On Saturday (9 September 2023), Prime Minister Narendra Modi, in his capacity as the President of G20, called for a global collaborative effort to address the prevailing “trust deficit” in the world and to seek solutions to pressing issues like terrorism, food security, and water security. This collective action, he emphasized, is crucial for the well-being of both current and future generations.
These remarks were made during the inaugural day of the G20 summit, which took place in New Delhi. The G20 is an intergovernmental platform for economic cooperation comprising the 19 largest economies, the European Union (EU), and the African Union (AU).
PM Modi extended an invitation to G20 member nations to work together in transforming the existing “global trust deficit” into a foundation built on trust and resilience. He stressed the importance of unity with the mantra, “Sabka Saath, Sabka Vikas, Sabka Vishwas, Sabka Prayas,” as a guiding principle for all.
He highlighted a range of critical challenges that require concerted efforts, including economic instability, disparities between the North and South, geographical divides between the East and West, and the management of issues related to food, fuel, terrorism, cyber security, health, energy, and water security. The need for tangible solutions to these challenges was underscored by PM Modi.
To provide context, the G20 was originally established in 1999 in response to the Asian financial crisis, primarily serving as a platform for Finance Ministers and Central Bank Governors to discuss global economic and financial matters. Its significance grew in 2008 amid the global economic and financial crisis, elevating its status to that of Head of State/Government level. In 2009, it was officially designated as the “premier forum for international economic cooperation.”
The G20 Summit convenes annually, led by a rotating Presidency. It operates through two primary tracks: the Finance Track, led by Finance Ministers and Central Bank Governors, and the Sherpa Track, which is steered by Sherpas following the Finance Track discussions.