G 20 Summit 2023

G-20 SUMMIT 2023
The 18th G20 Summit was held in New Delhi, India on September 9th and
10th, 2023. The summit was the first time India hosted the G20 Leaders’
Summit.
• The theme of the summit was ”Vasudhaiva Kutumbakam”, which

means “The world is one family”.
• G20 Leaders’ New Delhi Declaration achieved unanimous consensus,
addressing diverse global issues, from Russia-Ukraine tensions to
sustainable development, food security, and launching the Global Biofuel
Alliance.
Major Outcomes of G20 Summit 2023

1. Admittance of the African Union (G20 now G21):
The G20 leaders agreed to admit the African Union as a permanent
member of the G20, which is a major step towards increasing the
representation of developing countries in the forum.
The Impact of AU’s Inclusion in G20:
• The AU’s membership in the G20 offers an opportunity to reshape
global trade, finance, and investment and would provide a greater voice
to the Global South within the G20.
• It allows African interests and perspectives to be heard and recognized
within the G20.
2. Global Biofuels Alliance (GBA):
• GBA is an India-led initiative that aims to develop an alliance of
governments, international organizations, and industry to promote the
adoption of biofuels.
The initiative seeks to position biofuels as a key component of the energy
transition and contribute to job creation and economic growth.
It will help accelerate India’s existing biofuels programs such as PM-
JIVANYojna, SATAT, and GOBARdhan scheme.
As per IEA, there will be 3.5-5x biofuels growth potential by 2050 due to
Net Zero targets, creating a huge opportunity for India.
3. India – Middle East – Europe Economic Corridor (IMEC):

• A Memorandum of Understanding (MoU) was signed between the
Governments of India, the US, Saudi Arabia, the European Union, the
UAE, France, Germany and Italy to establish the IMEC.
• IMEC is part of a broader initiative called the Partnership for Global
Infrastructure Investment (PGII).
The PGII was initially introduced during the G7 summit in the UK in June
2021.
PGII aims to finance infrastructure projects in developing countries
through a combination of public and private investments.
IMEC is a significant infrastructure project connecting India, the Middle
East, and Europe.
The project aims to establish a network of transport corridors, including
railways and sea lanes.
IMEC is seen as a response to China’s Belt and Road Initiative (BRI),
providing an alternative infrastructure network.
4. G20 Global Partnership for Financial Inclusion Document:

• The G20 Global Partnership for Financial Inclusion
document prepared by the World Bank has lauded the
transformative impact of India’s Digital Public
Infrastructure(DPI) over the past decade under the Central
Government.
The document emphasizes the following initiatives that played a
greater role in shaping the DPI landscape:
• Rapid Financial Inclusion:
India's DPI approach achieved 47 years' worth of financial
inclusion progress in just 6 years.
Jan Dhan-Aadhar-Mobile (JAM) Trinity boosted the financial
inclusion rate from 25% in 2008 to over 80% within 6 years.
Regulatory frameworks, national policies, and Aadhaar-based
verification complemented DPIs.
• Pradhan Mantri Jan Dhan Yojna (PMJDY) Success:
PMJDY accounts tripled from 147.2 million (March 2015) to
462 million (June 2022).
Women own 56% of these accounts, exceeding 260 million.

PMJDY drove savings among low-income women, attracting
over 12 million customers by April 2023.
• Government to Person (G2P) Payments:
India’s digital G2P architecture facilitated USD 361 billion transfers to
beneficiaries from 53 ministries via 312 schemes.
Achieved total savings of USD 33 billion by March 2022, equivalent to
1.14% of GDP.
• Unified Payments Interface (UPI) Dominance:
May 2023 witnessed over 9.41 billion UPI transactions, valued at Rs 14.89
trillion.
UPI transactions in FY 2022–23 neared 50% of India’s nominal GDP.
• Private Sector Efficiency:

DPI streamlined private organizations’ operations, reducing complexity,
costs, and time.
Some NBFCs achieved 8% higher SME lending conversion rates, 65%
savings in depreciation costs, and 66% cost reduction in fraud detection.
Banks’ customer onboarding costs in India dropped from USD 23 to USD
0.1 with DPI use.
• Lower Compliance Costs for KYC:
Reduced compliance costs from USD 0.12 to USD 0.06, making lower-
income clients more attractive.
• Cross-Border Payments:
UPI-PayNow linkage enables faster and cheaper cross-border payments
with Singapore.
• Account Aggregator Framework:
Enabled 1.13 billion accounts for data sharing with 13.46 million consents
raised.
Data Empowerment and Protection Architecture (DEPA):
Provides individuals control over their data, fostering innovation and
competition.
Other key Highlights of G 20 Summit 2023 –
1. Tripling the Global Renewable Energy Capacity By 2030.

2. Commitment to Global Food Security and Nutrition
3. Small Arms and Terrorist Safe Havens
The 2023 New Delhi Declaration builds upon previous G20
declarations, especially the 2015 Turkiye declaration, which
strongly denounced terrorism. Unlike the 2022 G20 Bali Leaders
Declaration, which primarily focused on the financing of terrorism
and the strengthening of the Financial Action Task Force (FATF), the
New Delhi Declaration encompasses a wider range of concerns.
The G20 leaders, In the New Delhi Declaration, clearly condemn
terrorism in all its forms and manifestations.
4. Healthcare Resilience and Research
5. Finance Track Agreements:
India’s G-20 presidency has laid the foundation for a coordinated and
comprehensive policy and regulatory framework for cryptocurrencies.
6. India-Mercosur Preferential Trade Agreement (PTA)
7. Climate Financing Commitment
8. India’s Cultural Showcase:
Bharat Mandapam (inspired from Anubhav Mandapam), Bronze
statue of Lord Nataraja (Chola style), Konark Chakra of Odisha’s Sun
Temple and Image of Nalanda University (used as iconic backdrops)
Transition of G20 Presidency:

Prime Minister of India handed over the customary gavel of the G20
chair to Brazilian President Luiz Inacio Lula da Silva, who will officially
take over the presidency on December 1, 2023.
Latest India-US Collaboration at G20 Summit 2023 -

• India and the United States are strengthening their technology
partnership, focusing on resilient semiconductor supply chains, and
telecom infrastructure.
• India supports the US ‘Rip and Replace’ pilot project, aligning with
the removal of Chinese telecom equipment.
• India and the US reaffirmed their commitment to deepen and
diversify the India-US Major Defence Partnership through expanded
cooperation in new and emerging domains such as space and artificial
intelligence (AI).
• GE F-414 Jet Engine Agreement:
The US recently completed the notification process for a commercial
agreement between General Electric Aerospace and Hindustan
Aeronautics Ltd. (HAL) to manufacture GE F-414 jet engines in India.
This agreement marks a significant step in defence cooperation
between the U.S. and India, highlighting India’s commitment to
enhancing its domestic defence manufacturing capabilities.

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G-20 SUMMIT 2023

• The theme of the summit was ”Vasudhaiva Kutumbakam”, which

Major Outcomes of G20 Summit 2023

3. India – Middle East – Europe Economic Corridor (IMEC):

4. G20 Global Partnership for Financial Inclusion Document:

Women own 56% of these accounts, exceeding 260 million.

• Private Sector Efficiency:

Other key Highlights of G 20 Summit 2023 –

1. Tripling the Global Renewable Energy Capacity By 2030.

Transition of G20 Presidency:

Latest India-US Collaboration at G20 Summit 2023 -

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