The Indian Presidency and G20’s Future Agenda

Abstract

AbstractThe global economy has undergone a massive shock due to the COVID-19 pandemic and the Russian invasion of Ukraine. In the aftermath of the global financial crisis, the agenda in the G20 focused on the recovery of the global economy and on fiscal and monetary policies and financial regulation. By the Japanese Presidency summit, the G20 successfully completed ten years since the global financial crisis, and though the summit managed to distance itself from the crisis, there were still downside risks due to global tension emanating from trade wars and geopolitical issues. The global economy faced a much deeper downturn in 2020 than what occurred in 2008, which led to the elevation of the G20 to the summit level. In response to the current COVID-19 crisis, the G20 has taken some measures; however, the response so far has fallen short of what was needed, and more needed to be done. The Italian Presidency chose People, Planet, and Prosperity as the theme for their presidency. The problems that beset the global economy in 2021 included debt, poverty and inequality, access to vaccines, and climate. The Indonesian presidency focused son recovery through Recover Together Recover Stronger. This chapter discusses the problems that beset the global economy in light of the ongoing humanitarian crisis and suggest agendas that India could pursue in its own Presidency in 2023.