INDIA'S SUMMIT

INDIA IS USING THE G20 PRESIDENCY AND ITS GROWING ECONOMIC CLOUT TO TAKE UP GLOBAL ISSUES AND IS TURNING INTO A CREDIBLE VOICE TO BRIDGE THE NORTH-SOUTH DIVIDE ON WIDE-RANGING ISSUES SUCH AS ACCELERATING SDGS AND REFORM OF MULTILATERAL DEVELOPMENT BANKS

- SURABHI

DELHI SEEMS TO be in a state of anticipation. Renovation work is being carried out at a frenetic pace across the city—roads and pavements are being repaired, LED lights are being installed, gardens, fountains and sculptures are being put up at prominent traffic islands and a state-of-the-art international exhibition-cum-convention centre has been built at Pragati Maidan at a cost of ₹2,700 crore. The centre, inaugurated by Prime

Minister Narendra Modi on July 26, will host world leaders such as US President Joe Biden and British Prime Minister Rishi Sunak at the G20 Leaders’ Summit on September 9-10. The event will mark the culmination of India’s year-long presidency of the G20.

The beautification of the capital may seem superfluous, but the bigger tangible gain for India this year has been the ability to showcase itself as an emerging economic superpower, with recent data and reports hailing it as a force to reckon with.

For instance, Morgan Stanley has upgraded India to ‘overweight’ and strategists at the brokerage believe that India is at the start of a “long wave boom” even as China may be ending one. S&P Global expects India to grow 6.7 per cent per year from FY24 to FY31, catapulting GDP to $6.7 trillion from $3.4 trillion in FY23.

And India seems to be combining this growing economic clout with its G20 presidency to make its tryst with history as it takes up difficult and urgent issues that require global attention. Countries across the world are trying to repair the damage from the twin shocks of the Covid-19 pandemic and the Russia-Ukraine war and move to a new normal of slower growth, higher inflation, widening socioeconomic disparities and extreme weather-related events.