G20 intiative in India
Under the Third G-20 Development Working Group, India in Goa has demonstrated to the world India's growth model. There was an exhibition that was led by female entrepreneurs and various things like crafts, handicrafts, textiles and other preparations were placed on display. In India, the female labour force participation is amongst the lowest in the world ranging between 20-25%. The global female labour force participation rate on an average is around 60%. In the neighbouring countries like Bangladesh and Nepal, it is around 80%. By putting up an exhibition for G-20 delegates from 80 countries and with 19 invitees, India is correctly show-casing to the world the power of female entrepreneurship, and the skills that the females possess. This will help India to market its product in various parts of the world as well as increase the wages and profits of the female entrepreneurs. There is much potential in this area. The second thing at Goa during the G-20 deliberations, there was a display from India's art and culture, an exhibition by Indian artists and craftsmen. This is very important so that the world knows about the traditional cultural heritage of our country. These initiatives serve as soft skills that help to promote India to the rest of the world.
In the G-20 meetings, India is also talking about sustainable growth model with focus on the theme of 1 Family, Planet and Future. In the sustainable growth model that India has, basic elements like air, water and earth are worshipped as Guru, Father and Mother, respectively. That is why, in the G-20, India is focussing on LiFE, which is life-style for the environment. For any growth model to be sustainable, the environment has to be taken care. The environment consists not only of air, water and earth, but also the complete eco system. The complete eco system would also imply a good amount of biodiversity, with land degradation to be avoided. Water table receding needs to be taken care, the floral and fona to be fended for. In view of all this, it is important that the climate resilience and the blue economy is also taken care of. However, Covid has brought most countries under distress, fiscally. On fiscal, the debt to GDP ratios have exceeded all the tolerance limits that were considered important before Covid. To illustrate, 60% of GDP for debt and 3% of deficit of GDP were considered safe. The world again has to think on the action plan on accelerating the progress on sustainable development goals. In pre-Covid, it was expected that by 2030 sustainable development goals would have achieved significantly. However, now with Covid as most countries are under fiscal distress, it would be very difficult to attain the sustainable development goals. The next few years are going to be years of recovery. That is a setback to climate and environment.
The other thing that was stressed by India was the principle of ECHO - Economy with safe climate, healthy people and more opportunities. To create an echo economy, lots of effort would be needed.
Another important thing that needs to be considered is India's systematic attempt at having a document which enhances international coordination. India is making an attempt again following the principles of family and common future. To have a communique which is well deliberated upon, discussed thoroughly and with agreement of everybody. This, I think, is the most important thng of the G-20 proceedings of India. India is constantly making an effort that we are able to bring to the world a common, well thought of, universally accepted document so that the action plan going forward is smoother and has a consensus of all the players in the system. In this case, it proves the matured leadership that India is providing in this forum.