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Context

• India’s G20 presidency began on December 1. It will be driven by the underlying vision of “Vasudhaiva Kutumbakam”, best encapsulated by the motto “One Earth, One Family, One Future”. As the main “ideas bank” of the G20, the activities and deliberations of the Think20 (T20) engagement group of the G20 are spread over seven task forces.

Task force on “Macroeconomics, trade, and livelihoods”

• Create Coherence in monetary and fiscal policy: It has the mandate to make recommendations on coordination within the G20 to create coherence in monetary and fiscal policy, trade, investment, and supply chain resilience.
• Recover together, recover stronger: The aim is to give further impetus to the initiatives taken by the Indonesian presidency to “Recover Together, Recover Stronger” in the post-pandemic period.
• Consensus on international trade: With supply chain resilience emerging as a common concern against the backdrop of ineffective WTO mechanisms, the G20 has assumed the mantle as the most significant platform to forge consensus among the top 20 economies on international trade policy.

Task force on “Digital Futures”

• Digital infrastructure: It will endeavour to build an inclusive digital public infrastructure to ensure affordability and safe access by all.
• Interoperability of Digital services: It will discuss the universal interoperability of digital services. It will also address issues of digital financial inclusion and skills, both integral to economic growth.

Task force on “LiFE, Resilience, and Values for Wellbeing”

• Lifestyle for Environment (LiFE): The LiFE initiative aims to put the individual at the centre of the discourse and to sensitise every human being, regardless of nationality and geography. If individuals become more conscious of their lifestyle choices and act more responsibly, it can make a huge difference.
• Contribution of all: The focus on LiFE is a timely initiative given the fact that the deleterious effects of climate change on the economy and livelihood are felt the most by the vulnerable countries around the world.

Task force on “Green transitions”

• Refuelling growth: Growth will be the aim of the task force on green transitions as it recommends pathways for a smooth transition to clean energy without compromising on efforts for global economic revival in a post-pandemic world.

Task force on the “Global financial order”

• Restructuring the financial institution: It will examine the potential for realigning the global financial architecture. The challenge today is to restructure institutions in accordance with contemporary economic needs, including for infrastructure.
• Finance and resource mobilization: Greater access to development finance and resource mobilisation through innovative methods is of key importance.

Task force on “Accelerating SDGs”

• Sustainable collaboration: It will explore new pathways to deliver on the 2030 agenda through strengthened and sustainable collaboration.
• Focus on circular economy to reduce waste: Given the earth’s finite resources, a shift towards a circular economy and deliberate and mindful consumption is likely to reduce waste and help build a virtuous cycle for development.

Task Force on “Reformed Multilateralism”

• Road map for Multilateralism 2.0: It will seek to create a roadmap for “Multilateralism 2.0”. A targeted reform agenda for key multilateral institutions, whether the United Nations or its affiliated frameworks such as the WHO, WTO and the ILO, must be undertaken.
• Representative world order: With sincere efforts, the global community can look forward to the birth of a more representative and egalitarian multipolar world order from the chrysalis of the G20.

Conclusion

• The year ahead is an opportunity for India to share its values to world. Vasudhaiva Kutumbakam, the guiding canon for India’s Neighbourhood First Policy and Vaccine Maitri, places higher human values above narrow nationalism. It is an approach that is expected to permeate all aspects of India’s G20 Presidency.

Mains Question

Q. What are the different task forces created under India’s G20 presidency? Briefly explain the role of different task forces.

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