During its G20 presidency, India can be a voice for developing world

Source– The post is based on the article “During its G20 presidency, India can be a voice for developing world” published in The Indian Express on 9th November 2022.

Syllabus: GS2- Important international institutions

Relevance– Global development agenda

News- The article explains the G20 summit that will be presided by India.

What should be the agenda of the G20 summit?

Development challenges– The developmental agenda must receive first attention.

Differences over energy diversification and the emerging challenges in trade and technology will need reconciliation.

Stagflation in the US, China and Europe threatens to affect the global economic outlook. Therefore, policy coherence in macroeconomics and trade is important. Supply chain related issues need urgent attention.

Digitalisation– It is important to develop a consensus on an open source, open application programming interface (API) and an interoperable framework for public digital platforms on which the private sector can freely innovate.

Climate change– There is a need to focus attention on climate finance. A new quantified goal beyond the existing annual $100 billion pledge by Advanced Economies to assist developing nations in climate change adaptation and mitigation from 2020 to 2025 is required.

Clean energy– Clean energy related challenges should be discussed at G20. Green hydrogen can replace fossil fuels on an industrial scale. A viable international framework for development and international trade in GH2, together with green ammonia and green shipping is the key.

The G20 could work toward an expanded and robust civilian nuclear energy cooperation framework, including for small modular reactors.

Global governance– Multilateral institutions are perceived today as unrepresentative and ineffective. G20 should call for a new multilateralism and reassessment of the Global Financial Order to ensure finance for sustainable green transitions.

What is the case for India’s leadership?

India’s stature is rising and has a high economic growth rate.

India’s commitment to advancing South-South cooperation is well acknowledged. During the pandemic, India provided 250 million vaccine doses to 101 countries, apart from other medical assistance.

India has a strong commitment to digital transformation. The country’s exemplary success with the Unified Payments Interface, Direct Benefits Transfer and Aadhar authentication in welfare schemes has growing relevance to the developing world.

The use of the CoWIN platform enhanced vaccine accessibility and equity. India has made a strong pitch for a TRIPS waiver to ensure equitable access to vaccine production.

The country’s clean energy transition and global climate mitigation efforts demonstrate the commitment of its leaders at the highest level.

At the COP26 in Glasgow, Modi proposed Mission LiFE, which places individual behaviour at the centre of the global climate action narrative. Modi’s “Panchamrit” announcements at COP26 established India as a climate leader.

India’s global initiatives in recent years such as SAGAR, blue economy, clean oceans and disaster-resilient infrastructure have the potential to gain traction in the G20.