Diplomatic Dispatch- New G20 Troika | Current Affairs & Hindu Analysis: Daily, Weekly & Monthly - UPSC PDF Download

Introduction

• India's upcoming G20 presidency is significant because, for the first time, the "Troika" of countries working together to ensure continuity of the G20 agenda will be composed solely of developing nations. India's Prime Minister Modi is expected to prioritize issues that benefit poorer nations, in addition to addressing immediate concerns such as food and energy security, climate change, and more.
• Indonesia has already begun working on innovation, empowering vulnerable groups, and collaboration between developed and developing nations. India's priorities for its presidency include inclusive, equitable, and sustainable growth, women's empowerment, digital public infrastructure, tech-enabled development, climate financing, global food security, and energy security.

Overview of the G20

• The G20 is an annual gathering of leaders from the world's largest and fastest-growing economies, accounting for 85% of global GDP and two-thirds of the world's population. Initially established in response to the Asian Financial Crisis, the group provides a forum for discussing international financial and economic issues.
• The G20 has no permanent staff and is headed by a rotating presidency, with a G20 country organizing the next summit and smaller meetings for the coming year. The group's membership includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States, and the European Union.

Benefits of G20 Presidency

• India will hold the G20 presidency from December 2022 to November 2023, following Indonesia's turn. This presents an opportunity for India to propose and shape the global agenda and discourse, as the G20 represents over 80% of the world's GDP and plays a strategic role in securing global economic growth and prosperity. 
• India's leadership potential and diplomatic foresight in organizing such a significant event and achieving meaningful outcomes will be put to the test.

G20's relevance in changing times

• As globalization progresses and issues become increasingly interconnected, the G20 summits have expanded beyond macro-economy and trade to encompass a wide range of global issues affecting the global economy, such as development, climate change, energy, health, counter-terrorism, migration, and refugees. 
• The G20 has been committed to promoting an inclusive and sustainable world by contributing to resolving these issues. The group has facilitated increased participation of emerging countries in global issues, reformed international financial institutions, monitored national financial institutions, improved regulations of economies, and created safety nets to prevent future crises. Additionally, the G20 provided emergency funds during the 2008 crisis and continues to play an important role in financing for development.

Way Forward

• The leaders of the G20 countries have access to significant intellectual and analytical resources, and it would be beneficial for them to conduct a review of past mistakes and explore ways to address and prevent them in the future. It is suggested that the G20 should dedicate a session to addressing the problem of terrorism, which is a pressing issue with global implications.
• Focusing solely on economic growth without addressing the disparities across the globe and the power politics that create serious and lasting threats to human security globally may not be sufficient. Therefore, it is important to consider a broader perspective and address the root causes of these issues.