G20 Summit: Re-globalisation with a human-centric approach and PM Modi’s signature stamp of ‘oneness’

Prime Minister Modi’s keynote stance at the G20 high-table emphasised a spirit of compromise amidst a fractious and polarised world, reminding leaders of the world to “transform an existing global trust-deficit into trust-confidence”. It was this reiteration of a unified approach towards challenges of the 21st century that scripted history at the G20 Summit on Saturday by moving the needle towards global consensus from global conflict. The multiple positive outcomes arrived at in consensus at the summit is indeed the coming-of-age event for India as a democratic superpower as it attested India’s ascendance in global leadership and governance. It unequivocally stamped India’s authority on the global stage as it secured a near 100 per cent consensus on more than 100 issues, including the most contentious one on the Russia-Ukraine conflict. Behind the glitzy optics of world leaders arriving in their private planes, and visuals of the Bharat Mandapam luminously lit up with laser lit fountains leading up to the venue of the summit, senior representatives of the G20 nations held tough backroom negotiations for over 200 hours prior to their leaders arrival in order to script a consensus on more than 100 issues on the agenda. The most contentious chapter on the agenda, and which could have been a deal breaker to the adoption of the New Delhi Leaders Declaration was pertaining to the Russia-Ukraine conflict. This was a formidable task, given the incongruities between the G7 grouping of the richest democracies insisting on a condemnation of Russia’s territorial aggression, and Moscow and Beijing obstructing such a declaration. It entailed editing 15 drafts to finalise the formal wording of the script which avoided any mention of “war”, other than “standing up for the principle that states cannot use force to seek territorial acquisition”. By the evening, a rare bonhomie and cheer was on display amongst world leaders attending the dinner hosted by the President of Bharat as they had successfully arrived at a consensus around inclusive economic issues. Delivering economic solutions for a shared world The grouping being the premier forum for international economic cooperation will build on charting policies to re-globalise and re-shape a new paradigm of inclusive human centric progress. Let’s not forget that the First Wave of Globalisation was exclusivist, as the gains were not equitable, benefitting developed nations more than the marginalised. It is now imperative that achieving higher economic growth rates converts to equitable gains for the vulnerable, is job-intensive, and less carbon-intensive, yet climate resilient India has seized the opportunity India under Modi in 2023 stands at the precipice of a unique opportunity to seize an existing global leadership vacuum by playing a dominant role in setting the narrative amidst a changing world order. The 18th G20 Summit is happening at a time when nations are more polarised than ever over the Ukraine-Russia conflict, and when India’s ratings as a global unifier have soared to the highest historically under Modi’s stewardship. Such an ascendance is attributed to India’s growing economic vibrancy that has provided the financial resources to achieve socioeconomic end-goals, as also to the Prime Minister’s assertive call for reforms in multiple multilateral fora. It is a dynamic call for a time-bound, collaborative and actionable agenda, India has raised the bar for the success of global summits to be measured by quantifiable outcomes. Theme of ‘Oneness’ The G20 under India’s presidency embodies an idealistic and futuristic possibility of world leaders coming together to form a ‘world government for world peace’, converging to work collectively towards global welfare, as opposed to individualistic gains. With Bharat being the host nation, the dominant theme of the summit has consistently reflected the embodiment of higher ideals rooted in our cultural ethos which views the world as one family, Vasudeva Kutumbakam. This in essence is an echo of the Sanatana Dharma ideal enunciating a human-centric way of achieving progress through ’Oneness: One Earth, One Family and One Future’, wherein “one’s good lies in the good of the other”. The G20 fora has now evolved into a powerful hegemonic bloc intent on mainstreaming the concerns of developing countries comprising the Global South, furthering gender equality and women’s empowerment; strengthening multilateral institutions to cater to challenges of the 21st century; and accelerating progress of SDG’s, and enhancing finance for climate transition. India has strategically avoided a partisan stance Modi as an astute statesman has acted proactively in India’s economic interest by placing sovereign and economic interests at the forefront, thereby avoiding a partisan stance in the geopolitical conflict. By maintaining an equilibrium in trading relations across nations, India stands to gain within a more integrated global economy. When the G20 was initially formed in 1999 after the Asian financial crisis, India was more protectionist and not as integrated with global supply chains. Neither were we in the race to compete as a favoured investment destination for firms looking to diversify and relocate away from China. Leveraging the G20 presidency to showcase India’s strengths With a stable government at the centre since over nine years, India has leveraged its G20 presidency to rise on the global firmament, which has been possible due to multiple enablers: -being the largest and most peaceful democracy; -being powered by a large growing domestic economy that acts as a buffer against decelerating global trade, in advanced economies; -a nation that is now the epicentre of economic growth, and where unimpeded lawful trade and commerce is transacted; -being a nation that steadfastly upholds constitutional values internally, while simultaneously upholding the norms of conforming with territorial sovereignty internationally. Propagating the need for higher MDB funding Bharat has used its term as G20 President to propagate the case for environmental justice, stating that poorer countries that contributed least to the increase in carbon emissions must not be made to bear the financial burden of climate change. To achieve an equitable transition, poverty and climate mitigation policies need to be supported by higher funding and interest free/ concessional financing to low-income countries. According to the IMF, this entails additional spending of $3 trillion per year to achieve SDG goals in order to achieve a green transition. Prime Minister Modi has backed the need for boosting the lending power of MDBs. Under India’s presidency, G20 has reached a pledge to channelise $100 billion in ‘Special Drawing Rights’ to fund poorer nations through IMF trusts such as the Poverty Reduction and Growth Trust, so as to lower debt levels of vulnerable nations. Along with the World Bank and IMF, India has enabled the creation of a Global Sovereign Roundtable Debt which brings together creditors to offer solutions for debt restructuring. Historic progress In conclusion, once India’s presidency of the G20 concludes in November 2023, the success of the Summit will be judged by the deliverables the host nation has brought to the table in terms of peace, economic progress and stability. While the premier forum is not a platform to resolve geopolitical issues, conflict amongst nations does have adverse and widespread ramifications on global food, energy and on inflation which need redressal and resolution. Gauging by this parameter, the resolutions arrived at are a testament to Bharat’s achievements during its presidency of the G20 and must be recorded as a historic success The writer is an ex-Chairperson for the National Committee for Financial Inclusion and Literacy, Niti Aayog. Views expressed in the above piece are personal and solely that of the author. They do not necessarily reflect Firstpost_’s views._ Read all the  Latest News ,  Trending News ,  Cricket News ,  Bollywood News , India News  and  Entertainment News  here. Follow us on  Facebook ,  Twitter  and  Instagram .