India, as the host of the G20 summit, is expected to focus on key issues such as cryptocurrency regulation, multilateral development bank reform, digital public infrastructure, climate financing, common debt relief frameworks for distressed countries, and enhancing global value chains. While the ongoing Russia-Ukraine crisis and global food and energy insecurity will be discussed, consensus may be challenging, as evident from the absence of Russian President Vladimir Putin and Chinese President Xi Jinping.
The G20 primarily emphasizes economic matters, aligning with India’s financial priorities and progress. Amid the Russia-Ukraine crisis, global economic recovery, supply chain disruptions, and inflation management are top concerns.
India’s Finance Track has made substantial progress on issues like digital public architecture, virtual digital assets, climate financing for developing nations, reforming multilateral development banks, urban infrastructure financing, addressing debt vulnerabilities in low and middle-income countries, and international taxation.
The IMF-FSB synthesis paper aims to estimate crypto-asset flows and stocks for payment, sector, and counterparty breakdowns. The ‘Multilateral Development Banks Capital Adequacy Frameworks’ suggests making an additional $200 billion in lending capacity available over the next decade. Trade ministers have agreed on a ‘Jaipur Call for Action,’ addressing trade and digital infrastructure.
The Business 20 (B20), which provides policy recommendations to G20 leaders, focuses on improving service trade, enhancing technology in trade, and expanding digital public infrastructure. As India hosts the G20 summit, it aims to address critical global economic and financial issues while advancing its own priorities, promoting economic cooperation, and fostering international dialogue.
