The global community has experienced significant disruption, since 2020, due to COVID-19 pandemic. The isolationist economic policies of several powerful Western nations, who drifted away from their erstwhile global approach during Covid-pandemic, compounded its profound impact on the global economy. The economic instability further exacerbated, owing to growing Sino-US rivalry, coupled with Russia-Ukraine conflict, having roots in their intensions to enhance their respective strategic interests in global arena. Despite these challenges, India was successful in shielding its economy from the effects of this disruption. Considering India’s vast population and geographical diversity, this achievement assumes great significance. To India’s credit, it not only managed the pandemic effectively, within its borders, but also selflessly extended assistance to other nations.
The assumption of G20 presidency by India in 2023 offers it a significant opportunity to prove its potential and commitment to global affairs in economic arena. In the recent past, the G20, a leading economic forum, that brings together the world’s leading economies to discuss global economic issue, has been dominated by the Russia-Ukraine conflict, overshadowing the grave concerns on contemporary issues, including climate change, poverty, proliferation of nuclear weapons and Supply chain problems amongst others. It cannot be gainsaid that neglect of such issues has gravely affected the economies of Global South, of which India is a key player. India’s renewed pragmatic foreign policy helped it to take this issue with the Western powers during regular bilateral exchanges/mini-lateral forums.
India’s global footprint expanded under the assertive foreign policy pursued by Prime Minister Narendra Modi. It is evident in India’s proactive engagement with various multilateral forums, including I2U2 (Israel, India, US &UAE), the QUAD (India, Japan, US and Australia) and the SCO. Simultaneously, India’s increasing vocal approach of raising its concerns with the Western powers and aligning itself more closely with the Global South, further yielded the desired outcomes. India has the chance to play an important role in strengthening global architecture and governance on major international economic issues, as it takes the lead in shaping the G20’s priorities.
As an exhibition of inclusivity as well as in conformity with India’s G20 motto ‘’One Earth, One Family, One Future’’, India, ahead of G20 Finance Ministers and Foreign Ministers meet, organized (January 12) the ‘Voice of Global South Summit’, to ensure the concurrence of Global South states on relevant issues. It showcases India’s responsible and effective leadership for the Global South, in addressing their concerns. PM Modi has often reaffirmed that India’s G20 agenda will be inclusive, ambitious, decisive, and action-oriented. In the prevailing state of global disorder, India is well-positioned to take the challenge of bringing the international actors, together, India’s persistent goodwill and deft diplomacy are key tools in helping it accomplish this objective. India emerges as a natural mediator because of its cordial relations with the majority of G20 nations and allows it to gently push forward the states in disagreement towards a consensus and jointly work towards a better world.
The global community is confronted with complex and sensitive challenges that needs a nuanced approach. Fortunately, India is uniquely positioned to initiate discussions on a range of issues, including nuclear weapons usage, the role of Nuclear Non-Proliferation Treaty (NPT) and need to revisit the existing economic system. In the backdrop of rising tensions between global players and receding democracies across the world, India’s potential to prioritize human security over military security and promote democratic values cannot be gainsaid, particularly owing to its ancient traditions and pursuance of Gandhian ideology.
With regard to the recently held G20 foreign ministers meeting, there was a certain degree of optimism over the joint communique, however, some observers who ardently follow the geopolitical developments with critic’s eye were even ready to accept the fact that there may not be any desired outcome from the event. As anticipated, the G20 Foreign Ministers’ meeting failed to forge consensus on a joint communique. The failure is attributed to the sharp differences between Russia-China camp and the US-led West camp over Russia-Ukraine war. However, despite all the constraints, India as the Chair of the meet was able to garner a major achievement by getting the ministers to come up with an ‘Outcome’ document. It was the first ever document/statement exhibiting that the group had achieved consensus on broader issues. Washington, marking its calibrated step forward, backed Delhi’s statement as a product of consensus on a variety of issues, which was put out by India, as the G 20 Chair.
India’s foreign minister S Jaishankar clarified that there was consensus on 95% of the issues except on two paragraphs, related to the Russia-Ukraine conflict. In this backdrop, India can pat itself in succeeding to bring out an outcome document from a forum that hosts major international players, entangled in many contentious issues, while simultaneously vouching for the concerns of the Global South. Meanwhile, India diplomacy ensured to utilize the event for engaging in bilateral/mini-lateral meetings with the leading powers viz. US, China, Russia as well as the QUAD. Resorting to its full diplomatic clout, India took initiative to bring close the polarized powers and make them understand each other’s concern to find a common ground.
The questions were constantly being raised over the effectiveness of G-20 forum mainly attributed to its repeated failure to forge a consensus over a particular conflict at the cost of neglecting the other broader issues pertaining to the Global South. This scenario may prompt developing economies to skip the forum and vouch for more assertive alternative framework. For India, it is crucial that despite the existing differences, it continues to work, ahead of the annual meeting (September 2023) of G20 leaders, towards bringing all the member States on the same page. The first step towards achieving this goal may be to engage all member nations in constructive dialogue to understand their concerns and reach out to the countries, having different perspectives. This exercise will certainly help India, identify areas of common ground and make efforts to work jointly towards developing mutually beneficial solutions.
The shared values and interests of the G20 nations should be the driver of Indian initiatives as G-20 Chair. It is a fact that all member nations share a commitment to promoting economic growth, job creation, and poverty reduction, despite existing differences over few issues in line with their strategic interests. The focus on common goals can help India, build consensus on important issues and promote cooperation among member nations.
India, enjoying the status of, a leader in the global South can leverage its position, to promote greater engagement and cooperation among G20 nations. India has successfully overcome the developmental challenges and pursues an exclusive approach towards issues being confronted by the developing countries. It can offer to share its experiences and knowledge to curtail the gaps between developed and developing economies by forging better understanding and cooperation.
India, certainly faces a daunting task to bring together all the G20 member States on a common platform with shared goals and benefits, but India can ill afford to ignore the challenge to promote economic growth and development among member countries. In order to realize desired outcome from its presidency of G20, India should persist with its engagement in constructive dialogue through multilateral forums/platforms along with initiatives, which could help promote global economic cooperation. It needs to highlight the shared values and interests and push aside the contentious issues, adversely impacting the economic progress. The International Monetary Fund (IMF) and the World Trade Organization (WTO) as global Institutions play a crucial role in harnessing global economic growth and stability. India, in collaboration with G20 nations, should continue its efforts to further strengthen such global institutions and maintain their identity as key tools, in fomenting economic progress.
