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What's the article about?
- It discusses what to expect from India as the upcoming G20 president.
Relevance:
- GS2: IR- Important International Institutions, agencies and fora – their Structure, Mandate;
- GS3: Effects of Liberalisation on the Economy;
- Prelims
What's the crux of the article?
- India will assume the Presidency of the G20 for one year from December 1, 2022.
- G-20 grouping is perceived as being dominated by the richer countries or Global North.
- Thus India as President and troika member along with Indonesia & Italy should use this platform to raise the voice of The Global South.
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What is the G20 Troika?
What is the Global North and Global South Divide?
What is permacrisis?
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Analysis:
- Covid pandemic, climate change, fall-out of Russia’s invasion of Ukraine on energy and food security-made global economy unstable
- Advanced countries like the US are raising interest rates to combat inflation, triggering large and volatile capital flows, affecting the trade and current account balances of poorer countries, many of which are debt-ridden.
- Geopolitical tensions due to the Ukraine conflict have rendered G20 dysfunctional and threaten to split the world into “two trade blocs, two financial systems, two currency blocks.
Way Forward:
- India can emerge as a leader of the global south by dealing above mentioned challenges effectively.
- India can become a global food supplier. In this context, India has repeatedly highlighted how it has supplied food grain to many developing countries in need.
- For the poorer countries, more funds are needed to cope with the ravages of climate change. India must urge the richer countries to make good on their unfulfilled promise of providing $100 billion annually in climate finance.
