India’s outward economic story is sound: the growth outlook for this financial year is 6.1 per cent, according to the International Monetary Fund. But internally, there’s a more nuanced story, with unemployment at a 16-month high of 8.3 per cent, and ongoing air quality woes, with polluted skies now plaguing coastal Mumbai.
Despite the mixed bag, India has ploughed ahead with giving its G20 year its absolute all. For a country where economists get rock star treatment, it’s fitting that India seems to be approaching its G20 hosting duties like it’s Eurovision (everyone’s favourite multilat).
There are more than 50 meetings running from February to May, and in total around 200 are expected to be held, covering 30 workstreams. Gatherings are being held all over India: from the Rann of Kutch, where delegates were recently videoed doing early-morning yoga in the salt plains, to Darjeeling, to Goa. Foreign ministers from G20 countries will gather in Delhi on 1–2 March, and finance ministers and central bank governors are due to meet in April – in Washington DC, sadly, where daybreak yoga would be a little less atmospheric. There are working groups on tourism, environment and climate change, agriculture, digital economy, health, financial inclusion and more.
India has articulated some bold goals: to broker international consensus on security, health resilience, food security and inclusive growth. It has also highlighted some areas where it would like to see progress made, such as debt relief for developing nations.
All this comes with the backdrop of India’s current role in the world. India is transcending the limitations of its developing status to become a major trade partner and global power, one that is confident in its ability to command respect, even from its former colonial rulers. This G20 presidency shows that there is a level of trust in the country to be able to deliver. This symbolic importance of the job has not been lost on the government, which hopes to harness goodwill off the back of it towards electoral gains ahead of a general election due in 2024. A successful stint that sees India lauded worldwide for its hosting could help bolster Prime Minister Narendra Modi’s prospects for re-election.