18th G20 Summit in New Delhi

Background:

• The G20 acts as a platform for major economies to discuss and align their economic policies, promoting global stability and growth.
• The G20 accounts for more than 80% of world GDP, 75% of global trade.
• The G20 emerged as a response to the 2008 financial crisis. Since then, it has played a critical role in crisis management by convening leaders to address immediate challenges and formulate strategies for recovery.
• The G20 aims to enhance the resilience and stability of the global financial system. It has pushed for reforms to financial institutions, regulations, and oversight mechanisms to prevent future crises.

Linkage:

• Promoting a vision of Vasudhaiva Kutumbakam that respects diversity and fosters solidarity among nations and peoples.
• Advocating for an approach of LiFE that encourages sustainable lifestyles and consumption patterns that are compatible with planetary boundaries and human dignity.
  • Inspiring other countries to follow its example and learn from its successes and failures.
• Besides these steps, the Government of India shall empower local communities and local governments to find and implement solutions to their own problems using their own resources and knowledge.

Current News:

• The 18th G20 Summit was held in New Delhi, India on September 9th and 10th, 2023. The summit was the first time India hosted the G20 Leaders’ Summit.
• The theme of the summit was “Vasudhaiva Kutumbakam”, which means “The world is one family”.
• G20 Leaders’ New Delhi Declaration achieved unanimous consensus, addressing diverse global issues, from Russia-Ukraine tensions to sustainable development, and food security, and launching the Global Biofuel Alliance.

Impact:

• The G20 leaders agreed to admit the African Union as a permanent member of the G20, which is a major step towards increasing the representation of developing countries in the forum.
• Global Biofuels Alliance (GBA) is an India-led initiative that aims to develop an alliance of governments, international organizations, and industry to promote the adoption of biofuels.
• The initiative seeks to position biofuels as a key component of the energy transition and contribute to job creation and economic growth.
• A Memorandum of Understanding (MoU) was signed between the Governments of India, the US, Saudi Arabia, the European Union, the UAE, France, Germany and Italy to establish the IMEC.
• The G20 Global Partnership for Financial Inclusion document prepared by the World Bank has lauded the transformative impact of India’s Digital Public Infrastructure(DPI) over the past decade under the Central Government.
• G20 countries promised to work towards tripling the global renewable energy capacity by 2030.
• The G20 leaders recognize the importance of addressing rising commodity prices, including food and energy prices, which contribute to cost-of-living pressures.