pending issues, it will increase India’s stature and status in global politics.
DR. PAWAN SURI
