India’s year-long presidency of the Group of Twenty (G20) offered a significant opportunity to rejuvenate and boost its economy, which had been severely impacted by the COVID-19 pandemic and the ensuing global recession. India’s G20 Sherpa, Amitabh Kant, rightly described G20 as an avenue to provide a healing touch to the world during times of challenges. It was a momentous period that transformed India’s role on the global stage, shifting the world’s focus from Europe and Asia to the Global South.

India’s G20 presidency was a unique and opportune moment for businesses to showcase their potential and actively contribute to global economic growth and stability. Amitabh Kant, India’s G20 Sherpa, praised the New Delhi G20 declaration for its inclusivity and consensus on developmental issues, even amidst conflicts like the Russia-Ukraine crisis. He highlighted the green development pact, which presented an opportunity for India’s automotive sector to become a global leader in electric and sustainable mobility.

India’s Presidency of G20 also shifted the world’s focus from Europe, and Asia to the Global South. Amitabh Kant consistently emphasized the importance of the Global South at the G20 meetings, recognizing that the challenges faced by the 70 countries suffering from a debt crisis have a spiraling impact on other parts of the world. Prime Minister Narendra Modi echoed this sentiment, stating that India should be the voice of the Global South and care for the citizens of the world.

G20 is not just about the world’s 20 largest economies; it’s about transforming the world. The New Delhi Declaration adopted by the G20 leaders focused on strong and sustainable growth, accelerating progress on sustainable development goals, a green development pact, and reinvigorating multilateralism.

Amitabh Kant, asserted that today’s era must be marked as the golden age of human-centric globalization, and India’s G20 Presidency, under the leadership of Prime Minister Narendra Modi, tirelessly worked towards this goal. The G20 Declaration was historical and path-breaking, demonstrating Prime Minister Modi’s leadership in today’s world.

The G20, a premier international forum that brings together leaders from the world’s largest economies to discuss and coordinate on issues related to global economic growth and stability, provided a vital platform for India’s economic recovery. Through its G20 Presidency, India leveraged international cooperation, attracted investments, implemented economic reforms, and advocated for policies that aligned with its recovery objectives. This effort allowed India to navigate the challenges of the pandemic and the global recession, setting the stage for a more robust and resilient economic future.

The G20 Declaration reflected India’s foreign policy priorities and the nature of its relationships with key actors. It also had implications for bilateral ties, particularly with the US, Russia, and China, and reinforced India’s quest to bethe voice of the Global South. At a time when the international system faced bleak challenges, India’s G20 Presidency contributed to efforts to revive reformed multilateralism.

The G20, originally formed in response to the Southeast Asian financial crisis in the late 1990s, has evolved into an intergovernmental forum that includes the world’s major developed and developing economies. Its upgrading in 2007 to include heads of state and governments enabled coordinated efforts during the 2008 global financial crisis, which helped restore economic growth. Today, it comprises 21 countries across continents and the European Union, representing around 85% of the world’s GDP.

India’s achievements during its G20 Presidency hold significant potential for global benefits, particularly in the domains of digital public infrastructure and technological transformation. India has made remarkable progress in digital identity creation, opening a large number of bank accounts, empowering citizens with data, and facilitating fast payments. These achievements are not only beneficial for India but also serve as valuable lessons for other nations seeking digital advancement.

The impact of the G20 on Indian entrepreneurs and businesses cannot be underestimated. India, in its pursuit of a $5 trillion economy, found the G20 to be an exceptional opportunity for businesses. Here’s how India’s G20 Presidency can aid its economic recovery by unlocking global impact and charting new paths to future opportunities:

Global Partnerships: India’s G20 presidency offered a platform to forge strategic partnerships and alliances. Businesses could leverage these relationships to access global markets, expand their customer base, and collaborate on research and development initiatives. Building international networks and partnerships was crucial for scaling businesses and exploring new growth avenues.

Global Economic Stability: G20 addresses financial stability and regulatory reforms. Stable financial markets and well-regulated institutions are essential for businesses to access capital and manage financial risks. This stability is crucial for Indian businesses that engage in international trade and investments, as it reduces uncertainty and risks.