June 29, 2019
G20 members represent around 85 per cent of global gross domestic product, over 75 per cent of global trade, and two-thirds of the world’s population
At the Osaka summit, the critical issues for India included energy security, financial stability, WTO reforms, reformed multilateralism, counter terrorism
On the G20 sidelines, India attended a meeting of the Japan-America-India Trilateral, the BRICS bloc, among other bilateral and multilateral conferences
At the summit, the leaders also took a pledge to make united efforts to address major economic challenges with increased usage of modern technology
Prime Minister Shri Narendra Modi attended the 14th G20 Summit in Osaka, Japan, over June 28-29. The Summit was attended by heads of state and government of the 19 member nations, the European Union (EU) and other invited countries and international organizations. At the Osaka edition of G20, the issues of importance for India included energy security, financial stability, WTO reforms, disaster protection, reformed multilateralism, counter terrorism, return of economic fugitives, food security, democratization of technologies and portable social security schemes. Apart from discussing these, on the G20 sidelines, India also attended a meeting of BRICS leaders, along with other bilateral and multilateral conferences.
India also attended a meeting of the JAI (Japan-America-India) Trilateral that brought up pressing issues of connectivity and infrastructure development in the Indo-Pacific region. The Summit under Japanese Presidency was centered around the theme “Human centered future society”. And the issues discussed at the event included free trade and economic growth, global economy, taxation, digital economy and artificial intelligence; inclusive and sustainable world; energy and environment, society 5.0, quality infrastructure, global health, aging, climate change, and marine plastic waste. At the summit, the leaders also took a pledge to make united efforts to address major economic challenges threatening the future.
The G20 nations resolved to harness the power of technological innovation, in particular digitalization, for the benefit of all. Technology holds the key to ascertaining financial inclusion, reducing inequalities and providing essential services to the bigger section of the public, while also addressing environmental challenges. Earlier this month, India’s Finance Minister, Nirmala Sitharaman, attended the G20 Finance Ministers and Central Bank Governors conference at Fukuoka, Japan. The Indian delegation brought up the urgent need to fix the issue of determining the right nexus and profit allocation solution for taxing the profits earned by the digital economy. Taxing the digital economy has emerged as a critical topic.
Set up in 1999, G20 was elevated from a forum of Finance Ministers and Central Bank Governors to that of Heads of State and Government in 2008 to effectively respond to the global financial crisis. Since then G20 has emerged as the premier global forum for international economic cooperation. The importance of the forum can be gauged from the fact that currently, G20 members represent around 85 per cent of global gross domestic product, over 75 per cent of global trade, and two-thirds of the world’s population. India has participated in every G20 Summit held so far, and will host the event for the first time in 2022. India’s improving standing in the global economic order has made the nation a vital part of the G20 bloc.