The BRICS nations have caught up with the G7 in terms of collective GDP, but still lag behind in terms of GDP per capita, according to the IMF.
India's G20 presidency has shaped its global future and brought the country to the forefront of the international stage, with discussions at the NDTV G20 Conclave focusing on energy transition, clean growth, digital economy, and India's rising global influence.
India, China, and Indonesia are predicted to have the largest working-age populations among G20 countries by 2030, indicating a shift in economic geography towards Eastern nations, according to a report by McKinsey, which also highlights the varying trends of sustainability and inclusion among G20 economies.
India's G20 Sherpa Amitabh Kant outlines India's positive agenda for the country's presidency of the G20, with a focus on digital transformation, infrastructure building, and women-led development. India has made significant achievements in areas such as housing, sanitation, water supply, and digital payments, and aims to promote inclusive growth, accelerate sustainable development goals, take climate action, and prioritize technological transformation and women's empowerment during its presidency.
The BRICS' economic output represents over 40% of the world's population and is predicted to reach 40% of global GDP by 2040, but skepticism remains about their effectiveness as a bloc due to differences in economic policy, China's dominant role, and conflicts among member countries.
A Pew survey reveals that while India is viewed favorably in most nations of the G20, the number of European residents with a positive view of India has declined in the past 15 years.
US Treasury Secretary Janet Yellen will attend the G20 leaders summit in New Delhi to focus on strengthening the global economy, supporting low- and middle-income countries, and building momentum for financing developing countries' clean energy transitions. She will also rally G20 allies to maintain economic support for Ukraine and deepen bilateral ties with India.
Indian Prime Minister Narendra Modi emphasized that the theme of India's G20 Presidency, 'Vasudhaiva Kutumbakam,' is not just a slogan but a comprehensive philosophy derived from the country's cultural ethos. He also highlighted the importance of including the African Union in the G20 and expressed his belief that India will soon be among the top three economies in the world. The G20 Summit, to be held in September, will see increased security measures with 1,500 Delhi Police personnel deployed outside the venue.
India is hosting the G20 Summit in 2023, leading to the beautification of Delhi and temporary train and flight cancellations.
Indian Prime Minister Narendra Modi discussed India's achievements during its presidency of the G20, highlighting its human-centric model of development and its response to the pandemic, which has gained recognition and appreciation from the international community; he also emphasized the importance of including the Global South and Africa in global affairs and addressing their needs. Additionally, Modi noted India's efforts in promoting renewable energy and the democratization of technology, while acknowledging the challenges of cybercrime and the need for global cooperation. He expressed confidence in India's future economic growth and its potential to become one of the top three economies in the world by 2030 and a developed country by 2047.
Nigeria is considering joining the G20, as President Bola Tinubu attends the G20 summit in India to promote foreign investment and encourage economic reforms.
The proposed expansion of the BRICS grouping to include Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates will increase the group's share of global GDP to 30% and its population share to 46%, with Saudi Arabia contributing the most at 4%.
The absence of President Xi Jinping from the G20 summit and the expansion of the Brics bloc highlight the declining interest of non-Western powers in Western-led institutions, signaling a shift towards alternative economic and financial arrangements.
The Indian government is taking a different approach to the G20 summit, aiming to make it a national endeavor and involve different parts of the country, according to External Affairs Minister S Jaishankar.
India's hosting of the G20 summit highlights its growing power, but Prime Minister Narendra Modi's divisive religious politics threatens its rise.
India's G20 presidency may be seen as a failure in terms of achieving global consensus, but it has been successful in boosting India's image, promoting its leadership in the "global south," and enhancing the personality cult of Prime Minister Narendra Modi domestically.
President Joe Biden will attend the Group of 20 (G20) summit in India as a supporter, even as the US acknowledges that India's interests may diverge from Washington's, with India seeking to emphasize development issues and bridge the concerns of the world's largest economies with those of the Global South.
President Biden aims to use the G20 summit as an opportunity to strengthen the U.S.'s position as the leader of the global system, boost funding for the World Bank, and counterbalance China's Belt and Road Initiative; meanwhile, a potential strike looms for General Motors and Ford, and the Federal Reserve plans to maintain interest rates while addressing inflation concerns.
The Group of 20 (G20) is an international organization that aims to unite world leaders around shared economic, political, and health challenges, with its members representing more than 80 percent of the world's economic output. The annual G20 summit brings together finance ministers and heads of state to discuss and address key issues, often culminating in a joint statement of collective action.
UK Prime Minister Rishi Sunak believes that the G20 leaders can address the enormous challenges facing the world and provide leadership, as he attends the summit in Delhi alongside Prime Minister Narendra Modi, who emphasized India's inclusive approach to the G20 presidency and proposed granting the African Union permanent membership.
The G20 reached a consensus and adopted the New Delhi Leaders Summit Declaration, which called for upholding international law, peaceful conflict resolution, and diplomacy.
Saudi Arabia's membership in the G20 is a reflection of its growing importance in global energy exports, international trade, and financial resources, as well as its impact on the global economy and its commitment to stability and development.
India has spent ₹4,100 crore on hosting the G20 summit, four times the amount allocated in the budget, while other countries have spent significantly less on previous summits.
G20 leaders have arrived in Delhi, India for the annual summit, where they will discuss global issues such as inclusive growth, digital innovation, and climate resilience.
The African Union's membership in the G20 will provide an opportunity for the continent to make a significant contribution to addressing global challenges, according to AU Commission head Moussa Faki Mahamat.
The G20 warns of significant headwinds and potential crises impacting the global economy, with concerns over tightening financial conditions, debt vulnerabilities, inflation, and geopolitical tensions.
The G20 in India will be remembered for its historic achievements, including bringing the African Union to the table and creating a global bio-fuel alliance, according to Union Minister Hardeep Singh Puri.
The G20 summit in New Delhi showcased India's growing economic and geopolitical influence, but also highlighted concerns about the country's Hindu nationalist government and its approach to press freedom as journalists were largely restricted from covering the event.
India, along with the US and Europe, successfully countered China's global influence at the recent G20 summit, bolstering India's rising power and giving a boost to the US-led world order.
Leaders of the G20 summit in India overcame divisions on the Ukraine war and admitted the African Union to the bloc, while also announcing plans for a transport corridor and incremental progress on climate change.
The G20 leaders have made a commitment to accelerate reforms of multilateral development banks (MDBs) in order to address global challenges and maximize developmental impact, with a focus on the needs of low- and middle-income countries. India, as the outgoing G20 President, has emphasized the need for MDBs to be more sensitive to the changing developmental needs of the 21st century, particularly in relation to climate change. A panel of experts has been set up to craft these reforms, which include tripling sustainable lending levels by 2030 and creating new funding mechanisms. The G20 has also called for ambitious implementation of a roadmap on the capital adequacy framework of MDBs, which could unlock $200 billion worth of extra funding potential.
A new multibillion-dollar rail and shipping corridor called the India-Middle East-Europe Economic Corridor was announced at the G20 summit, which aims to enhance connectivity and integration between participating countries and boost economic growth in the Middle East.
The G20 summit in India is expected to deliver a group agreement on the need for stricter global regulation on crypto assets, but the underlying fractures and shifting allegiances may render the focus more noise than substance.
The Indian G20 Sherpa Amitabh Kant achieved a historic moment at the G20 Summit by securing 100% consensus on all issues, demonstrating India's ability to bridge between emerging markets and developed countries and bringing multilateralism back to center stage.
The global economy is slowing down, but India and other developing countries are experiencing strong growth, while the G7 countries and China are struggling; however, the growth in developing countries is being engineered under conservative fiscal conditions, making it more sustainable, in contrast to the debt-fueled growth in the West and China. China's economic model is facing challenges, as it needs to shift from an investment-based model to a consumption-based one, but it lacks the administrative capacity to provide necessary services to its citizens. The world economy is experiencing a redistribution of power, with rising middle powers playing major powers against each other to secure concessions. While the world economy slows down, there are signs of improvement for individuals, with real wages turning positive in Western countries and labor's bargaining power increasing.
The G20 summit in New Delhi saw the admission of the African Union, the launch of the India-Middle East-Europe Economic Corridor, and an absence of Xi Jinping and Vladimir Putin, signaling shifts in the international order and a move towards more inclusive organizations; however, Pakistan must address its internal issues to participate in these global trade networks and have its voice heard on issues like Kashmir.
The UN General Assembly witnessed a shift in global power dynamics as smaller groups and alternative venues, such as the G20 and G7, gain prominence due to geopolitical tensions, the war in Ukraine, and the outdated structure of the UN Security Council.
