G20 Leader's Summit Has Started Today: What'd You Anticipate?

ONE EARTH. ONE FAMILY. ONE FUTURE.

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And now the time is over we were eagerly waiting for. The G20 Summit has begun in Delhi. The Group of 20 leaders are gathering in one place, Delhi when everyone's eyes are on them. Having the feeling of excitement, dignity, and optimism expect to wrap up with a fruitful result.

The national capital has been decked up royally to welcome foreign delegates for the G20 Leaders' Summit will be held on September 9-10 in the national capital, for which security has been tightened. The summit will be held at the newly inaugurated Bharat Mandapam, Pragati Maidan. India assumed the G20 presidency on December 1 last year and about 200 meetings related to G20 were organized in 60 cities across the country.

The 18th G20 Heads of State and Government Summit in New Delhi will be a culmination of all the G20 processes and meetings held throughout the year among ministers, senior officials, and civil societies. A G20 Leaders’ Declaration will be adopted after the New Delhi Summit, stating leaders’

Rishi Sunak heading forward G20 summit

Leaders, meet to discuss key economic, financial and regulatory matters amid serious differences over the Ukraine war and linked debt relief with climate issues. Meanwhile, Indian leaders are focusing on development issues.

What Is The Core Of The Summit?

The leaders’ summit is a high point in India's rotating presidency of the G20. The stage has been set for the summit by multiple rounds of meetings of officials, finance ministers and central bank governors. While there has been progress on a host of issues, geopolitical divisions have made joint statements elusive. India’s G20 Sherpa Amitabh Kant had earlier said that the G20 is an economic, body and that India would focus on developmental issues. This makes stitching together a joint declaration critical for India given the credibility it can give to the role of the country on the world stage.

What India Has Been Achieved?

Large deliberation has taken place under India's presidency of the G20. Finding ways of strengthening multilateral financing, finding resources for climate action, digital public infrastructure-led financial inclusion, ensuring transparency of beneficial ownership of legal persons, the evolving regulatory framework for virtual digital assets, addressing debt vulnerability of nations in the wake of tight global financial conditions and international taxation. At the summit, all the ingenious leaders across the world are anticipated to endorse around 10 substantial outputs based on these discussions.

What is the biggest issue around the talks?

Divisions among member states on the Ukraine war remain a challenge in forging a joint declaration. The absence of Chinese President Xi Jinping and Russian President Vladimir Putin is seen as an indication of the divisions within the group. Forging a consensus is crucial given that geopolitics impacts economic policymaking.

What is the status of the global tax deal?

The current global tax deal proposals consist of two pillars. The first pillar is about digital economy firms, and the second pillar addresses a global minimum corporate tax rate of 15%. However, the specifics of the agreement are yet to be decided. Currently, discussions are ongoing on the tax amounts that member nations are entitled to, as well as on the capacity building of nations to implement the reform. The upcoming leaders' summit is expected to make progress on finalizing the framework. Experts predict that the global tax deal, which has the support of nearly 140 nations, could be in force by the end of 2025.