The Group of Twenty (G20) is the premier forum for international cooperation on most important aspects of international economic and financial agenda. It brings together world’s major advanced and emerging economies. G20 is an intergovernmental forum comprising 19 countries - Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom and United States and the European Union. The G20 members represent around 85% of global GDP, over 75% of global trade and about two-thirds of world population.
The G20 was founded in 1999 after Asian financial crisis as a forum for Finance Ministers and Central Bank Governors to discuss global economic and financial issues. It was upgraded to level of Heads of State/Government in wake of global economic and financial crisis of 2007 and in 2009 was designated “premier forum for international economic cooperation”. The objectives of G20 are a) Policy coordination between its members in order to achieve global economic stability, sustainable growth; b) To promote financial regulations that reduce risks and prevent future financial crises; and c) To create new international financial architecture. By contributing to strengthening of international financial architecture and providing opportunities for dialogue on national policies, international co-operation and international financial institutions, G20 helps to support growth, financial stability and development across the globe. December 1, 2022 is a red-letter day as India assumed the G20 Presidency from Indonesia and will convene G20 Leaders' Summit for first time in India in 2023. G20 Summit is held annually, under leadership of a rotating Presidency. The G20 Presidency steers G20 agenda for one year and hosts the Summit. India's G20 Presidency would be a watershed moment as it seeks to play an important role by finding pragmatic global solutions for wellbeing of all and manifest true spirit of 'Vasudhaiva Kutumbakam' or 'World is One Family'.
The 18th G20 Summit will be held in India in 2023. Top Leaders of all systemically important countries — including full complement of G7 and BRICS — are expected to be present. It would be India’s place in the sun, chairing an international Summit flanked by leaders of US, UK, Germany, EU, China, Japan, Russia, with chiefs of major multilateral bodies like IMF, World Bank, WTO and UN in attendance. The leaders are expected to sign a document likely to go down in history as the New Delhi Declaration.
The G20 is an informal, self-styled transnational consultative process comprising systemically important developed and developing economies on an equal footing in terms of voice and representation. It is important to bear in mind that it is not a treaty-based organization like Bretton Woods institutions, United Nations or WTO whose decisions are legally binding on its members. It works through consensus. The importance of G20 and its international standing derives from the fact that it is a compact organisation that bridges the North-South divide and includes world’s biggest and geopolitically most powerful countries. The decisions of this forum have the potential to decisively impact working of the global economy. G20 style of global economic governance is however informal. This rather loose and flexible style of governance proved surprisingly effective and successful in matter of coordinated stimulus measures to combat Global Financial Crisis of 2008. In similar fashion G20 Leaders felt encouraged to direct international economic institutions like IMF, World Bank, WTO, FSB etc. to reform both their internal governance and global rules they enforced in line with expert recommendations made to, and endorsed by G20 Leaders. Co-ordination and co-operation beyond this, to address long-standing structural problems in global economy, is more challenging, for countries currently find it difficult to give forward looking policy commitments. G20 is major step forward from old divisive style of global governance divided on North-South lines where there was little communication and much acrimony between the G7 and developing country groups.
The G20 consists of two parallel tracks: Finance Track and Sherpa Track. Finance Ministers and Central Bank Governors lead Finance Track, while Sherpas lead Sherpa Track. Within the two tracks, there are thematically oriented working groups in which representatives from relevant ministries of members as well as from invited/guest countries and various international organisations participate. G20 process from Sherpa Track is coordinated by Sherpas of member countries, who are personal emissaries of the Leaders. Sherpa Track oversees inputs from 13 Working Groups, 2 Initiatives – Research Innovation Initiative Gathering (RIIG) and G20 Empower and various Engagement Groups, all of whom meet throughout the year and develop their Issue Notes and Outcome Documents in parallel. These substantive discussions then feed consensus-based recommendations to Sherpa Meetings. The outcome document of Sherpa-level meetings forms basis of Leaders' Declaration, which will be debated and signed at final New Delhi Summit in September 2023 by Leaders of all G20 member countries.
In addition, there are Engagement Groups which bring together civil societies, parliamentarians, think tanks, women, youth, labour, businesses and researchers of G20 countries. The Startup20 Engagement Group will be established under India's G20 Presidency for first time, recognising role of startups in driving innovation that responds to rapidly changing global scenario. Active consultation with Engagement Groups forms an integral part of India's "inclusive ambitious, decisive, and action-oriented", G20 approach, as outlined by Prime Minister Narendra Modi in Bali Summit in 2022.
India holds the Presidency of G20 from December 1, 2022 to November 30, 2023. The 43 Heads of Delegations will be participating in final New Delhi Summit in September 2023. G20 Logo draws inspiration from vibrant colours of India’s national flag – saffron, white and green, and blue. It juxtaposes planet Earth with lotus, India’s national flower that reflects growth amid challenges. The Earth reflects India’s pro-planet approach to life, one in perfect harmony with nature. Below the G20 logo is “Bharat”, written in Devanagari script. The theme of India’s G20 Presidency - “Vasudhaiva Kutumbakam” or “One Earth · One Family · One Future” - is drawn from ancient Sanskrit text of Maha Upanishad. Essentially, the theme affirms the value of all life – human, animal, plant and microorganisms – and their interconnectedness on planet Earth and in wider universe. The theme also spotlights LiFE (Lifestyle for Environment), with its associated, environmentally sustainable and responsible choices, both at level of individual lifestyles as well as national development, leading to globally transformative actions resulting in cleaner, greener and bluer future.
India’s Prime Minister, Shri Narendra Modi through his article shared the fundamental goals and objectives that India aims to achieve under its G20 Presidency. An opinion piece by Prime Minister Modi was published in various newspapers across India and in different parts of the world. PM Modi emphasised that India’s G20 Presidency will be inclusive, ambitious, action oriented and decisive and would be shaped in consultation with fellow travelers in global South, thereby cementing India’s position as voice of the Global South. India’s G20 Presidency would focus on healing our “One Earth”, creating harmony within our “One Family” and giving hope for our “One Future”. The article highlighted that greatest challenges that we face today, such as climate change, terrorism, pandemic, can only be solved by acting together rather than by fighting with each other. Being mother of democracy, India focuses on citizen-led movements, and India’s experience can provide insights for possible global solutions and can become a template, especially for the developing world. In an effort to develop new paradigm of human-centered globalization, PM Modi invited the world to join India in shaping this presidency as one of peace and harmony.
Green Development, Climate Finance & LiFE
The opportunity to lead G20 comes at a time of compounding existential threat, with COVID-19 pandemic having exposed the fragilities of our systems under cascading impacts of climate change. In this regard, climate change is a key priority for India’s Presidency, with particular focus towards not only climate finance and technology, but also ensuring just energy transitions for developing nations across the world. Understanding that issue of climate change cuts across industry, society and sectors, India offers the world LiFE (Lifestyle for Environment) - a behaviour-based movement that draws from our nation's rich, ancient sustainable traditions to nudge consumers and in-turn markets, to adopt environmentally conscious practices. This ties closely with India’s G20 theme: 'Vasudhaiva Kutumbakam'.
Accelerated, Inclusive & Resilient Growth
An accelerated, resilient and inclusive growth is a cornerstone for sustainable development. During its G20 Presidency, India aims to focus on areas that have potential to bring structural transformation. This includes an ambition to accelerate integration of MSMEs in global trade, bring in spirit of trade for growth, promote labour rights and secure labour welfare, address global skills gap and build inclusive agricultural value chains and food systems.
Accelerating progress on Sustainable Development Goals (SDGs)
India's G20 Presidency collides with crucial midpoint of 2030 Agenda. India acknowledges detrimental impact of COVID-19, which changed current decade of action into decade of recovery. India wants to focus on recommitting G20's efforts to achieving targets laid out in 2030 Agenda for Sustainable Development
Technological Transformation & Digital Public Infrastructure
As G20 Presidency, India can foreground its belief in human-centric approach to technology and facilitate greater knowledge-sharing in priority areas like digital public infrastructure, financial inclusion and tech-enabled development in sectors ranging from agriculture to education.
Multilateral Institutions for 21st century
India's G20 priority will be to continue pressing for reformed multilateralism that creates more accountable, inclusive, just, equitable and representative multipolar international system fit for addressing challenges in 21st century.
Women-led development
India hopes to use G20 forum to highlight inclusive growth and development, with women empowerment and representation being at core of India's G20 deliberations. This includes focus on bringing women to the fore, to boost socio-economic development and achievement of SDGs.
This Presidency is key opportunity for India to showcase its leadership and to make efforts to strengthen multilateral cooperation when world is increasingly witnessing challenges like debt crisis, looming recession, slowing down of agenda for SDGs, conflict in Europe and intensifying great power competition. For India, G20 Presidency also marks beginning of “Amritkaal”, the 25-year period beginning from 75th anniversary of its independence on 15 August 2022, leading up to centenary of its independence, towards a futuristic, prosperous, inclusive and developed society distinguished by human-centric approach at its core.
Articles in this edition of the Journal examine various dimensions of Diplomacy and Security related issues.
Editorial Board
Adv. S. N. Desai - Editor
Prof. Pradeep Kamat – Associate Editor
Lt. Gen. (Dr.) D. B. Shekatkar
Dr. Prabhakaran Paleri
Dr. Seshadri Chari
Shri. Nitin Gokhale
Editorial Advisory Board
Prof. Dr. Uttara Sahasrabudhe
Prof. Dr. Shrikant Paranjpe
Prof. Dr. Manish Srivastav
Prof. Dr. Dattesh Parulekar
