The Group of Twenty (G-20) is an international forum comprising the world’s 20 largest economies. The G-20 Summit is an annual event where leaders from these countries gather to discuss and address global economic and financial issues. The most recent G-20 Summit, held in Rome in October 2021, focused on the global economic recovery from the COVID-19 pandemic and its impact on the world economy. India, being a key member of the G-20, played a vital role in the discussions at the summit and highlighted its focus on global development.
The global economic scenario
The COVID-19 pandemic has severely impacted the global economy, causing a recession in 2020. The economic contraction was unprecedented, and it affected almost all countries, with varying degrees of severity. The pandemic has also led to a significant loss of lives, exacerbating poverty and inequality in many parts of the world. The global response to the pandemic has been mixed, with some countries faring better than others in terms of their economic recovery.
According to the International Monetary Fund (IMF), the global economy is expected to grow by 5.9% in 2021, up from a contraction of 3.3% in 2020. This growth is driven by the recovery in advanced economies, especially the United States, which is expected to grow by 6.0%. However, emerging markets and developing economies (EMDEs), including India, are expected to grow at a slower pace of 5.0%, due to the slower pace of vaccination and the ongoing impact of the pandemic.
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India’s economic growth
India is one of the fastest-growing major economies in the world, with an average growth rate of 7.5% in the past decade. However, the COVID-19 pandemic has disrupted this growth trajectory, causing the economy to contract by 7.7% in FY 2020-21. The Indian government has taken several measures to support the economy, including fiscal stimulus and monetary easing. As a result, the economy is expected to grow by 9.5% in FY 2021-22, according to the IMF.
India’s focus on global development
India’s participation in the G-20 Summit reflects its commitment to global development. India has been a key player in the global development agenda, and it has made significant contributions to international efforts to address poverty, hunger, and climate change. India’s Prime Minister, Narendra Modi, has emphasized the need for global cooperation to address these challenges, and India has taken several initiatives to promote global development.
One of India’s major initiatives in global development is the International Solar Alliance (ISA). The ISA is a treaty-based intergovernmental organization that aims to promote the adoption of solar energy in EMDEs. The ISA was launched by India and France in 2015, and it now has 92 member countries. The ISA aims to mobilize $1 trillion in investments in solar energy by 2030 and create 1 million jobs in the sector.
Another key initiative by India in global development is the Coalition for Disaster Resilient Infrastructure (CDRI). The CDRI is a partnership of countries, organizations, and experts that aims to promote disaster-resilient infrastructure in EMDEs. The CDRI was launched by India in 2019, and it now has 22 member countries. The CDRI aims to develop standards, policies, and guidelines for disaster-resilient infrastructure and provide technical assistance to EMDEs.
In conclusion, the G-20 Summit held in Rome in October 2021 focused on the global economic recovery from the COVID-19 pandemic and its impact on the world economy. India, being a key member of the G-20, played a vital role in the discussions at the summit and highlighted its focus on global development. Despite the pandemic’s impact on India’s economy, India has taken several measures to support its growth and remains committed to global development initiatives such as the International Solar Alliance and the Coalition for Disaster Resilient Infrastructure. India’s participation in the G-20 Summit and its focus on global development demonstrates its dedication to addressing global challenges and promoting international cooperation.
References:
- G20 Press Release | pib.gov.in | December 2022
- India urges focus on most vulnerable at G20 meeting, avoids mention of war | CNBC | February 2023
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