G20 Summit Success: Glimpses Of Extraordinary Leaders From Around The World & Their Declaration

The G20 summit held in Delhi was a pivotal event. India evolved as a clear victory due to its adept handling of a challenging consensus ( a general agreement) on the joint statement. The summit saw Western leaders and Russia defending the wording of the joint declaration, while Ukraine expressed distress at the outcome. Nonetheless, the day was filled with heartwarming moments, as the world leaders paid homage to Mahatma Gandhi in the morning. The G20 also made an exciting announcement, adding the Africa Union to the group.

Despite Russian President Vladimir Putin's absence, it is apparent that Russia and India maintain a close relationship. A photograph of Prime Minister Modi and Russian Foreign Minister Sergei Lavrov taken at an informal meeting on the final day of the summit is seen as evidence of the friendly ties between the two countries. India's neutral stance on the Ukraine war, reflected in the consensus paragraph which omitted direct mention of Moscow, further strengthened the bond between the two nations. The summit's outcome was a reason for both countries to be satisfied.

Here are the Top 5 key highlights so far:

1. During the inaugural session of the two-day G20 Summit, the African Union (AU) was granted permanent membership in the Group of the 20 biggest economies of the G20 worldwide.

2 The G20 adopted the New Delhi Leaders Summit Declaration on Saturday, emphasizing the need for peace during the current era. The declaration urges all states to uphold international law principles, including territorial integrity and sovereignty. It also stressed the significance of peaceful conflict resolution through diplomacy and dialogue.

3. At the G20 Summit, India, the US, UAE, Saudi Arabia, France, Germany, Ital

y and the European Union signed a Memorandum of Understanding (MoU) (the agreement between two or more parties) to establish the India-Middle East-Europe Economic Corridor.

Biden called it a "game-changing" regional investment. The economic corridor of rail and shipping links aims to support in trade market between India, the Middle East and Europe, a modern-day Spice Route to secure regions that account for about a third of the global economy.

4. The Prime Minister of Rishi Sunak of the United Kingdom declared on Saturday at the G20 Leaders Summit in New Delhi that Britain will commit to providing $2 billion to the Green Climate Fund (GCF) to assist developing countries in coping with climate issues. The Green Climate Fund (GFC) is the world's largest fund; was set up under the United Nations climate change, negotiations to help channel money needed by poor states to meet their targets, reduce carbon emissions, develop more uninfected energy sources and adapt to a warming world.

5. Russia admired the G20 consensus declaration that avoided direct criticism of Moscow for the war in Ukraine as balanced. Everything was reflected in a balanced form. Russia's 2023 invasion of Ukraine has left tens of thousands dead, displaced millions and sown economic turmoil across the world. Moscow, which says it is conducting a "special military operation" there, denies committing any atrocities. Meanwhile, a European Union official, who did not want to be identified.

Let's conclude the whole discussion

Without India's leadership, it would not have been possible. Additionally, Brazil and South Africa also played a pivotal role in bringing differences. Meanwhile, US President Joe Biden skipped the final session of their summit and left for Vietnam after he and several other G20 leaders paid homage to Mahatma Gandhi's memorial Rajghat in Delhi on Sunday morning., Earlier on Day 1, the US President held mutual talks with PM Modi. PM Modi and Biden vowed to "deepen and diversity" major defence partnership while welcoming forward movement in India's procurement of 31 drones and joint development of jet engines.

Ajay Kumar Chaudhary, Executive Director of the Central Bank, has announced that the Reserve Bank intends to launch a pilot program for a Central Bank Digital Currency CBDC by October. This program will facilitate interbank borrowing and call money market transactions. The wholesale CBDC known as Digital Rupee-Wholesale (e-W), was launched on November 1, 2022, with a limited use case for settling secondary market transactions in government securities.

Chaudhary mentioned that the wholesale CBDC will be introduced in the call market either this month or next month while attending the G20 Leaders' Summit in Delhi.