From technology to economy, how India proved its mettle in G-20 - Newztezz Online


Monday, September 11, 2023

From technology to economy, how India proved its mettle in G-20

Many important issues are believed to be responsible for the success of India's G20 Summit. India has shown its excellent diplomacy by proving its mettle on many important issues in its hosting.

The G20 summit is over. In such a situation, it has become common to discuss what benefit India got from this. In fact, India proved its mettle in the whole world at G20, from technology to economics and new energy. India achieved a consensus on the Ukraine issue, that too without taking the name of Russia, which will benefit India in the future. India has also reached a consensus on making rules on cryptocurrency. Along with this, it also worked to open doors for taking domestic technology, especially technology like UPI, to other member countries.

Taking forward recommendations like waiving the loans of poor countries and reforming institutions like the World Bank and IMF. By including African Union as a member in G20, India showed the whole world that without it the global economy has no importance. Aadae also tells you how India presented itself to the world and proved its mettle.

1. Consensus on Russia-Ukraine War

This was a very important issue of the G20 summit. The eyes of the whole world were fixed on this and also wanted to see what is the stand of India and the other members on this. One reason for this is that the world is divided into two parts on this issue. While Russia and China wanted to avoid discussing Ukraine, Western countries wanted to condemn Russia. In such a situation, it was a big thing to include this issue in the manifesto and to keep everything without taking the name of Russia and to create a general consensus among the member countries. If a consensus had not been reached on this issue, the G20 summit hosted by India would have been considered a complete failure. Seeing the entire war taking Russia's name and talking about it will prove beneficial for India's diplomatic reputation. This balm is not hidden neither from America nor from Europe and Africa that how strong and comfortable the relations between India and Russia are strategically and diplomatically.

2. African Union becomes member of G20

African Union consisting of 55 countries became a member of G20. Which is being described as an important step for India. India has tried to present itself as the voice of the Global South in this summit. India can now concretely show its record of taking forward the concerns of developing countries. Also, at present the list of G20 countries is weak economically and in terms of per capita income. By becoming a member of the African Union, India will get an opportunity to show to the whole world that we are prosperous with a better economy than many countries.

3. Economy

In this meeting, two things came to light on the economy front. First, relief in loans and second, reform in international organizations. Poor countries are struggling with high debt since the Covid-19 pandemic. Efforts (including the G20) to work together and save them have been slow. India was successful in speeding up this process by building a consensus to help new countries like Ghana, Zambia and Ethiopia.

On the other hand, there were also talks of reforming institutions like the World Bank and IMF. Experts have called on them to lend more money to combat climate change and to help poor countries. At the G20 summit, countries agreed to consider key recommendations for reform of the World Bank and IMF. This will allow them to spend billions of dollars on global priorities over the next decade.

4. Technology

First, all countries agreed to consider regulations on cryptocurrencies in view of the threat they pose to the stability of the financial system. India also successfully pioneered digital public infrastructure (originally Aadhaar, UPI) as a means of financial inclusion. This is expected to help India export its domestic tech solutions to the rest of the developing countries of the world. This will enhance India's reputation as a global solution provider.

5. Climate change

Biofuel Alliance was also announced in this summit. Whose leader India has been made. The overall target of this alliance is to take initiative at the global level to increase the ethanol blending in petrol to 20 percent. This is part of India's larger clean energy effort. Which will help in improving the image of India abroad.

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