India’s global leadership will begin with the command of G-20, know how Bali will change the picture of India
Between the Corona epidemic and the Russia-Ukraine war, whether developing or developed, most of the countries of the world are facing a lot of difficulties in dealing with these challenges. On the other hand, India’s bold and visionary leadership and wise policies have so far handled these challenges well. The G20 is an international forum that includes all three industrialized, developing countries and the European Union. Its main goal is to meet the challenges facing the global economy and financial structure, climate change etc.
Two-thirds of the world’s population lives in the G-20 countries.
The G20 formulates public policies to address challenges to them. The countries included in the G-20 account for 85 percent of the total GDP of the world. It accounts for 75% of world trade and two-thirds of the world’s population. Of these, there are 15 countries whose defense budget is billions of dollars. Six of the world’s nine nuclear-armed countries are members of the G-20. These countries own 60 percent of the world’s land. The G-20 agreements may not be binding, but experts agree that it has a great impact on the policies of various countries and increases global cooperation.
This G-20 organization was conceived in the year 1999 after the peso crisis in Mexico (1994) and the ruble crisis in Russia (1998). After this the G7 countries decided that this organization would be expanded and more countries would be included. Such policies will be made from this organization which will have more impact on the global economy. Subsequently, a group of emerging economies were invited to join the Forum of Finance Ministers and Central Bank Presidents. This became the G-20. Later it was changed to the level of summit.
What will be India’s strategy in G-20 presidency, understand
After this summit, India will take over the chairmanship from Indonesia. of India’s term will begin on December 1, 2022. While unveiling the people of G-20, PM Modi had said recently, ‘India is taking this presidency at a time when there is a crisis in the world and there is a situation of chaos. The world is currently grappling with the after-effects of a once-in-a-century pandemic. Apart from this, conflicts are going on and economic uncertainty remains on a large scale. The Corona pandemic and now the Russia-Ukraine war has had a global impact. Due to this, crisis like food grains, fertilizer, energy, debt, obstruction in supply chain have arisen.
India will work on the principle of ‘One Earth, One Family, One Future’ during its presidency. It is based on the principle of ‘Vasudhaiva Kutumbak’ of India. India will ensure that the G20 remains on its core mission of addressing financial and economic challenges. At the same time, do not let geopolitical issues like the Russo-Ukraine war affect the wider agenda. India has announced that there will be 200 events across the country during the G20 presidency. India has invited Bangladesh, Egypt, Mauritius, Netherlands, Oman, Singapore and UAE as ‘guest countries’. If India does a good program throughout the year, then it will increase the value of the country and its influence in the world will also increase. After India, Brazil will become the chair of the G20 in November 2023.