Group Discussion Cum Presentation on “G-20 Summit- Its Impact on India and The Roadmap Ahead”

Jalandhar, October 12, 2023: The PG Department of Commerce and Management conducted a Group Discussion cum Presentation on the topic “G-20 Summit- Its Impact on India and The Roadmap Ahead”. 

The 18th Heads of State and Government Summit of the Group of 20 (G20) took place on 9th & 10th September 2023 in New Delhi, India. Under the Indian Presidency, the G20 in 2023 focused on the theme, ‘One Earth, One Family, One Future’. The theme affirms the value of humans, animals, plants, and microorganisms and their interconnectedness on planet Earth and in the wider universe. Ms. Tanuja Parveen of M. Com Semester I initiated the discussion by giving details about G-7 which was converted into the G-8 and then to G20. The G20 is made up of 19 countries and the EU. The 19 countries are Argentina, Australia, Brazil, Canada, China, Germany, France, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, the Russian Federation, Saudi Arabia, South Africa, Turkey, the UK, and the US. She further reiterated that the motive behind the creation of the leader’s summit was international financial stability, which was essential to recovering from the oil crisis in 1973, the financial crisis in 1998, and the Great Depression in 2008. The first official summit was in 2008 in Washington, at the leader’s level. On December 1, 2022, Indonesia gave the presidency to India, which was further forwarded to Brazil for the 19th Summit. Taking the discussion forward, Ms. Muskan Kalia of M.Com Semester I, highlighted the workings of the G-20, which works in two main tracks i.e., financial track which includes the concerns of international financial decisions and sherpa track is concerned with other valid decisions. The priorities for G 20 Summit were green and sustainable development, digital public infrastructure, women-led development, low carbon emission etc. The consensus was developed on various important decisions of G 20 Summit 2023, viz, African Union being permanent member of G20, Global Bio-Fuel Alliance, Mega India - Middle East Europe Economic Corridor, Triple the Renewable Capacity, Crypto Currency: Crypto Asset Reporting Framework (CARF). She further elaborated that the New Delhi Declaration includes promoting resilient growth by addressing debt vulnerabilities in developing countries, climate resilient and environmentally sustainable development, improving access to medical countermeasures and enhancing preparedness for future health emergencies, enhancing resources towards achieving its temperature goal, reforming multilateral development banks, etc. Talking about this event, the students also discussed the record-breaking participation of 43 Heads of Delegations. The students of M.Com Semester I also discussed the impact on India of the G-20 summit, the fact that Indian foreign policy priorities are supreme, and the nature of its relationships with key actors. The declaration shall have implications for bilateral ties, particularly with the US, Russia, and China; India's quest to be the voice of the Global South; and efforts to revive reformed multilateralism at a particularly bleak time in the international system. Through the actions taken in G-20 Summit a better system shall be built that will better empower the country to address global challenges, and the system is still human-centric that shall bring prosperity and well-being to humanity. 22 students of Postgraduate classes actively participated in this group discussion cum presentation. 

President Naresh Budhia, Senior Vice President Vinod Dada, other members of the managing committee and Principal Prof.(Dr) Pooja Prashar appreciated the efforts of the department in organising the activity.