The G20 Summit 2023: Key Takeaways

The premiers of the world’s 20 big economies and other luminaries descended on New Delhi last week for this year’s G20 Summit. Prime Minister of India Sri Narendra Modi inaugurated the two-day summit on September 9, 2023, sparking debate with a country nameplate that read “Bharat”. India was selected as the G20 leader last year for its immense contribution to the world economy and position as the world’s largest democracy.??

Key Takeaways?

Soft Stance on the Ukraine War??

The G20 members refrained from directly criticizing Russia for the Ukraine war – a paradigm shift from last year’s more direct stance. While the member states acknowledged that territorial aggression and annexation resulted in loss of human life and economic degradation, they stopped short of admonishing Russia for waging war against Ukraine.??

Experts believe that host India, Indonesia, Brazil, and South Africa played a crucial role in dissipating tensions between Russia and the other member states on the issue and bringing Russia to join the G20 commitment toward world peace. According to the experts, this is yet another example of India’s ever-growing role as a global powerhouse.??

Of late, India has also emerged as the go-to market for international organizations looking for qualified but cost-effective resources for different job roles. The nation’s well-founded education system serves as the backbone of a huge talent pool capable of handling any task however complex.? With remote hiring becoming the new norm for employee recruitment in this post-pandemic world, India has solidified its position as the principal market for offshore resources.??

Induction of the African Union?

Thanks to the concerted efforts of India and the other Global South nations within the G20, the 55-member African Union was made a permanent member, ending South Africa’s role as the sole voice of Africa within the G20. Experts believe this move will counter the dominance of the G7 nations within the larger group.??

Africa’s diversity is well-known. The cradle of human civilization has long been ignored by the international powers as a mere backwater of the world economy. But the African continent has grown in leaps and bounds of late with countries like Kenya, Nigeria, Ghana, and Angola going head-to-head with the likes of South Africa, Egypt, and Morocco in a healthy competition of economic prowess. With the AU becoming a permanent member of the G20, the emerging African economies will have more say in global matters.??

USA, Saudi Arabia, and India join hands for an international trade corridor!?

The Indian PM Narendra Modi, US President Joe Biden, and the Crown Prince of Saudi Arabia Mohammad bin Salman announced plans to connect South Asia with Europe via the Middle East using a robust railroad and port network. Although a timeline for the project wasn’t announced, it is believed that this initiative will come to fruition within the next half-decade.??

Experts are viewing this joint declaration as the trio’s effort to counter China’s Belt and Road initiative that has courted its fair share of controversy since its inception.?

The Climate Challenge?

Although radical climate goals weren’t declared, the G20 members did, however, decide on tripling renewable energy production and reducing dependence on fossil fuels drastically by 2030. Existing policies and short-term goals continue to remain as they are. No clear roadmaps were produced on the question of raising the $4 trillion needed annually for a seamless transition to renewable energy. It has to be seen how things shape up in the UN climate summit to be held later this year.??

India all the way!??

India’s unparalleled leadership of the G20 in the last one year is being hailed globally as a new epoch in world history. The nation has proved its mettle as an emerging global superpower and a key contributor to the global economy. With Indian business leaders routinely featuring among the most influential people worldwide, the balance of power seems to be shifting from its traditional base in the West to the subcontinent.??

Over to Brazil?

With the G20 Summit 2023 concluding on September 10, India passed the baton to Brazil as the host of 2024’s summit. India’s long-standing ally Brazil is also a member of the influential BRICS group of nations and a dominant force in the South American economy along with the likes of Argentina, Uruguay, Chile, and Peru.