According to KC Singh, a former diplomat and strategic affairs expert, India’s G20 presidency could see consensus on issues such as digital empowerment and financial inclusion, aimed at helping developing economies worldwide.
As Moneycontrol reported on September 7, citing sources, India has recently made progress in various areas ranging from crypto regulation and Multilateral Development Bank (MDB) reform to climate change impacts and transition pathways.
According to Madan Sabhnavis, chief economist at Bank of Baroda, India’s presidency provides a template for the next G20 hosts. He added that there were many “common themes” on the economic front on which the leaders’ summit would have meaningful discussions could lead.
The leaders’ summit, scheduled for September 9-10, will be the highlight of India’s G20 presidency and it is hoped that many agenda items this weekend will receive the approval of national leaders receive. One of these points is a set of common minimum crypto regulations, which India has championed throughout its presidency.
Both Singh and Sabnavis shared their views in a virtual panel for Moneycontrol on September 8.
While India hopes to conclude the G20 leaders’ summit with a joint statement, Singh believes that issues such as the Ukraine war, US-China relations and the absence of leaders from Russia and China are the New Delhi’s ability to reach consensus.
Chinese President Xi Jinping is set to miss the G20 leaders’ summit in India, while Russian President Vladimir Putin has said he will not travel to New Delhi and will instead send Foreign Minister Sergei Lavrov.
“As far as the Ukraine war is concerned, China and Russia don’t even want the language that was used at the Bali summit,” Singh added.
The statement by the G20 leaders in Bali, released in November under the Indonesian presidency, said that most members “strongly condemn the war in Ukraine,” while others expressed different views and “different assessments the situation and the sanctions”.
However, Sabnavis believes that the G20 is not the right forum to discuss geopolitical issues such as war. “The Ukraine war has not been resolved for over 1.5 years, so I don’t see any meaningful discussion about it,” he added.
The chief economist at Bank of Baroda also dismissed concerns about China’s absence and described the development as expected. He added that the G20 is an appropriate forum to discuss and advance global integration, especially as the world appears to be moving away from globalization after the pandemic.
