‘India’s G20 Presidency Showed How To Solve World’s Polycrises’

PM Modi will be travelling to South Africa to attend the 20th G20 Leaders’ Summit over the weekend. G20 was founded in times of crisis, recognising that without the emerging economies at the table, global governance institutions would be unable to deliver on their mandate. Initially a forum of G20 finance ministers and central bank governors, G20 was elevated to the leaders’ level in 2008to combat the global financial crisis (GFC).

Over the years, G20 has evolved into a crucial platform for collective problem-solving. Coordinated fiscal and monetary action in the aftermath of GFC showed that lessons from the Great Depression were learnt. The creation of the Financial Stability Board strengthened global financial regulation. During Covid, the Debt Service Suspension Initiative provided muchneeded liquidity to low-income countries struggling to maintain essential public spending.
These are not small achievements. They reflect a simple truth: there is no global challenge that can be addressed without the collaboration of advanced and developing economies. G20 has remained the only forum capable of enabling that cooperation at scale.

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