India's presidency of the G20 Summit in 2023 marked a historic moment in the history. Under India's leadership, this global forum achieved unprecedented success in addressing pressing global issues. The summit prioritized key themes, including sustainable development, climate change, economic recovery, and global health.
India's presidency showcased its commitment to multilateral diplomacy and its ability to navigate complex global issues. The summit's outcomes laid a strong foundation for a more inclusive, sustainable, and resilient world, solidifying its place in history as the most successful G20 Summit to date.
This has been the most ambitious G20 presidency in history. With 112 outcomes and presidency documents, India has more than doubled the substantive work from previous presidencies.
As the premier forum for international economic cooperation, the Group of Twenty (G20) plays a critical role in steering the global economy through the significant challenges it faces. The G20 brings together the world's major and systemically important economies. Its members represent 85% of global GDP, 75% of international trade and two-thirds of the world's population.
The members of the G20 are: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, the United Kingdom, the United States, and the European Union.
The Prime Minister, Shri Narendra Modi had expressed confidence that the New Delhi G20 Summit will chart a new path in the human-centric and inclusive development. He emphasized that India’s G20 Presidency has been inclusive, ambitious, decisive, and action-oriented where the developmental concerns of the Global South have been actively voiced.
Launch of the Global Biofuel Alliance (GBA)
Prime Minister Shri Narendra Modi along with the leaders of Singapore, Bangladesh, Italy, USA, Brazil, Argentina, Mauritius and UAE, launched the Global Biofuel Alliance on the sidelines of the G20 Summit in New Delhi.
The Global Biofuel Alliance (GBA) is an initiative by India as the G20 Chair. The Alliance intends to expedite the global uptake of biofuels through facilitating technology advancements, intensifying utilization of sustainable biofuels, shaping robust standard setting and certification through the participation of a wide spectrum of stakeholders. The alliance will also act as a central repository of knowledge and an expert hub. GBA aims to serve as a catalytic platform, fostering global collaboration for the advancement and widespread adoption of biofuels.
World Bank Praises India's Financial Inclusion
The G20 document prepared by the World Bank shared a very interest point on India's growth. The Prime Minister, Shri Narendra Modi shared finding of World Bank that the bank included in it's G20 document that India has achieved financial inclusion targets in just 6 years which would otherwise have taken at least 47 long years.
Partnership for Global Infrastructure and Investment (PGII) & India-Middle East-Europe Economic Corridor (IMEC)
Prime Minister Shri Narendra Modi and the President of USA, H.E. Mr. Joe Biden co-chaired a special event on Partnership for Global Infrastructure and Investment (PGII) and India-Middle East-Europe Economic Corridor (IMEC) on the sidelines of the G20 Summit in New Delhi. The event aimed at unlocking greater investment for infrastructure development and strengthening connectivity in its various dimensions between India, Middle East and Europe.
The IMEC comprises an Eastern Corridor connecting India to the Gulf region and a Northern Corridor connecting the Gulf region to Europe. It will include a railway and ship-rail transit network and road transport routes. The MOU on IMEC was signed by India, USA, Saudi Arabia, UAE, European Union, Italy, France and Germany.
The African Union Joins G20
The inclusion of the African Union as a permanent member in the G20 top world economies marks a significant development in the global political landscape. Indian Prime Minister Narendra Modi's announcement on this matter demonstrates a commitment to amplifying the voices of countries from the Global South, which has been a focal point during his tenure as host of the annual G20 summit.
This decision acknowledges the growing importance of African nations in the global economy and their role in shaping international policies and discussions. It reflects a shift towards greater representation and inclusivity within the G20, a forum historically dominated by major Western economies.
India passes the gavel to Brazil
Prime Minister Narendra Modi passed the symbolic gavel of the G20 to Brazilian President Luiz Inacio Lula da Silva. This significant gesture marked the transition of leadership within the G20, as Brazil prepared to formally assume the G20 Presidency on December 1 of that year.
Prime Minister Modi's act not only demonstrated diplomatic continuity but also emphasized the importance of international cooperation in addressing global challenges. During this exchange, he reaffirmed India's commitment to the G20's objectives and offered unwavering support to Brazil in its upcoming role as chair.