The Group of 20 (G20) recently concluded its New Delhi Leaders Summit, where member states reached a consensus and adopted the New Delhi Leaders Summit Declaration. Following the adoption of this declaration, the government held a press briefing to highlight the accomplishments during India’s G20 presidency.
India’s Finance Minister, Nirmala Sitharaman, emphasized that the Indian presidency has successfully crafted solutions that resonate with all G20 member nations, providing a shared path forward. Many of the outcomes from this presidency include comprehensive strategies aimed at benefiting developing nations.
Major Highlights Under India’s Presidency:
Sitharaman elaborated on the outcomes related to strengthening multilateral development banks (MDBs):
1. The establishment of the G20 Independent Expert Group on strengthening MDBs, which submitted the first volume of its report.
2. An agreement to collectively enhance the World Bank’s financing capacity.
3. Endorsement of the G20 roadmap for implementing recommendations from an independent panel on the capital adequacy framework for MDBs, potentially resulting in an additional lending capacity of $200 billion over the next decade.
Under India’s presidency, there has been a global push for clearer policies and regulations regarding cryptocurrencies, and a global consensus on crypto has emerged.
Additionally, recommendations were formulated on financial inclusion and productivity gains through digital infrastructure.
A consensus was reached on a debt relief framework for Zambia, Ghana, and Ethiopia, which can be utilized by MDBs for financing sustainable and resilient cities.
Progress was made on international taxation, including the exchange of information on immovable properties.
During the press conference, Minister of External Affairs S. Jaishankar noted with satisfaction that the African Union has become a permanent member of the G20.
It’s worth noting that all 83 paragraphs of the joint declaration had 100% consensus across all countries, as confirmed by G20 sherpa Amitabh Kant. This reflects India’s ability to bring all nations to the same table.
India’s G20 presidency achieved significant milestones in green development, focusing on financing, reducing global greenhouse gas emissions, forming a global biofuel alliance, promoting sustainable development, and addressing plastic pollution, among other initiatives.
The G20 also emphasized sustainable development, health, and education, along with resilient and inclusive growth, women’s empowerment, and overall well-being.
Regarding inflation, Sitharaman mentioned that globally, the movement of grains from Russia and Ukraine is expected to help cool inflation, particularly in these commodities. Domestically, local inflation is influenced by factors such as monsoon patterns and supply-side issues.