India (Commonwealth Union)_ The G20 Summit 2023 unfolded over two days in the national capital, New Delhi, with the participation of heads of state from the world’s leading economies. At the summit, the Group of 20 (G20) reached a significant milestone during India’s presidency as they adopted the New Delhi Leaders Summit Declaration following a consensus among member states. This declaration was formally adopted on Saturday, and subsequent to its adoption, the government held a media conference to highlight the accomplishments under India’s G20 leadership.
The G20 summit convened under India’s presidency marked the successful adoption of the Delhi Declaration, a significant achievement after Prime Minister Narendra Modi confirmed that a consensus had been reached among member nations. Prime Minister Modi, who chaired the G20 sessions, acknowledged and commended the dedication of the Sherpas and ministers who tirelessly worked towards forging this consensus. The Declaration emphasizes the importance of fostering strong, sustainable, balanced, and inclusive growth, making special note of the complex geopolitical backdrop, including the Russia-Ukraine conflict.
Addressing the summit, Prime Minister Modi shared the gratifying news that consensus had been achieved on the New Delhi G20 Leaders Summit Declaration, crediting the hard work of their teams and international cooperation. He said, “Have just got the good news that due to the hard work of our teams and your cooperation, a consensus has been reached on the New Delhi G20 Leaders Summit Declaration.” India’s G20 Sherpa, Amitabh Kant, hailed the Delhi Declaration as historic and groundbreaking, noting unanimous consensus on all developmental and geopolitical matters.
Finance Minister Nirmala Sitharaman emphasized the presidency’s achievement in crafting solutions resonating with each G20 member, offering a shared path forward. Many outcomes of India’s presidency encompass comprehensive strategies designed to benefit all developing nations. Sitharaman explained several significant outcomes, including the strengthening of multilateral development banks, collective efforts to enhance the World Bank’s financing capacity, and endorsement of a G20 roadmap for implementing recommendations on the capital adequacy framework for these banks, potentially unlocking an additional $200 billion in lending headroom over the next decade.
The global call for clearer policies and regulation in the cryptocurrency realm gained momentum during India’s presidency, along with recommendations addressing financial inclusion and productivity gains through digital infrastructure. Importantly, a consensus was reached on a debt relief framework for Zambia, Ghana, and Ethiopia, with financing for sustainable, resilient cities being integrated into the framework and made available through multilateral development banks. Progress in international taxation was also noted, particularly in the exchange of information on immovable properties, reflecting the G20’s commitment to effective tax cooperation.
The Minister of External Affairs, S. Jaishankar, expressed satisfaction that the African Union had become a permanent member within the G20. According to G20 sherpa Amitabh Kant, the Delhi Declaration, consisting of 83 paragraphs, secured unanimous consensus across all member countries, underscoring India’s ability to bring diverse nations to the same table without any need for footnotes or chair’s summaries. India’s presidency culminated in a significant green development pact, emphasizing financing, greenhouse gas emissions reduction, a global biofuel alliance, sustainable development, and combating plastic pollution, all achieved with the collective commitment of every participating country. The agenda also focused on sustainable development, health, education, inclusive growth, women’s empowerment, and overall well-being.
Regarding global grain movement, particularly from Russia and Ukraine, Finance Minister Sitharaman highlighted its potential to mitigate inflation, although local inflation remains susceptible to monsoon variations and supply-side issues. In sum, India’s presidency of the G20 witnessed remarkable achievements and widespread consensus, reflecting a collaborative effort towards addressing global challenges and promoting sustainable development. Concluding the G20 summit in New Delhi on Sunday, Indian Prime Minister Narendra Modi handed over the ceremonial gavel to Brazil, which will assume the G20 presidency next year. Modi said, “I want to congratulate Brazil’s president and my friend Lula da Silva, and hand over the presidency’s gavel to him”.
