G20, a Pathfinder

G20, a Pathfinder

Context: India's 2023 G20 presidency is a historic pivot in global governance, emphasizing the theme 'Vasudhaiva Kutumbakam' or 'The world is one family.' This presidency reflects India's efforts to revive, reform, and defend globalisation while prioritizing the concerns of the Global South.

Democratisation and Decentralization of World Economy
• Under India's G20 leadership, there is a focus on the democratisation and decentralisation of the global economy. Recent geo-economic developments, such as protectionist policies in the United States and the European Union, threaten the interconnected futures of nations.
• Correcting this shift away from the principles of globalisation, which should benefit the poor the most, is crucial for the developing world.

Reforming Global Finance and Fostering Inclusivity
• India's G20 presidency aims to reform global finance, as financial globalisation has stalled since the 2008 crisis.
• International finance remains centred on older geographies, neglecting emerging economies that will drive global growth. India's G20 presidency seeks to redirect capital towards these emerging economies, fostering equitable global development.
• Additionally, India has transformed the G20 into a more inclusive platform, amplifying the voices of marginalized groups and broadening the scope of global governance discussions.

Redefining the Global South
• India's G20 presidency marks a historic shift in global governance towards the Global South. It reclaims the term 'Global South,' emphasizing green growth, tech-first development, women-led progress, and inclusive growth.
• India's diplomacy, diverse scholar community, and warm hospitality have redefined the Global South as pathfinders for a greener, digital, and equitable future, challenging past reductionist narratives.