A crucial G20 leaders' summit in Delhi

THE G20 leaders' summit in Indian capital New Delhi across 9-10 September comes as the global economy faces major challenges.

The world is barely emerging from the shock of the COVID-19 pandemic and a prolonged Russia-Ukraine conflict has decreased the global food supply, resulting in a steep price increase. Inflation is rising.

The G20 summit provides world leaders an opportunity to develop a consensus on addressing these challenges.

The G20 consists of 19 countries and the European Union — the 20 largest economies in the world, which account for approximately 90 percent of global GDP and 80 percent of global trade. Since forming in 1999, the G20 has positioned itself as the premier forum of global economic cooperation.

The presidency of G20 is rotational, with 2022 president Indonesia hosting the leaders' summit in Bali.

The host country has very little manoeuvrability to modify the core agenda of the G20, which focuses on discussing key issues of the global economy and ensuring international financial stability.

India is hosting the G20 Summit for the first time. Prime Minister Narendra Modi is projecting this as a major diplomatic achievement by his government.

Playing the host provides India an opportunity to showcase its economic potential to the world and position itself as a major player.

Domestically, it is expected to show Indian voters the global adulation for Modi's leadership, as he prepares to seek a third term in six months' time.

In New Delhi, world leaders are expected to discuss issues of green development, climate finance, resilient and inclusive economic growth, progress on Sustainable Development Goals, technological transformation and digital public infrastructure, reforming multilateral institutions for the 21st century and women-led development.

The New Delhi summit may also see the inclusion of the African Union as a full member of the G20.

Russian President Vladimir Putin and Chinese President Xi Jinping are skipping the summit, sending their representatives instead. This may have to do with the apparently irreconcilable differences within the G20 on the Russia-Ukraine war.

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Bharat Bhushan is the South Asia Editor for 360info