G20 India: Forging International Alliances for Global Economic Growth and Prosperity

07 Nov 2022

While the effects of the pandemic now seem to subside, the world looks at concerted, combined and coordinated efforts in the form of global partnerships to strengthen the emerging trends for meeting global challenges and ensuring a collaborative approach towards addressing major issues pertaining to the global economy.

G20 or Group of Twenty is a multilateral platform that comprises most of the world’s largest economies, accounting for around 80% of Gross World Product (GWP), two-thirds of the total global population and about half the world’s land area. Founded in 1999 as a meeting of economic ministers, it has evolved into an annual summit of Heads of State and Government and works to address major issues that are related to the global economy, such as international financial stability, climate change mitigation and sustainable development. 

Ministers and high-ranking officials from each of the member countries, international organizations and non-governmental organizations convene through the year to deliberate and devise solutions to on issues concerning global economic growth and prosperity.

The G20 presidency rotates every year among its member countries and has no permanent secretariat. This year, India will take over the G20 Presidency at the 17th G20 Heads of State and Government Summit to be held in Bali, Indonesia on 15-16 November. India’s term as President will run from 1 December 2022 to 30 November 2023.

The Business 20 (B20) is the official G20 dialogue forum with the global business community. Established in 2010, B20 is among the most prominent Engagement Groups in G20, with companies and business organizations as participants. The B20 leads the process of galvanizing global business leaders for their views on issues of global economic and trade governance and speaks in a single voice for the entire G20 business community.

The B20 aims to deliver concrete actionable policy recommendations on priorities by each rotating presidency to spur economic growth and development. B20 bases its work on Task Forces (TFs) and Action Councils (ACs) entrusted to develop consensus-based policy recommendations to the G20 and to international organizations and institutions.

Each TF comprises over 100 business representatives from the G20 countries, as well as selected countries and international organizations. The B20 officially conveys its final recommendations to the G20 Presidency at the B20 Summit, which takes place back-to-back with the G20 Summit.

CII- The B20 India Secretariat for 2023

As India holds the Presidency of G20 for 2023, it will host the eighteenth G20 Summit. The Confederation of Indian Industry (CII) has been appointed the B20 host organization or secretariat.

B20 India will operate through Task Forces and Action Councils in streamlining the B20 strategic vision and translating it into policy deliverables on key topics of the global economic agenda. 

B20 India would gather inputs from G20 business communities to address global issues through connected and collaborative efforts in all aspects of the global economy. The B20 India priorities identified by India would be actioned through 7 TF and 2 AC as below

Task Forces

Inclusive GVCs for Resilient Global Trade and Investment
Future of Work, Skilling and Mobility
Digital Transformation
Financing Growth & Infrastructure
Financial Inclusion for Economic Empowerment
Energy, Climate Change and Resource Efficiency and 
Tech, Innovation and R&D

To focus and deliberate on the larger structural agenda, B20 India shall constitute two Action Councils as well – One is on ESG in Business, and the other Action Council is on African Economic Integration. The B20 would seek support of partners consisting of international business organizations and associations, known as “Network Partners”, as well as leading global strategic consulting firms, known as the “Knowledge Partners”.

CII as the B20 Secretariat will guide the TFs and ACs to ensure consistency with the G20 agenda. The B20 India will maintain close interaction with the G20 leaders, international business communities, and interest groups. After taking over from Indonesia, the B20 India Presidency will formally start with an inception meeting and end with the Final Summit along with the G20 India Summit. 

As the efforts to achieve global financial stability and sustainable growth intensify, the G20 2023 will further leverage deepening international cooperation and partnerships to set the vision for sustainable global prosperity and growth.

Share to...