India recently successfully hosted the G20 summit, a gathering of the top 20 countries that hold 75 percent of the world’s economic advantage. This event is of great importance, and it showcased India’s position as one of the fastest-growing countries worldwide. While several nations are currently facing economic challenges such as recession and high inflation, many economists believe that this global event will bring long-term benefits to India. Let’s explore what India gained from the G20 meeting.
Trust Issue
India’s renowned hospitality extends beyond its borders, as the country embraces guests as deities and treats everyone like family. However, many nations have unfortunately overlooked the African Union. Recognizing the importance of inclusivity, India has taken the initiative to grant the African Union permanent membership. This significant step fosters trust on a global scale, particularly among the people of Africa, and enhances India’s economic advantages in the region.
Economic Corridor
China’s BRI (Belt and Road Initiative) has created an economic corridor to European countries. However, Italy is not happy due to the debt trap policy associated with it. As an alternative, India has proposed a new economic corridor through the Middle East to Europe. This corridor aims to provide Europe with an alternative route to enter the Indian market.
BioFuel Alliance
India has recognized the crucial role of climate preservation and has taken a significant step towards it by forming a biofuel alliance with Brazil, America, and other countries. This alliance aims to promote the use of ethanol blending in petrol. India, being a country heavily engaged in agriculture, stands to benefit as it provides farmers with an opportunity to increase their income.
Market Competition
India and America have joined forces to reduce import rates on various items, including almonds and apples. This collaboration aims to provide consumers with the best quality products at competitive prices.
Conclusion
In conclusion, India’s successful hosting of the G20 summit has not only highlighted its position as one of the fastest-growing countries but also showcased its commitment to inclusivity and fostering trust on a global scale. By granting the African Union permanent membership, India has taken a significant step towards building stronger relationships and economic advantages in the region. The long-term benefits of this global event are expected to further enhance India’s economic growth and global influence.