G-20

International Affairs

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Indian Economy - Understanding the basics of Indian economic system

15th G20 Summit

Context: Recently, India participated in the 15th G20 Summit convened by Saudi Arabia in virtual format.
Key Points

The agenda of the G20 summit focused on building an inclusive, sustainable and resilient future by safeguarding the planet.
The summit under the Saudi presidency centred on the theme 'Realizing Opportunities of 21st Century for All'.
G20 Leaders’ Declaration: Issued after the summit which called for coordinated global action, solidarity, and multilateral cooperation to overcome the current challenges and realize opportunities of the 21st century for all by empowering people, safeguarding the planet, and shaping new frontiers.
India has called for a new Global Index for the Post-Corona World that comprises four key elements:

Creation of a vast Talent Pool

Ensuring that Technology reaches all segments of the society
Transparency in systems of governance and
Dealing with Mother Earth with a spirit of Trusteeship.
Indian PM also suggested creation of a G20 Virtual Secretariat as a follow up and documentation repository.
The G20 leaders have also announced that India will be hosting the G20 summit in 2023 — a year later than what was decided earlier.

India at the Summit underscored

Effective global governance: For inclusive, resilient and sustainable recovery in a Post COVID world, effective global governance and reformed multilateralism is required.
This can be achieved by improving the character, governance and processes of multilateral institutions.
At a global level, India took the initiative of establishing institutions such as the International Solar Alliance and the Coalition for Disaster Resilient Infrastructure.
Leaving no one behind: The 2030 Agenda for Sustainable Development Goals aimed at the principle of the ‘Reform-Perform-Transform’ strategy.
This will enable moving forward towards inclusive development efforts that are participative.
Self Reliant India: Following this vision, based on its competence and dependability, India will become an important and reliable pillar of World Economy and Global Supply Chains.
Safeguarding the planet: Highlights the need to fight Climate Change in an integrated, comprehensive and holistic manner.
India is not only meeting Paris Agreement targets, but will be exceeding them.
India is aiming towards meeting 175 gigawatts of renewable energy target well before 2022 and taking a big step ahead by seeking to achieve 450 gigawatts by 2030
A new global index based on talent, technology, transparency and trusteeship towards the planet in the post-corona world is the need of the hour.

About G20

It is an informal group of 19 countries and the European Union, with representatives of the International Monetary Fund and the World Bank.
The G20 membership comprises a mix of the world’s largest advanced and emerging economies, representing about two-thirds of the world’s population, 85% of global gross domestic product, 80% of global investment and over 75% of global trade.
Members: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States, and the European Union.