Prime Minister Narendra Modi is making full use of Indian presidency of G20 to offer solutions to global challenges
The Indian G20 presidency has attracted much global attention. Several meetings have taken place in all parts of the country. By the time India hosts the Leaders’ Summit in September this year, India would have guided the G20 member nations and special invitees on the solutions-oriented path to dealing with pressing challenges across the globe. India has demonstrated resolve to tackle challenges with perseverance and innovation since Prime Minister Narendra Modi assumed office in 2014.
At the heart of India’s G20 presidency is people-oriented governance. People from all walks of life and across the globe must gain from the advancement of the economies, and if there is an economic slowdown they must be protected from the ill effects. Since the beginning of 2020, the world has seen the debilitating impact of the Covid-19 pandemic. Without exception, the global community has suffered the rigors.
Thus, the Indian presidency of the G20 is faced with challenges that became acute primarily because of the Covid-19 pandemic. Rising sovereign debts of several countries in the Global South, the credibility of the multilateral development banks (MDBs), cross-border terrorism, drug trafficking, cybercrimes, multilateral institutions, food shortage, climate challenges, disruptions of global supply chains, health emergencies, income inequality and several others are the challenges staring at the global community now.
The last three years, however, have accentuated some of the global challenges, which require credible and sustainable solutions. India has shown that prudent governance is capable of meeting these challenges. The Economic Survey of this year revealed that the government’s expenditure on efforts to improve the quality of life of the people has been steadily growing even during the pandemic years.
From Rs 5.26 lakh crore spent on education in 2018-19, government expenditure was Rs7.57 lakh crore in 2022-23, as per the revised budgetary estimate, revealed the Economic Survey.
From Rs2.66 lakh crore spent on health in 2018-19, government expenditure was Rs5.49 lakh crore in 2022-23. In other areas, which help in enhancing the quality of life of the people, government expenditure grew from Rs 4.86 lakh crore in 2018-19 to Rs 8.26 lakh crore.
The efforts have also been captured in data revealed by the Economic Survey, as the dropout ratio in primary schools came down from 4.7 per cent in 2013-14 to 1.5 per cent in 2021-22. Pupil to teacher ratio in 2012-13 34 and it was 26.2 in 2021-22. This is a clear message for the G20 nations, accounting for 85 per cent of the global GDP, two-thirds of the world population and 75 per cent of the global trade, that the path to sustainable socio-economic development is laid by according topmost priority to the people in governance and charting the course of reforms to ensure an inclusive development model without burdening the future generation with debts.
Thus, the Finance Ministers meeting in Bengaluru of the G20 saw the issue of addressing the rising debts of the developing and poor nations at the centre stage. Finance Minister Nirmala Sithraman sought a global consensus on mitigating the indebtedness of vulnerable nations. It’s in the interest of global financial stability that no country faces an economic collapse of the magnitude of Sri Lanka. This will only be possible if multilateral development banks rise up to the occasion and protect vulnerable nations from predatory countries seeking debt traps for strategic purposes.
India has become a votary for the Global South. Several countries in Asia, Africa, Latin America and other parts of the world even after constituting the largest share of the global population were without a collective voice on the international stage. The Global South is facing the consequences of climate change. In India, the Global South discovered under the Indian presidency a voice that could negotiate with the developed world on equal terms. In this context, the G20 this year is giving the utmost importance to the issue of climate change. India has shown the world with the International Solar Alliance (ISA) that the energy transition to clean sources is not a matter of choice but a matter of urgency. With the Indian presidency of the G20, the developed world will be persuaded to share capital and technology for energy transition at an accelerated pace.
The world is currently facing the consequences of the war in Ukraine. Sadly, few countries have not taken sides in this war. India remains the voice of sanity in such a tough time. PM Modi told the Russian President that today’s era is not one of war. Diplomacy alone can bring peace. The global community expects India to work for peace during its G20 presidency. The G20 under the Indian presidency is uniquely positioned to deliver on the global aspirations of peace.
(Author is the national general secretary of the Bharatiya Janata Party)
