India took over the rotating presidency of the Group of 20 major economies on 1 December 2020. This is the first time that India is chairing the G20, and it comes at a crucial juncture for both the country and the world.
The G20 is the premier forum for international economic cooperation. It brings together the world’s largest economies, representing 85% of global GDP, to discuss key challenges facing the global economy.
India is taking over the presidency at a time when the world is still struggling to recover from the Covid-19 pandemic. The pandemic has inflicted a severe toll on the global economy, with global trade and investment contracting sharply.
The G20 presidency gives India an opportunity to showcase its economic and diplomatic leadership on the world stage. India can use its G20 presidency to champion the cause of global economic recovery and revitalisation.
The G20 presidency also gives India a chance to work with other major economies to address some of the most pressing challenges facing the world today. These challenges include the need for a global vaccine distribution mechanism, the fight against climate change, and the need for greater financial inclusion.
India has a strong track record of working with the G20 to deliver results. For instance, India was instrumental in the formulation of the G20 Framework for Strong, Sustainable and Balanced Growth. This Framework provides a comprehensive and actionable blueprint for global economic cooperation.
India also played a key role in the G20’s response to the 2008 global financial crisis. India’s then-Finance Minister, P. Chidambaram, was a key member of the G20’s steering committee that coordinated the global economic response to the crisis.
As G20 president, India will continue to play a constructive and active role in promoting global economic cooperation. India’s G20 presidency provides a unique opportunity to make a difference to the lives of billions of people around the world.