Time for India to take centre stage at G20: ICRIER

New Delhi: ICRIER kick-started its 13th flagship Annual International G20 Conference – “Global Economic Coordination in the Age of Pandemic: Views from the G20 Members” on Wednesday through an inaugural session with Shrimati Nirmala Sitharaman, Minister of Finance and Corporate Affairs of India, GoI, Shri Piyush Goyal, Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles and G-20 Sherpa of India, moderated by Dr. Rajiv Kumar, Vice Chairman, NITI Aayog. ICRIER’s three day conference (6-8th October) is aligned with the Italian Presidency theme ‘People, Planet and Prosperity’ and is a curtain raiser on issues and topics of global importance featuring deliberations among eminent national and international experts.

In her speech during the inaugural Session, Minister of Finance and Corporate Affairs of India, GoI, Shrimati Nirmala Sitharaman said, “The global crises today highlight the need to reinvigorate the multilateral system and the nature and composition of G20 and make it among the most able and appropriate forums to not only find solutions to the present pandemic but also be prepared for future challenges. It is interesting to note that the Presidencies of G20 up to the year 2025 are all emerging markets and this is an opportunity to realign the global agenda to include and balance concerns of developing countries and emerging markets.” She further added that, “With India ready to join the G20 Troika, there will be a renewed focus on financial inclusion in the G20 agenda.”

Since its inception in 1999 after the Asian Financial Crisis, G20 has become a leading forum of the world’s major economies both emerging and developed countries, which seeks to develop policies to address global challenges. ICRIER has been involved in research related to G20 issues since more than a decade and has been organising annual international conferences, prior to the G20 Summit. ICRIER’s 13th Annual G20 International Conference has been scheduled just just two months prior to India joining G20 Troika, as India prepares to assume the Presidency in 2023. India has been a member of the G20 since 1999, when the forum was first established.

Shri Piyush Goyal, Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles and G-20 Sherpa of India said, “India has converted the recent crisis into opportunity through AatmaNirbhar Bharat and should not view the pandemic through a narrow national prism. In response to the pandemic, India during 2020 developed bilateral agreements with countries like Japan and Australia to build supply chain resilience for long term sustainability of the global economy. He further added that, “India having pioneered food security, can help overcome food security issues in the countries facing the brunt of it.”

The Indian economy is one of the fastest growing economies in the world and accounts for 3.25 percent of the world’s GDP. It is therefore well positioned to take centre-stage in providing robust leadership and direction in the decision-making process of the G20 grouping, so that stability and equilibrium may be restored in the emerging global order in the aftermath of the pandemic. India’s capability in managing global development challenges like climate change, health and technological innovation through enhancing international collaborations has created favourable prospects for India to be at the centre-stage of the G20 forum. Given India’s consistent track record of commitment to working responsibly with international community and the pivotal role played in shaping the contours of post Covid-19 world has put India at the helm of playing a larger strategic role in the G20.

Shri Rajiv Kumar, Vice Chairman, NITI AAYOG, emphasised on the importance of G20 and said, “The G20 will not only be retained, but improve and grow in its importance amidst this global crisis. It is a very crucial time for India to be assuming the G20 presidency in 2023.”

Talking about ICRIER’s 13th Annual G20 conference, Mr. Pramod Bhasin, Chairman ICRIER said, “G20 bears the responsibility to chart the future course for global growth and governance. As India prepares to assume Presidency in two years, this year’s G20 conference of ICRIER aims to come up with critical inputs through deep deliberations and exchange of ideas. We have a great line-up of speakers this year and I hope that with this Conference, pressing issues affecting the global economy receive adequate and high level attention”

Dr. Deepak Mishra, Director and CE, ICRIER added “G20 rose from the ashes of the 1997/98 East Asian Crisis. It proved its relevance in 2008/09 by ensuring that the Global Financial Crisis did not lead to another Great Depression. So how did it perform during the Covid-19 pandemic? Our G-20 International Conference will offer a critical but constructive analysis of the past, present and future of G20’s role as one of the premier global economic coordinators of our time.”

ICRIER’s 13th Annual International G20 Conference has provided a platform for engaging eminent researchers, academicians and policymakers in rich debate on topics of relevance to the G20 Summit. Year after year, the conference has been extremely successful in facilitating exchange of ideas and views on a range of issues from financial architecture to sustainable development and future of work.