The 18th G20 Summit was held in New Delhi on september 9 and 10, 2023.This summit was , the first time India hosted the G20 Leader’s summit.
News jungal desk: The theme of the summit was Vasudhaiva Kutumbakam, which means The World is One Family.
What are the Key Highlights of G20 Summit 2023 ?
Admittance of the African Union(G20 now G21):
The G20 leaders agreed to admit the African Union as a permanent member of G20.It would increase representation of developing countries in the forum.
The AU’s membership in G20 offers an opportunity to reshape the global trade, finance and investment.It would provide the greater voice to the Global South in the forum.
Global Biofuel Alliance(GBA):
GBA is an India led initiative that aims to develop an alliance of governments, international organisations and industry to promote the adoption of Biofuels.
This initiative seeks to position biofuels as a key component of energy transition and contribute to job creation and economic growth.
It will accelerate India’s existing biofuels programs, such as PM-JIVAN Yojna,SATAT and GOBARdhan scheme.
According to International Energy Agency (IEA), there will be 3.5 to 5 times more biofuels growth by 2050 due to Net Zero Targets, creating a huge opportunity for India.
India- Middle East- Europe Economic Corridor(IMEC):
IMEC is a significant infrastructure project connecting India, Middle East and Europe.
The project aims to establish a network of transport corridors, including railways and sea lanes.
IMEC is seen as China’s Belt and Road Initiative(BRI), providing an alternative infrastructure network.
IMEC is a part of broader initiative called Partnership for Global Infrastructure Investment(PGII).
PGII was initially introduced during the G7 summit in the UK in 2021.
PGII aims to finance infrastructure projects in developing countries through a combination of public and private investments.
G20 Global Partnership for Financial Inclusion Document:
This Document was prepared by World Bank has lauded the transformative impact of India’s Digital Public Infrastructura(DPI) over the past decade under the central government.
The Document emphasizes the following initiatives that played the greater role in shaping the DPI landscape.
Jan Dhan-Aadhar-Mobile(JAM): This trinity boosted the financial inclusion rate from 25% in 2008 to over 80% within 6 years.Also Aadhar based verification complemented DPI’s.
Pradhan Mantri Jan Dhan Yojna(PMJDY): PMJDY accounts tripled from 147 million to 462 million till june 2022.
Women own 56% of these accounts.
Unified Payments Interface(UPI):
May 2023 witnessed over 9.4 billion UPI transactions, valued at Rs 14.8 trillion.
UPI transactions in FY 2022-23 neared 50% India’s nominal GDP.
Private Sector Efficiency:
DPI streamlined private sector’s operational procedures, reducing complexity, costs and time.
Some NBFC’s achieved 8% higher SME lending conversion rates, 65% savings in depriciation costs and 66% cost reduction in fraud detection.
Data Empowerment and protection Architecture(DEPA):
It provides individuals, control over their data, fostering innovation and competition.
Other Key Highlights:
Tripling the Global Renewable Energy Capacity by 2030:
G20 countries promised to triple the global renewable energy capacity by 2030.
According to International Energy Agency(IEA), this single step could avoid CO2 emission by 7 billion tones between 2023 to 2030.
Also aligns with global efforts to limit global warming to 1.5 degree celsius.
It represents a signficant shift away from fossil fuels and push towards cleaner energy alternatives.
Commitment to Global Food Security and Nutrition:
The G20 leaders addressed rising commodity prices such as food and energy prices.
They aim to eliminate hunger and malnutrition, acknowledging that global challenges likepoverty, climate change, pandemic and conflicts disproportionately affect vulnerable population , particularly women and children.
It highlights the human sufferings and the impact of war in Ukraine on global food and energy security, supply chains, inflation and economic stability.
G20 leaders called for full and timely implementation of Black Sea Grain initiative.
The agriculture working group during India’s G20 presidency reached a historic consensus on two aspects,
Deccan G20 High level principles on Food Security and Nutrition
and,Millet initiative called MAHARISHI.
India’s Cultural Showcase:
Bharat Mandapam( inspired from Anubhav Mandapam)
Konark chakra of Odisha’s Sun Temple and image of Nalanda University(used as iconic backdrops)
Bronze statue of Lord Natraja(Chola style)
Brass statue of Lord Buddha sitting under Bodhi tree
Thanjavur paintings and Dhokra art
Diverse musical heritage(Hindustani, Folk, Carnatic, Devotional).
India Mercosur Preferential Trade Agreement(PTA):
India and Brazil agreed to work together for the exapansion of India Mercosur PTA to promote economic ties.
It came into effect on June 2009, aimed to eliminate custom duties on a limited number of goods agreed between India and Mercosur bloc (trading bloc in Latin America).
Finance Track Agreements:
India’s G20 presidency has laid the foundation for a coordinated and comprehensive policy and a regulatory framework for cryptocurrencies.
What are the latest India -US collaboration at G20 Summit2023?
Focusing on resilient semiconductor supply chains and telecom infrastructure.
India supports the Rip and Replace pilot project of US, aligning with the removal of chinese telecom equipment.
GE-F 414 Jet Engine Agreement,This agreement is a significant step in defence cooperation between India and US, highlighting India’s commitment to enhancing it’s domestic defence manufacturing capabilities.
Read also:Malnutrition:How to Tackle It Effectively…
