G20 Summit: India’s development pitch

In a historic gathering, leaders from the world's wealthiest and most influential nations are set to convene at the two-day G20 Summit, scheduled to commence in India's capital, New Delhi, on September 9. This marks the first occasion that India p...

By ET Bureau | Sep 07, 2023, 01.07 AM IST

A heavy-duty agenda awaits leaders of the G20 nations — which together contribute over 80% to global output — when they meet this weekend in New Delhi. ET looks at the finance track of the G20, which focuses on key economic issues the world is grappling with.

Progress so far

FMs and central bank chiefs have had 4 meetings
10 issues, put forth by India, endorsed by membership
17 deliverables welcomed by the membership
Deputies have had 5 meetings, 18 working group meets

Key agenda items:
Multilateral Development Bank (MDB) reforms

Recommendations of NK Singh and Larry Summers-headed expert group lined up
New Delhi batted for making MDBs nimble-footed, 21st century-ready
Group’s 2nd volume to be presented at Oct meet

Financial inclusion and digital public infra

Financial Inclusion Action Plan is a key input from India’s Presidency to be carried forward
Use of digital tools was emphasised as key

Managing global debt vulnerabilities

New Delhi pushed for global debt roundtable
Proposed faster resolution to address concerns of debt-laden nations Backed a common framework with tailormade solutions for each country
China has some reservations on contours of global debt resolution framework

Financing cities of tomorrow

New Delhi prepared compendium of models to finance cities of future
This lays down various customisable tools to enhance institutional capacity
MDBs & Development Finance Institutions to identify pilot cases

Climate transition and finance

India pushed for country-driven assessment of macroeconomic impact
Backed country-specific transition pathway; ways of price & non-price tools
Proposed mobilising more resources to tackle climate transition
Solution for greater flow of private capital for climate transition
On Saudi concerns, text changed to “Just Transition”, dropped “climate” India pushed for ment Backed pathway
Push for increasing role of MDBs in mobilising funds for climate change

Food & energy insecurity

India’s presidency report to provide view of all members
Volatility of food grain prices, Black Sea Grain Initiative to be discussed
Russia opposed the inclusion of the issue in text or footnote

International taxation

India wants equal share in taxes on revenues of digital companies

Sustainable development goals

India proposed scaling up of social impact investment
Backed enhancing SDG-aligned financing

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G20 Summit: India’s development pitch

In a historic gathering, leaders from the world's wealthiest and most influential nations are set to convene at the two-day G20 Summit, scheduled to commence in India's capital, New Delhi, on September 9. This marks the first occasion that India p...

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