Vasudev Kutumbukum message delivered through G 20
Current Situation:
- With the goal of being inclusive, ambitious, definite, and action-oriented while highlighting the nation’s strong commitment to democracy and multilateralism, India has announced that it would host the G-20 summit.
- Collective action and inclusive engagement between established and emerging economies are key G20 concepts. And having India lead the intergovernmental conference is unquestionably a turning point in the search for workable, universal solutions.
G20 as a platform for broadly promoting and expanding India’s economy and rich cultural heritage:
- Under India’s G20 presidency, the Startup20 Engagement Group will be created for the first time, recognising the importance of startups in fostering innovation in response to a fast evolving global environment.
- It strengthens inclusive growth even further.
- As more than 200 meetings will be held at the summit in 60 different places, spanning the whole nation.
- This would aid these cities with infrastructure development, women’s empowerment, developing a startup environment, boosting commerce and investment, and fueling tourism. It will also give G20 delegates and guests a look of India’s rich cultural legacy.
- Under a clear framework, the ongoing debates and their results will serve as worldwide benchmarks for tracking advancement in crucial priority areas.
- India’s voice for global interconnectedness and inclusivity.
The development of digital infrastructure is the G20’s main area of attention:
- India has unlocked the ability to address the disparity between the different segments of the population and promote inclusive growth through its numerous programmes.
- The Unified Payments Interface (UPI), which had a volume gain of 58% year over year this year, is a great illustration of India’s achievement in building its digital infrastructure.
- It is possible to present the country’s focus on its expertise with digital public infrastructure in enabling equitable growth as a worldwide solution for other emerging countries.
Strengthening the global governance vision:
- Financial institutions are essential to accelerating India’s digital development. The nation has benefited greatly from digital initiatives, which have encouraged public engagement and provided efficient digital services.
- The smooth delivery of critical services, economic growth, and the development of a more diverse digital economy have all been made possible through digital pathways.
- To make sure that everyone can profit from a data-driven economy, suitable models of governance and regulation are required.
- To advance global governance, India may collaborate with other emerging and least developed countries to share its technology and vision.
Reforming international financial institutions:
- In order to ensure that individuals in need of financing have access to it, multilateral financial institutions should also be changed.
- The G20 countries want to make multilateral development banks (MDBs) more flexible so they can respond quickly to debt and debt-related issues and take on the problems of the twenty-first century.
- Establishing a global regulatory framework for crypto assets outside of the purview of central banks will be another crucial step.
About climate change and its effects:
- Natural calamities are being brought on by climate change on a massive scale. Both human existence and the biodiversity of our world have been hampered by this.
- India needs to take the global lead in sustainability right now. The modern world can learn a lot from the ways we traditionally live in harmony with the environment.
- Building cities for the future, developing infrastructure that is climate resilient, developing new techniques for growing food, and developing economic systems that strike a balance between growth and sustainability must therefore take precedence.
Encouraging a sustainable way of life:
- India can demonstrate what a sustainability-first economy actually looks like by leveraging its technological advantages and inherent awareness of digital innovation and circularity.
- Both artificial intelligence and several sustainability principles can be used to create a greener and still more wealthy India.
- One of the main forces behind sustainable growth, employment, and living standards is the global value chains (GVCs), and low-carbon manufacturing is now viewed as a competitive advantage. India has always been a leader in inexpensive innovation, and our enormous talent pool has the capacity to tackle such new economic sectors.
- Due to India’s goal of being net zero by 2070, top Indian corporations have already begun studying net zero ambitions in-depth. At the same time, help is required for India’s massive MSME sector, which employs a large portion of the population. We must be aware that developing a low-carbon economy requires labour and expertise, and that imposing strict climate regulations may have a significant adverse effect on livelihoods.
Conclusion:
- As a result, India’s G20 Presidency strives to steer the globe through tumultuous times in a sustainable, all-encompassing, accountable, and inclusive way while pursuing just and equitable growth for all.
- To live in peace with the local ecology and promote the genuine meaning of “vasudhaiva kutumbakam” (One Earth, One Family, One Future), a novel method must be used.
