All About Delhi Declaration of G20 Summit 2023: Advantages For Indian Economy

The Delhi Declaration of G20 starts by emphasizing its historical significance noting that the decisions made by the G20 today will impact the future of both people and the planet. This recognition of the moment’s importance is crucial to understanding India’s significant achievement. Before delving into the specific areas of focus, the declaration highlights the global challenges in politics, economics and the environment. It also underlines India’s role in addressing the interests of marginalized communities in both the global South and within rich and poor countries, setting clear principles and priorities.

What is Delhi Declaration of G20 Summit 2023? Explained Here!

The Indian presidency emphasizes that there will be no compromise between fighting poverty and addressing the climate crisis. The declaration outlines several key themes, including promoting economic growth, reinvigorating sustainable development goals (SDGs), addressing climate change, preparing for health emergencies, reforming multilateral development banks (MDBs), tackling the debt crisis, expanding digital public infrastructure (DPI), creating jobs closing the gender gap and amplifying the voices of the global South.

Here’s a summary of the consensus within the declaration on the six priorities identified by India during its presidency:

1. Growth, Economy and Jobs

The declaration acknowledges the fragile state of the global economy and commits to implementing various policies to promote growth, reduce inequalities and maintain financial stability. It emphasizes the importance of central bank independence and prioritizes temporary fiscal measures to protect vulnerable populations while ensuring medium-term fiscal sustainability. The private sector’s role is highlighted in fostering inclusive, sustainable global value chains, supporting investments and promoting ease of doing business.

2. Multilateral Trading System

In a time of crisis for the multilateral trading regime, G20 members commit to a rules based, fair, open and inclusive trading system with the World Trade Organization (WTO) at its core. The declaration outlines principles and actions to enhance the effectiveness and fairness of the trading system.

3. Skill Gaps and Decent Work

The declaration recognizes the importance of addressing skill gaps, ensuring decent work and implementing social protection policies. It highlights the benefits of well-integrated and skilled workers for both origin and destination countries. G20 countries pledge to work towards well managed, regular and skills based migration pathways.

4. Financial Inclusion and Digital Public Infrastructure (DPI)

The declaration endorses G20 Policy Recommendations for Advancing Financial Inclusion and Productivity Gains through DPI. It encourages the responsible use of technological innovations, including payment systems, to achieve financial inclusion and reduce remittance costs. The G20 also supports the 2023 Financial Inclusion Action Plan (FIAP) to accelerate financial inclusion for vulnerable and underserved groups.

5. Climate Action

The G20 commits to urgent actions to address environmental crises, including climate change with a focus on implementing the Paris Agreement and achieving net-zero emissions by around 2050. They endorse sustainable lifestyles and aim to triple global renewable energy capacity by 2030. The declaration recognizes the importance of climate finance and the need for substantial funding to meet emission reduction commitments and invest in clean energy technologies.

6. Ukraine

A significant aspect of the declaration revolves around Ukraine, with a balanced approach that acknowledges the harmful consequences of conflicts, reaffirms national positions, and avoids attributing blame. It addresses the impact of the conflict on global security, supply chains, and the concerns of developing countries. The declaration promotes a comprehensive, just, and durable peace in Ukraine, aligning with the UN Charter’s principles.

7. Women-led Development

Furthermore, the G20 commits to “women-led development,” aiming to enhance women’s participation in decision-making, labor force, education, and social protection. They pledge to eliminate gender-based violence, stereotypes, and biases while promoting women’s inclusion in the formal financial system. A new Working Group on Empowerment of Women will support these efforts during the Brazilian G20 Presidency.