| 44 | | 45 | EDITOR’S SPECIAL ON G20 & INDIA’S PRESIDENCY India’s experiences in financial inclusion and electronic payments can provide insights for global solutions India’s G20 presidency to bolster inclusive economic growth India’s presidency of G20 could not have come at a more crucial juncture for the Indian business community. Presiding over the world’s biggest forum for global economic cooperation allows India to shape the international response to pressing issues like the global economic slowdown, post-COVID economic challenges, climate change and sustainable development. As the world grapples with multiple challenges, the global supply chain in manufacturing, which was so far centred on China, is now moving towards the China-PlusOne model. And it is here that India Inc. can play a big role through its expertise in manufacturing, technology and services. India is also an alternative sourcing destination for global MNCs given its huge and skilled manpower resources, investor-friendly government policies and country’s warm diplomatic and economic relations with both the West and the East. This also gives rise to an opportunity to attract overseas capital to help fund the required investments as India becomes a preferred manufacturing destination for global companies. Already, India received $87 billion worth of foreign capital in FY21, making it one of the most popular destinations for global investors. With the rapid economic and export-import growth in the last fewyears, India has been actively pursuing free trade deals with its key trading partners. The entire process of negotiations is likely to become easier and faster under the G20 presidency as there would be multiple opportunities for dialogue among stakeholders across the world. One of the biggest success stories scripted by India under the leadership of Mr Modi has been the rapid digital transformation in the country. From booking vaccination slots online and working remotely to digital banking and the Unified Payments Interface (UPI), there is a lot that India can share with the world. Indian companies are now well poised to realise the Prime Minister’s vision. The G20 yearly summit involves the heads of state while Sherpa meetings are carried out to negotiate and build consensus. India’s Sherpa Amitabh Kant, the former chief executive officer of the NITI Aayog, chaired the first Sherpa meeting in December 2022. The meeting has already set the stage for key conversations on some of the most pressing issues including green development, accelerating the implementation of the Sustainable Development Goals (SDGs), facilitating inclusive and resilient growth, multilateral reforms and technological transformation. “The challenges that we face today can be solved only by working together through hope, harmony and healing and our first concern should be towards those whose need is greatest. Therefore, we need to focus on the Global South as well,” Mr Kant said. “Today, the greatest challenges we face - climate change, terrorism, and pandemics - can be solved not by fighting each other, but only by acting together This will enable India’s corporate sector to attract global capital to fund its long-term growth and expansion. The global spotlight on India will also make it easier for Indian companies to enter new markets and emerge as global champions in their industry. The baton of the G20 presidency comes to India amid the war in Ukraine and western sanctions on Russia which has impacted global trade and economic growth. Also at stake is a global solution to climate change which threatens the survival of mankind itself. Given this, the world is now crying for a leadership that is impartial and neutral. India is well placed to provide this leadership given our growing economic heft, history of non-alignment and friendly global relations. Prime Minister Narendra Modi’s vision that India’s G20 presidency will be “inclusive, ambitious, decisive and action-oriented” clearly underlines India’s approach and philosophy towards the world. “Today, the greatest challenges we face - climate change, terrorism, and pandemics - can be solved not by fighting each other, but only by acting together. Fortunately, today’s technology also gives us the means to address problems on a humanity-wide scale. The massive virtual worlds that we inhabit today demonstrate the scalability of digital technologies,” Mr Modi has said. The presidency of G20, a grouping of the world’s 20 biggest economies, will therefore make it easier for India to export its success in sectors such as IT Services, green energy and pharmaceuticals and healthcare to the world. Affordable and high-quality digital connectivity is essential for the digital inclusion and digital transformation of other developing countries. It is here that India and Indian companies can play an important role by providing handholding to others. This is bound to open new growth avenues for domestic companies. “We have leveraged technology to create digital public goods that are open, inclusive and inter-operable. These have delivered revolutionary progress in fields as varied as social protection, financial inclusion, and electronic payments. For all these reasons, India’s experiences can provide insights for possible global solutions,” Mr Modi has said. G20 members represent more than 80% of the world’s Gross Domestic Product (GDP), 75% of international trade in goods & services, and 60% of the global population. Presiding over G20, the world’s biggest forum for economic cooperation gives India an opportunity to work towards sustainable and inclusive global economic growth. The last G20 Summit held in November 2022 in Indonesia underscored the value of digital technology for multiple sectors ranging from sustainable agriculture and trade to job creation and inclusive industrialisation. India has already proven its mettle by undertaking one of the world’s fastest and most comprehensive digital transformations in the last three years. The G20’s support of such initiatives under India’s presidency will accelerate adoption and allow developing countries to advance digital usage. Today, the world needs international collaboration to develop digital skills and digital literacy to harness the positive impacts of digital transformation, especially for women, girls, and underprivileged people. With the tech prowess of Indian companies, they are well poised to contribute to the world by building secure infrastructure and providing accessible and affordable resources and tools. India’s G20 presidency will be more than discussions, debates and development. It is set to show light to the world and make it a better place to live in at a time when it is required the most. •
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