India has not invested much in multilateral rule-making institutions like the G20, but it is never too late to start. India is ahead in some aspects, particularly technology with digital public goods and its governance. But it will certainly need help and expertise.
Indonesia has managed its G20 Presidency year by understanding the importance of not going it alone. This trading nation has used its deep regional and multilateral cooperative processes which provided trusted back-up and support at every step, and was book-ended by strong linkages and investment partnerships with Japan and Australia. In this, it has laid the groundwork for India’s 2023 presidency.
India will be president of the G20 in 2023. The world’s most influential economic governance body is facing an existential crisis, where the major powers have fallen out. With geopolitical currents redefining geo-economics, India needs to be ready to emerge as the chief global diplomat.
This speech was delivered by Rajiv Bhatia, Distinguished Fellow, Foreign Policy Studies, Gateway House and Chair, FICCI Task Force on Blue Economy, at the Indian Ocean Rim Association Senior Officials Meeting in Jakarta
Indonesian President Joko Widodo is visiting India next week two years after assuming office, but Prime Minister Narendra Modi, who is now in the second half of his five-year tenure, is yet to extend the gesture. A ‘Look West-Act East’ policy will benefit both nations respectively
In the face of a sagging rupee and FDI flight from the country, three top ministers recently visited the U.S. to retell the growth story of India and its potential. However, American political and business leaders seem largely unimpressed by the pitch and want more from the India-U.S. equation