India's G20 Summit Success: Outshining G7 and BRICS, PM Modi's Vision
G20 Summit India 2023: Jim O’Neill, a member of the active Pan-European Commission and former Treasury Minister of the United Kingdom, has presented his perspective on India’s successful chairmanship of the G-20 after the recent summit held in Delhi.
According to O’Neill, the organization of the G20 in Delhi has emerged victorious in a collective battle. He states that the joint declaration issued during the summit in Delhi reaffirms that the G20 is the only platform with the potential and credibility to provide real global solutions to global problems. Jim O’Neill, who also served as the Chairman of Goldman Sachs Asset Management, suggests that alternative groups like G7 and the expanded BRICS appear more like symbolic gestures.
He argues, “Following the recent BRICS summit, where the group agreed to add 6 new members, I argued that neither BRICS nor G7 have the credibility or capability to deal with global challenges. Instead, G20, which includes the world’s 19 largest economies and the European Union, has become the only group with the legitimacy to present real global solutions to global problems.”
Success of G20 Summit in India
“The success of the G20 Summit in India reaffirms its relevance,”writes O’Neill. Despite significant challenges, such as the diverse working styles of member countries, they have successfully reestablished the relevance of G20 after a long period during which its role was questioned.
Absence of Xi Jinping in Delhi
“The absence of Xi Jinping in Delhi has further strained relations between India and China,” writes O’Neill. He believes that the lack of unity between India and China in the new BRICS will pose a significant hurdle. The recent absence of Xi Jinping from the G20 Summit has deepened divisions between these two countries. Now, if Xi Jinping wishes to bridge the gap, he will have to engage with Modi. In the current context, the success of the G20 meeting makes Modi appear more visionary than Xi Jinping. Several assumptions matter, and at this time, Modi appears more visionary than Xi Jinping.
New Delhi Declaration
“The New Delhi Declaration will play a crucial role in addressing global issues,” O’Neill writes. We should commend the forces that played the most significant role in advancing the final statement, possibly India and the United States. The New Delhi Declaration could be the first step in a robust effort to address global issues such as climate change, a reformed World Bank, infectious disease control, economic stability, the Ukraine conflict, and other global issues. While there was consensus in the absence of Russian President Vladimir Putin and Chinese President Xi Jinping, representatives of Russia and China who participated may not have signed on to anything without approval from their respective governments. This indicates that BRICS unity is in jeopardy.
