Will India Advance in Trade Under India's G20 Presidency?

ABSTRACT: On December 1, India will take over the G20 leadership at

a pivotal time in world affairs. India has the chance to lead one of the
more effective multilateral platforms for global governance during
this chairmanship. The importance of India's president cannot be
overstated. The major problems that humanity is currently facing are
global in scope, transcend national borders, and necessitate group
effort. These problems require multinational efforts to be solved.
Despite this, multilateralism is deteriorating. Multilateralism's flaws
have been highlighted by the inability to contain the COVID-19
outbreak and prevent the Russia-Ukraine war. The Indian Presidency
presents a chance to resurrect multilateralism. In order to achieve
the Sustainable Development Goals, global governance can be
directed by India by guiding the development of alternative
international organisations. These institutions can better reflect the
realities of the twenty-first century.

INTRODUCTION: Due to their overwhelming influence in determining

the international rules governing cooperation, trade, and finance,
global governance is biassed in favour of industrialised economies.
This has negatively impacted the capacity of global governance to
provide real solutions that empower the constituents in the Global
South to address the basic problems with development, trade, and
security. India should use its G20 leadership as a chance to re-
examine international negotiation procedures and create parity. In
the upcoming year, the G20 troika will consist of three growing
economies: Brazil, India, and Indonesia. Indonesia previously served
as chair (the incoming chair). This troika must be included in the
roadmap for India's G20 agenda in order to address the problems of
the developing world in a focused and cohesive manner and to
provide greater agency for those nations that are not represented
among the G20 members. Geopolitical tensions between the West
and Russia made the G20 less cooperative, which was a loss for
Indonesia's leadership. The legitimacy of the G20 has been
questioned by this crack. India's neutral posture in the Russia-
Ukraine conflict raises the possibility that it could persuade both
parties to attend the G20 meetings and break the current impasse.

India must come up with innovative ways to overcome these

geopolitical divides and open the path for dialogue centred on
cooperation and shared prosperity. In fact, one may anticipate that
India's presidency would influence the formulation of a clear G20
position on the conflict between Russia and Ukraine.

Priorities for India's G20 presidency include inclusive, equitable, and

sustainable growth, LiFE (lifestyle for the environment), women's
empowerment, digital public infrastructure, skill-mapping, disaster
risk reduction and resilience, global food security, energy security,
green hydrogen, disaster risk reduction and resilience,
developmental cooperation, and the fight against ag. In the wake of
the pandemic and the Russia-Ukraine war, India will be in charge of
leading collective action to re-establish global economic and financial
stability as the G20's next chair. The food and fuel difficulties brought
on by the fighting are just getting worse. The creation of a solid plan
for a durable rebound of economic growth and recalibrating the
action plan for attaining the 2030 SDG Agenda would be priorities for
India's presidency.

REVIEW OF LITERATURE:

BODY OF THE PROJECT:

India will also need to give the inclusion of sustainable lifestyles in

international climate action top priority. Mission LiFE, a three-
pronged initiative for collecting climate action, was introduced by
India and the UN in October 2022. The first step entails encouraging
people to change their behaviour in order to alter the makeup of
demand; the second step entails encouraging business and market
participants to act quickly in response to the altered demand; and
the third step entails the government and policymakers reviewing
their approach to promoting more rapid sustainable consumption
and production. Mission LiFE has received backing from several G20
nations, including France, the UK, and Argentina, and India can use
its leadership to sway other members of the grouping. The G20 must
focus its efforts on creating a strong policy, as well as a regulatory,
institutional, and market environment, in order to hasten the shift
from the current "brown" economy to a more sustainable and low-
carbon one. Climate change mitigation issues have dominated
international discussions on the subject, with climate adaptation
receiving insufficient attention. The amount of climate funding that is
provided to developing countries also falls far short of what is
required for them to take adequate and prompt action on climate
change. It is anticipated that India's G20 leadership will support
developing countries' efforts to address the climate catastrophe. The
international financial and monetary system is still susceptible to
external shocks, particularly for emerging markets and developing
economies. The Framework Working Group reviewed the risks to the
economy and the optimal methods for balancing monetary and fiscal
policy in 2022, particularly in light of the constrained fiscal space and
the high volatility of the financial markets. Global macroeconomic
stability is still a top priority for India's G20 agenda. Stormy-Annika
Milder outlines how India's G20 presidency may concentrate on
three important areas: global health architecture, digital
transformation, and sustainable energy transition—despite
geopolitical tensions and conflicting interests. Ensuring fair economic
recovery is one of the most important worldwide concerns in the
post-pandemic and post-war age. This can be accomplished by
coordinated efforts to maintain the multilateral trading system,
provide open supply chains to enable the movement of key
commodities, and diversify investment and production. In order to
create an inclusive and sustainable multilateral economic system,
India's G20 presidency would be crucial. Heribert Dieter highlights
the difficulties the organisation is likely to confront under India's
presidency and how it can serve as a neutral platform for direct
discussions between the West and other nations.