One of the more significant tasks before the G20 countries is to find a lasting solution to the problem of external debt in developing countries, in particular low-income countries, whose vulnerabilities have exacerbated since the onset of the COVID-induced downturn. At the urgings of the World Bank and the International Monetary Fund (IMF), the Finance Ministers and Central Bank Governors of the grouping took their first initiative to address the problem of debt vulnerabilities in low-income countries during their meeting in April 2020. They lent their support to the…

The G20 must address the unfinished agenda of advancing fundamental reforms of the International Monetary Fund’s resources, governance, and policy frameworks. These reforms are becoming increasingly urgent, as the global economy faces multiple challenges, from a global economic slowdown to growing debt burdens and climate change. At several international forums, including the G20, India has consistently pushed for the IMF’s quota and governance reforms. Therefore, India could make a significant contribution in this policy area under its G20 presidency.

Why should the G20 take the lead on instituting IMF reforms? Because…

On May 1, 2023, U.S. regulators seized troubled First Republic Bank (FRB) and promptly sold all of its deposits and most of its assets to the country’s biggest bank, JPMorgan Chase, in a bid to stem further turmoil in the banking sector. Despite obtaining a $30 billion lifeline from 11 of the country’s largest banks in mid-March, the FRB failed.

Founded in 1985 and based in San Francisco, the FRB was the 14^th largest U.S. bank with total assets of $229 billion and total deposits of $104 billion as of…

Coined in 2013, China Plus One (C+1) is a global business strategy in which companies avoid investing only in China and diversify their businesses to alternative destinations. Officials and companies in Japan and the United States had begun mulling a diversification strategy away from China as early as 2008. However, it was only towards the end of the last decade, when US-China trade tensions were at their peak, that C+1 gained steam as an alternative strategy for transnational corporations (TNCs).

In late July 2022, a grouping of 18 economies, including India, the U.S., and…

On December 1, 2022, India took over the G20 presidency from Indonesia with the theme of Vasudhaiva Kutumbakam (One Earth, One Family, One Future). On that occasion, Prime Minister Narendra Modi authored an article in which he outlined India’s vision for the G20 presidency and pitched for hope, healing, harmony to deal with pressing global challenges.

In his article, the Prime Minister stated: “During our G20 Presidency, we shall present India’s experiences, learnings and models as possible templates for others, particularly the developing world. Our G20 priorities will be shaped…