India in a nutshell
With a gross domestic product (GDP) of $2.66 trillion, India’s economy is larger than three G-7 members – France, Italy and Canada. In addition, according to the International Monetary Fund (IMF), India is one of the fastest growing economies in the world and is projected to grow at a rate of 5.9 percent in 2023-2024.
According to the World Bank, India’s growth rate is the highest among the seven largest emerging and developing economies. This strong economic growth, coupled with a young, skilled and semi-skilled workforce, makes India an attractive destination for international investment.
India has also unexpectedly played a crucial role in the European energy crisis triggered by the Russia-Ukraine war. India’s purchase of Russian oil at discounted prices and subsequent refining of the oil for Europe has eased Europe’s energy shortfall, making India the largest supplier of refined fuels to the continent.
India’s G20 Presidency Priorities
High on India’s agenda is climate change. The pandemic has highlighted the vulnerability of global systems in the context of climate change. In response, India plans to emphasize climate finance and technology, as well as promoting equitable energy transitions for developing countries. Part of this initiative is LiFE (Lifestyle for Environment), a behavioral movement that encourages individuals and markets to adopt green practices. This initiative reflects India’s overarching G20 theme of „Vasudhaiva Kutumbakam“, which translates to „One Earth. One Family“.
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Another cornerstone of India’s G20 priorities is to facilitate accelerated, resilient and inclusive growth. The focus is on structural transformation areas such as integrating MSMEs into global trade, promoting workers’ rights and welfare, addressing the global skills gap, and building inclusive agricultural value chains. India’s G20 presidency coincides with the midpoint of the 2030 Agenda for Sustainable Development. Acknowledging the disruption caused by the COVID-19 pandemic, India aims to use its presidency to refocus G20 efforts on achieving the SDG goals, transforming the current “decade of recovery” into a true “decade of action”.
India plans to adopt a human-centered approach to technology during its G20 presidency. The country aims to promote knowledge sharing in areas such as digital public infrastructure, financial inclusion, and technology-enabled development in sectors ranging from agriculture to education.
A key aspect will be also to push for reformed multilateralism to create a more accountable, inclusive, equitable, just, and representative multipolar international system that is capable of addressing the challenges of the 21st century.
Women’s empowerment is central to India’s G20 deliberations. India hopes to bring women into leadership positions to promote socio-economic development and contribute to the achievement of the SDGs.
