Mumbai: The G20 Summit 2023 is set to grace New Delhi on 9 to 10 September 2023. As India wraps up its year-long presidency, the summit will culminate with the adoption of the G20 Leaders' Declaration, solidifying the commitment of participating leaders to the priorities established during various ministerial and working group sessions. It will be the first G20 summit to be held in India as well as in South Asia.
The theme for G20 Summit 2023 is 'Vasudhaiva Kutumbakam — One Earth, One Family, One Future.' This theme draws its inspiration from the ancient Sanskrit text of the Maha Upanishad, highlighting the intrinsic value of all life forms, from humans and animals to plants and microorganisms. It underscores their interconnectedness on planet Earth and in the broader cosmos.
Additionally, the theme sheds light on 'LiFE' (Lifestyle for Environment), emphasising environmentally sustainable and responsible choices, both at the individual and national levels. This approach aims to spark global transformations towards a cleaner, greener, and more sustainable future.
In an interview on 26 August 2023, prime minister Narendra Modi expressed optimism about the G20 countries' evolving agenda under India's presidency, shifting toward a human-centric development approach that aligns with the concerns of the Global South, including addressing climate change, debt restructuring through the G20's Common Framework for debt, and a strategy for regulation of global cryptocurrencies.
G20 India has put forth six agenda priorities for the G20 dialogue in 2023
● Green Development, Climate Finance & LiFE
● Accelerated, Inclusive & Resilient Growth
● Accelerating progress on SDGs
● Technological Transformation & Digital Public Infrastructure
● Multilateral Institutions for the 21st century
● Women-led development
● Officials say African Union's inclusion in G20 may happen, giving it voting rights. G20 nations support this proposal. Decision pending. It is one of the main agenda in Delhi G20 Summit
With all this, let us see what the industry experts have to say regarding this year’s summit.
Edited excerpts
BuyUcoin CEO Shivam Thakral
This can be an astounding achievement for every crypto-vibrant ecosystem on a global scale. India’s presidency at the G20 can bring together a collective worldwide effort to regulate and harness deep tech to its full potential. The recent acknowledgement of a much needed regulatory framework for AI & Crypto will instill confidence among the Indian masses that have already adopted some forms of AI or Web3 in their lives while the industry has set its eye on upcoming G20 meetings for more clarity.
Tezos India president Om Malviya
Global coordination of crypto regulations is imperative in today's interconnected world. The crypto space is evolving rapidly, and as it does, it becomes increasingly important for countries to collaborate and establish a uniform, crypto-friendly policy framework. A discussion on crypto policy within the G20 summit would be a significant step forward. It can pave the way for a more coherent and balanced approach that fosters innovation while safeguarding against risks. By harmonising regulations and promoting responsible crypto adoption, we can harness the full potential of blockchain technology, ensuring it benefits individuals, businesses, and economies worldwide. It's time for nations to come together and shape the future of crypto in a way that's both progressive and secure.
Liminal country head- India & global partnership Manhar Garegrat
It's great to see consensus from global leaders on the fact that crypto is a global digital asset followed by calls from leading economic officials for global coordination of crypto regulations. The rapid growth of the digital asset industry has created new challenges for regulators and it is important that the regulators work together with the industry to develop a comprehensive and consistent regulatory framework. With a global regulatory framework in place we can expect to better tackle challenges such as money laundering, terrorist financing, and market manipulation. We have already seen glimpses of this positive impact with the Travel Rule framework created by the FATF and supported by exchanges, custodians and other virtual asset service providers (VASPs). At Liminal we are confident that we will be able to develop a comprehensive and consistent regulatory framework that addresses the risks associated with digital assets while also supporting innovation and economic growth. We look forward to working with regulators around the world to achieve this goal.
WiFi Map CEO & co-founder Denis Sklyarov
At the G20 summit, a global force to be reckoned with, there exists a remarkable opportunity to rally nations towards governing and unleashing the immense potential of deep tech. Cryptocurrency, epitomizing disruptive innovation, are emblematic of our evolving technological landscape. With the G20's collective wisdom, we can responsibly integrate AI and cryptocurrencies into our societies. Let's seize this moment to craft a harmonious future where technology elevates humanity rather than subdues it. Together, we can forge a world where innovation serves us all.
Apollo Green Energy & Apollo Supply Chain chairman & managing director Raaja Kanwar
India's G20 presidency serves as a testament to our nation's dedication to shaping a more inclusive and promising global future. In an era of heightened global interdependence, where borders blur, and cooperation is paramount, the G20 emerges as a pivotal forum.
Through 200 meetings this year, we've forged bridges, found common ground, and addressed global economic and financial challenges. With strong macroeconomic fundamentals, robust finances, and a dedication to climate leadership, India shines as a beacon of hope. It brings together the world's largest economies to collectively confront multifaceted issues with far-reaching consequences.
The G20's utmost priority must be addressing economic recovery and growth, coordinating efforts to ensure economic stability, stimulate job creation, and reduce income inequality. Climate change and sustainability constitute another urgent focus, reduce greenhouse gas emissions, and transition to sustainable energy sources.
Central to the G20's agenda must be promoting free and fair trade fostering a level playing field for all nations. It should focus on policies that support social development and address global poverty reduction, while ensuring financial stability through global financial system regulation, preventing future crises, and supporting economic stability, including debt relief for developing countries.
The G20's evolving role on the global stage necessitates extensive collaboration and consensus-building among its member nations, enabling us to collectively address these intricate challenges and chart a path towards a more promising, fair, and sustainable future for everyone.
GS1 India CEO S. Swaminathan
India's G20 presidency is an excellent opportunity to showcase the country's economic and technological prowess on a global scale. As the world's fastest-growing major economy, India could lead the G20's efforts to secure global economic growth and prosperity. The country can leverage the spotlight to significantly impact the development of global standards and solutions for efficient supply chain management. We believe this is a critical area and can help global businesses improve efficiency, reduce costs, and enhance transparency. With a renewed focus on supply chain management, India can demonstrate its keen leadership in promoting sustainable economic growth. We believe this will benefit businesses and enhance India’s reputation as a global leader in innovation and technology. Moreover, we are sure that discussions around enhancing standardisation and supply chain resilience at the G20 summit can promote traceability and interoperability, which is crucial for businesses and governments to ensure ethical and sustainable practices.
Cryptoxin founder Durga Prasad Tripathi
The G20 Summit is a testament to the profound impact that human collaboration can have on the course of history. It's not algorithms or machines but the collective will, wisdom, and compassion of world leaders that shape our global destiny. As we convene, we must remember that our actions ripple far beyond this moment, affecting billions of lives. Our decisions, born from human deliberation and understanding, hold the power to drive positive change, promote peace, and address the most pressing issues of our time. In an increasingly interconnected world, the G20 Summit is a vivid reminder that it is the human touch that ultimately steers the ship of progress.
AMO Mobility managing director Sushant Kumar
As India assumes the presidency of the G20 this year, our country has an opportunity to shape the global agenda on pressing issues such as geopolitical tensions, economic slowdown, and climate change. G20 represents 60% of the world's population, over 80 per cent of the world's GDP, and 75% of international trade, which makes it a force for securing global economic growth and protecting the environment. We believe the G20 summit could be a potent platform for world leaders to discuss policies that may positively impact initiatives on climate change and sustainability. The summit could propel a shift from petroleum and other fossil fuels to alternative energy sources, which could also benefit the EV ecosystem. In fact, India is pitching itself as a manufacturing hub for fast electric chargers, EV batteries, and effective battery recycling at the summit. This could boost the industry and jolt demand for electric vehicles in the country. While the summit may not directly impact the EV manufacturers, it could be a big step towards reducing emissions and creating job opportunities across India.
Lares Algotech director Maya Sharan Singh
As the eagerly anticipated G20 Summit approaches, all eyes are on Delhi, where this esteemed gathering of global leaders is set to take place on September 9th and 10th. The Group of Twenty (G20), known as the premier forum for international economic cooperation, plays a pivotal role in shaping the global economic landscape.
The G20 Summit brings together leaders from the world's largest economies to discuss fiscal policies, trade agreements, and monetary strategies. It is known for its influence in fostering international trade and cooperation, which tends to boost investor confidence and propel stock prices upwards.
The G20 Summit is a crucial event for the global economy, and its outcomes can significantly influence financial markets, including those in India. As we approach this momentous occasion, we are closely monitoring developments and analyzing potential market trends that may emerge as a result of the summit.
Indian investors must closely monitor G20 deliberations, as decisions made at this global forum can profoundly affect the nation's economic prospects and stock market performance.
DiamondXE CEO & founder Ankit Singh Kimtee
As the 2023 G20 summit convenes in New Delhi, we endorse a global digital environment that is open, fair, and secure for all. E-commerce, besides being a vital engine of growth and innovation, is also a key enabler of social inclusion. We believe it is crucial to harness the potential of e-commerce, especially to empower rural communities and small businesses. As an e-commerce platform, DiamondXE proudly represents the emergence of a transformation that brings transparency, efficiency, and value to the diamond industry. We invite you to join us on this journey and discover the convenience of buying diamonds online.
