WHAT G20 SUMMIT MEANS TO DEVELOPING COUNTRIES

THE sprawling Bharat Mandapam International Exhibition-Convention Centre at Pragati Maidan, New Delhi is the venue of the first summit of G20 nations to be held in South Asia.

As the current President of the G20, India’s Prime Minister Narendra Modi is the host of the major two-day event.

G20, or Group of 20, refers to 19 of the largest economies in the world, in addition to the European Union, which discuss critical global issues, like financial stability, sustainable development, and climate change.

The G20 countries are essentially the richest and most powerful in the world.

The bloc accounts for 80 per cent of gross domestic production and 75 per cent of international trade.

The group was founded in 1999.

There is a lot of focus on India and Modi, since the country has become the most populous in the world, with the fifth largest economy, and the Prime Minister enjoys high international standing.

Modi had previously stressed that he would use his presidency to promote the interests of the so-called global south, meaning developing countries like Trinidad and Tobago.

He favours more financial and technical support for developing nations, in addition to food and security assistance.

India has extolled “human-centric development.”

Modi also wants to provide aid in other sectors, such as digitisation.

India has been focusing on digital technology, with Modi describing it as “the most remarkable change of our era.”

Experts say that India’s digital economy has grown 2.4 times faster than the overall national economy.

Several developing countries are having difficulties in repaying loans, with some, like Lebanon, Zambia, Ghana, Pakistan, Tunisia, and Egypt, having defaulted.

The theme of the conference is “The World is One Family.”

In Sanskirt, it is “Vasudhaiva Kutumbakam.”

India has emerged as a strong advocate for developing countries, and this image is likely to be enhanced through the G20 Summit.

India will hand over the presidency of G20 to Brazil on December 1, and the next summit is scheduled for Rio de Janeiro.