How diplomatic mileage of hosting G20 Summit will outlast immediate tangible gains for New Delhi

The capital city of India, New Delhi, has been abuzz with excitement and preparation as the country is about to host the G20 Summit. The gathering of world leaders, policy experts, and financial moguls from the world’s largest economies is more than just a meeting; it is a platform that holds the potential to shape global economic policies and directions for years to come. For India, this is not merely an event to host; it is a transformative moment in its economic history. The 2023 G20 Summit in India not only showcases the nation as a rising global power but also promises to have far-reaching implications on its economic development. World leaders, economic gurus, and policy experts convened to discuss a variety of pressing issues. Amid this international attention, Prime Minister Narendra Modi’s economic policy, widely known as ‘Modinomics,’ has emerged as a key point of discussion and interest. Modinomics Before diving into the Summit’s relevance, it is essential to understand what Modinomics entails. A mix of fiscal responsibility, market liberalization, and social welfare, Modinomics is the PM’s roadmap for India’s economic journey. Programs like ‘Make in India,’ ‘Startup India,’ and the revolutionary GST reform are the linchpins of this strategy, aimed at promoting growth, self-reliance, and global competitiveness. Immediate economic benefits of the Summit

• Tourism and hospitality

New Delhi’s hotels, restaurants, and local businesses will experience a windfall. The influx of thousands of delegates, journalists, and visitors provided an immediate boost to local commerce. Beyond the hospitality sector, related services like transportation and event management also reaped rewards.

• Employment opportunities:

The organisational needs of such a high-profile international event generate a slew of temporary employment opportunities. From translation services to event security, the need for a large and varied skill set benefits local job markets. Long-term economic gains from the event

• Foreign direct investments (FDIs)

One of the main goals of hosting such an event is attracting foreign investments. By presenting itself as a capable host for an event of this magnitude, India will send a strong message to the global business community. The country has both the infrastructure and the political stability necessary to manage complex international relationships, making it an attractive destination for FDIs.

• Technological partnerships

The Summit will provide a venue for dialogue on issues like cybersecurity, artificial intelligence, and the digital economy. India, with its burgeoning tech industry and a large pool of engineers and developers, stands to gain from international collaborations and partnerships to be announced during the Summit.

• Policy alignments and reforms

The G20 discussions often set the stage for global economic policy for years to come. Agreements that will be reached and resolutions that will be passed can affect international trade laws, environmental policies, and even human rights discussions. For India, the Summit allows a platform to align its national policies with global objectives.

• Trade agreements

The sidelines of the Summit are rife with bilateral meetings, many involving India and its current and potential trade partners. These discussions often lead to significant trade agreements or at least pave the way for future negotiations. With India keen on diversifying its export markets and reducing its trade deficits, these agreements hold particular importance. Soft power and global influence

• Cultural diplomacy

Hosting the G20 Summit provides India an unparalleled platform to showcase its cultural richness and diversity. Various cultural events, traditional performances, and exhibitions will be organised to acquaint global leaders and delegates with India’s long-standing heritage.

• Voicing global concerns

Another noteworthy aspect of hosting the Summit is the diplomatic mileage India will gain. As the host country, India has the opportunity to set a part of the agenda, allowing it to bring forward issues it deems crucial, like counter-terrorism measures, climate action, and global healthcare. This allows India to voice its concerns and viewpoints on a global scale, effectively leveraging the platform for its diplomatic and strategic goals. Infrastructure upgrades

• Physical infrastructure

In preparation for the Summit, significant investments have been made in infrastructure development, particularly in and around New Delhi. Upgrades to transportation systems, the construction of new facilities, and improvements to public services like sanitation are likely to have lasting benefits for the residents of the city.

• Digital infrastructure

Given the digital era we live in, substantial upgrades have also been made to the country’s digital infrastructure to ensure smooth communication and cyber-security during the Summit. These enhancements are expected to serve as a blueprint for future technology infrastructure projects in the country. Networking power

• Public-private partnerships

The hosting of the Summit encourages new forms of collaboration between the Indian government and the private sector. Many segments of the event, from logistics to technology solutions, are outsourced to local firms, providing them with international exposure and the experience of working on globally-significant projects.

• Building global alliances

Interactions during the Summit go beyond heads of states. CEOs, scholars, and leaders from civil society also get an opportunity to network. For India, this is an invaluable opportunity to build alliances that can further its economic and diplomatic initiatives. Sustainable development In line with global priorities, discussions on sustainable development and climate change will be at the forefront of the Summit. India, with its ambitious targets for renewable energy, stands to benefit from global partnerships and investments in clean technology. The country has also demonstrated its commitment to the Sustainable Development Goals (SDGs), making the Summit an apt platform to seek partnerships for sustainable growth. Conclusion

As India continues its quest for economic transformation, the G20 serves as both an endorsement and a challenge, making the journey ahead even more compelling.

India and Modinomics promise a future where the Indian economy is not just growing but is increasingly becoming a vital player in global economic discussions. This G20 Summit may set the tone for that future. While the immediate economic gains of the G20 are apparent, the long-term benefits are manifold and potentially transformative.

The writer is Founder AU Corporate Advisory & Legal Services. 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 .