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G20 or Group Of 20 is an intergovernmental forum comprising of 19 countries and the European Union.It works to address major issues related to the global economy,such as international financial stability, climate change mitigation and sustainable development.The G20 was formed in 26 September 1999 aims to bring together systemically important industrialised and developing economies to discuss key issues in the global economy.The G20 was founded in response to several world economic crisis.Since 2008,it has convened at least once a year,with summit’s involving each members head of government or state, finance minister or foreign minister and other high ranking officials,the European Union is represented by European Commission and the European Central Bank.In it’s 2009 Summit,the G20 declared itself the primary venue for international economic and financial cooperation.The motto of G20 is One Earth,One Family,One Future literally means “The World Is One Family.”
INDIA’S G20 PRESIDENCY:
India assume the G20 Presidency from the 01 December 2022 from Indonesia and will convene the G20 leader’s summit for the first time in the country in 2023.India’s G20 Presidency would be a watershed moment in her history as it seeks to play an important role by finding pragmatic global solutions for the well being of all.India will convene G20 leader’s summit for the first time in 2023 as 43 heads of delegations-the largest ever in the G20 will participate in the New Delhi Summit in September later in 2023.A G20 Summit is held annually with a rotating presidency and in 2023, India will hold the presidency. The G20 brings together the world’s major and systemically important economies ,it’s members represent 85 percent of global GDP, 75 percent of international trade and two thirds of the world’s population.India joined the G20 nations in 1999 as a founding member and its participation has grown in importance over the years.In recent years,India’s economy has been growing at an average rate of 6-7 percent making it of the fastest growing economies in the world.The India can contribute to global economic growth through its domestic policies.The India government has implemented a series of economic reforms over the past few years to attract foreign investment, improve infrastructure and promote entrepreneurship.These reforms have led to an increase in foreign investment and improved economic growth.For Example,the government has launched the “Make in India” initiative to promote manufacturing and create jobs and the “Digital India” campaign to improve digital infrastructure and access to technology.By sharing its experiences with other G20 countries, india can help other economies adopt similar policies that can spur growth and development.India can contribute to global economic growth through its engagement with other G20 countries on issues related to international India can also work with other G20 countries to promote the implementation of global financial regulations, to ensure financial stability and prevent future financial crises.Through G20 membership, India can also play a crucial role in promoting financial stability and reform in the global financial system.The Indian banking sector has undergone significant reforms in recent years including the introduction of bankruptcy code, which has helped improve the health of the banking sector.Hosting G20 is helping to promote tourism in the country and the government has strategised to organise the various meetings in different parts of the country and many associated events are showcasing India’s culture and heritage which also promotes economic development of a country.
G20 And Kashmir’s Economy:
Jammu and Kashmir is a union territory of India located in the country’s northern part.The economy of Jammu and Kashmir is primarily services based and agriculture oriented .Along with horticulture and agriculture, it is a global tourist destination and important industry accounting for about 7 percent to its economy.The year 2022 recorded a tourism boom with lakhs of tourists, the highest footfall recorded in Jammu and Kashmir in last 75 years of India’s independence.The Group Of 20 (G20), the premier forum for international economic cooperation will play an important role in shaping and strengthening architecture and governance of Jammu and Kashmir.The importance of G20 in Kashmir stems from its potential to promote economic stability and development.The G20 will also promote economic prosperity,improved living standards and will often play a significant role in reducing conflicts.Hosting the G20 summit will position Jammu and Kashmir at the heart of diplomatic relations and foster delegates will gain first hand knowledge of the region providing valuable insights into the challenges and growth potential.The summit will provide a platform for jammu and kashmir to showcase its resources and potential establishing connections that can boost sustainable development.The G20 summit in Kashmir presents a unique opportunity for the region to showcase its cultural wealth, natural beauty and immense tourism potential.The summit is expected to bring much needed relief to the economy of Jammu and Kashmir.The summit will inevitably inject a much needed boost of cash into the economy, creating jobs and driving growth.The G20 Summit will also provide a platform for policy makers, investors and plan for the development of essential infrastructure such as roads, bridges, airports and ports.The Kashmir valley is blessed with stunning beauty,rich cultural heritage, adverse range of flora and fauna,the G20 summit and sustainable tourism practices can help preserve these valuable assets while providing employment opportunities and economic growth.The G20 summit focus on climate change is critical for region which has been facing the brunt of environmental degradation.G20 summit will play an important role in eradication of poverty and address the climate crisis.It will also help in boosting agriculture and health care and can help in mitigating drinking water crisis and boost sustainable and tourism in Jammu and Kashmir.
– The writer, having completed his PG Economics from CU Uttrakhand, is a resident of Bomai Zaingeer Baramulla. He can be reached at iqbalmarazi999@gmail.com
