At G20 Summit 2023, milestones achieved by Bharat will be critical milestone in its global leadership role with its G20 presidency. India is directing conversations and actions among the main economies of the globe to handle complex challenges as it assumes the presidency for the first time. Summit was conducted on 9th and 10th September at Bharatmandapam. Some important decisions or moves taken by summit we will discuss below
Entry of African Union in G20
Now G20 will be called G21 as PM Modi proposed and approved membership of African Union in G20 Summit with the support and consent of other members of G20 countries. African Union is a union of 55 African countries. In G20 Summit PM Modi invited by saying that as per previous discussion and support from all G20 members he invites African Union to be part of G20 membership. Then PM Modi invited and hugged to Azali Assoumani, chairperson of African Union and welcomed him to summit.
Multilateral Lender Reforms
Indian Prime Minister Narendra Modi advocated for extending the authority of multilateral lenders like the World Bank during the G20 summit in New Delhi declaration. The summit’s main objective was to urge for institutional reform and more funding for these organizations. In the midst of tensions over Russia’s conflict in Ukraine, Western nations’ desire to forge relationships with developing nations played a role.
In order to expand the role of multilateral development banks, Modi highlighted the necessity for quick and decisive action. India, which represents the developing nations of the Global South, has led the G20 with an ambitious financial agenda. In addition to reforming international banks, this agenda calls for regulating cryptocurrencies and creating a mechanism for debt restructuring in highly indebted nations.
The European Union and the United States are urging reforms within the World Bank, and Modi’s call is consistent with their demands. These changes are essential for helping developing countries switch from fossil fuels to green technologies. Washington is particularly concerned about China’s expanding bilateral lending, which might improve relations with the Global South on a diplomatic level.
The World Bank’s lending capacity to middle- and low-income nations would be increased by $25 billion, with the potential to reach over $100 billion with additional pledges, according to US Vice President Joe Biden. The US might oppose the EU’s plan to give poor nations more sway within the lender if it gives China a bigger voting stake.
The G20 leaders came to an agreement on a joint statement pushing multilateral development banks to improve their goals, financial incentives, and resources from disclosure of New Delhi declaration by leaders . The statement stressed increasing the availability of concessional financing to increase the World Bank’s assistance to low- and middle-income countries, but it did not provide any information on the magnitude or timing of the increases.
In order to boost the world economy and aid the poorest nations, IMF head Kristalina Georgieva also argued for raising the fund’s loan quota. Leaders agreed to review this quota by December 15 of that year.
Technology of Bharat at Bharatmandapam
At Bharat Mandapam, there will be a exceptional international project called the ‘Culture Corridor – G20 Digital Museum’ which addressed incredible technologies of Bharat at G20 Summit 2023. This corridor will celebrate the shared cultural heritage of G20 member nations and invitee countries. It will incorporate iconic and notable cultural objects and heritage of the G20 members and 9 invitee countries.
The Culture Corridor will serve as a dynamic platform for promoting understanding, appreciation of diverse cultures, knowledge sharing, inclusivity, equality, and building a sense of shared identity to the leaders of G20 Summit 2023.
Digital India experience zone
The digital India experience zone in halls 4 and 14 will provide visitors a chance to learn firsthand about India’s technology potential. Key Digital India initiatives including Aadhaar, DigiLocker, UPI, eSanjeevani, DIKSHA, Bhashini, ONDC, and Ask GITA will be discussed in detail.
Ask GITA, which stands for Guidance, Inspiration, Transformation, and Action, fuses sophisticated AI technology with age-old Bhagavad Gita knowledge. The zone would also include government programs including MyGov, CoWIN, UMANG, JanDhan, eNAM, GSTN, and FastTag.
RBI’s innovation pavilion
At the G20 Summit, the Reserve Bank of India (RBI) will showcase cutting-edge financial innovations that have the potential to transform the financial environment. Products showcasing distinct facets of Indian financial innovation will be included. These include Central Bank Digital Currency, Public Tech Platform for Frictionless Credit, which uses technology to offer loans in a digitized, paperless manner, and Specialty Payment System goods including UPI One World, Rupay on the GO, and Cross Border Bill Payment through Bharat Bill Payments.
Payment system experience centre
UPI One World is a version of UPI created specifically for international visitors who do not have Indian bank accounts. For hassle-free and safe payments when visiting India, foreign nationals can open a Prepaid Payment Instrument linked to UPI.
The delegates will join UPI One World. Their wallets would already have Rs 2000 in them, which they are free to use as they like.
Crafts bazaar
At Bharat Mandapam, Hall No. 3 is being transformed into a “Crafts Bazaar.” It will feature handcrafted items from several regions of India with an emphasis on GI-tagged and One District One Product products. Delegates will have the exceptional chance to buy items made in their community.
The Crafts Bazaar will feature participation from about 30 States and UTs as well as federal organizations like the Khadi Village and Industries Commission, TRIFED, etc. A special live demonstration by a master craftsman has also been arranged to display the abilities and beautiful craftsmanship of artisans.
India Middle East Europe corridor
Prime Minister Narendra Modi announced a new corridor that will connect Bharat to Europe through the Middle East. India Middle East Europe Corridor is the name of the corridor. This will be an economic corridor between countries in the G20. All leaders have said that this is a historic move for the economic stance of the G20 countries.
As per the project, Bharat, the Middle East, and Europe will be connected by port networks and rail networks. from Bharat to the Middle East by shipping network, then from the Middle East to Europe via rail network. The Middle East rail network will connect all countries economically and socially. Also, it will create more job opportunities for locals in the Middle East.
Also, this project may be a reactive and tactical project against China’s Belt and Road Initiative.