Why is the G20 summit so important to Bharat?
Numerous summits happen, but why so much hype for G20? 💭
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वसुधैव कुटुम्बकम् - The world is one family.
G20 summit in India. Wow.
The top nation's delegates will be coming to India to discuss various Financial, Economic, Global, and Trade issues.
But aren't these summits more about delegates sipping coffee and doing some handshakes? ☕
No/Yes…
The schema of the summit makes it very interesting. It is split into two tracks, Financial and Sherpa track. The former focuses more on the financial and economic side of the countries and is commonly looked at by Finance Ministers and Central Bank Governors. While the latter focuses more on the economic, trade, climate, and geopolitical aspects. They are led by high-level officials k/a Sherpa's. Several meetings and discussions happen throughout the year. Both groups try to bring a positive outcome for the greater good.
But still so important? 🤔
G20 is led by Trioka (A group of three countries). The three countries that are currently overlooking the summit are Italy, Indonesia, and India. All three are developing nations. Plus the timing of this summit is also very crucial. The world is going on with economic crises, wars, and whatnot.
And the market that it caters to is huge.
It comprises of top twenty economies (80% of global GDP) of the world.
A total of 75% of International trade happens here.
2/3rd of the global population lives in these countries.
It's the perfect time for India to raise a toast!! 🥂
Points that India might raise!!
A developing country can not be a carbon-neutral nation. They need massive infrastructure and energy. With developed nations imposing a carbon tax on the goods imported from developing countries, it is making things quite difficult for them. India can be the voice of all developing nations. (Fun Fact- The so-called developed countries in their developing phase have emitted a lot more greenhouse gases than us, but sadly there was no Paris agreement at that time)
Europe's stance on India and its noisy neighbours - Western countries always keep a very neutral stance on the controversy between India and Pakistan or India and China. But, they were shocked when we took a neutral stand in Russia and Ukraine war.
The permanent seat of India in the United Nations Security Council- India is pushing hard to be the permanent member of the UNSC, but our beloved neighbour is using its veto power to rule us out. G20 can accelerate the talks in this direction and maybe some positive conclusions can come for India. (I still think it's a long shot).
They might have something better in the pot but time will tell us.
Until then…
Nishchal from Team Rubric