The Inadequacy of G20 and its Need to Initiate a Reformulation of Development

Abstract

The G20’s primary focus is ensuring economic growth and global financial stability, which has in time expanded to include the concerns of climate change, sustainability etc as well. But the currently dominant conceptualization of ‘growth’ and ‘development’ is the primary reason for these major issues like the looming climate catastrophe, humongous disparities in wealth, extremism born of disaffection, etc. On top of it, the G20 is also marred by severe underrepresentation of countries which is a serious issue, given the powerful influence of the group over global economics. As such, this forum is not suited for discussing sustainability and inclusiveness because its core concern is the anti-thesis of these objectives. However, if the group is willing to engage in serious reformulation of what growth and development means, it is an apt platform very well suited for the task. The world is currently under a transitionary phase when the evident failure of west’s modernist paradigm is creating space for alternative knowledge systems to come to the fore. G20 countries should use this as an opportunity to create alternative paradigms. India should urgently re-engage with its own ancient knowledge which contains the key to addressing pressing concerns.