The summit and its declaration, as well as the bilateral and multilateral meetings held on the margins, reflected the Indian government’s foreign policy priorities and the nature of its relationships with key actors. The declaration will also have implications for bilateral relations, especially with the United States, Russia, and China, India’s ambition to be the voice of the Global South, and efforts to revive reformed multilateralism during a particularly bleak period in the international system.

External affairs minister S Jaishankar wrote in his book The India Way, “Now is the time for us to engage America, manage China, cultivate Europe, reassure Russia, bring Japan into play, draw in neighbors, extend the neighborhood, and broaden traditional bases of support.” On each of these fronts, India was successful in achieving its goals.

Engaging America

If Prime Minister Narendra Modi’s state visit to the United States in June was a giant leap forward, then President Joe Biden’s visit to India was a consolidation and deepening of trust. Consider the two visits as a fiery opener that sets the stage for a massive score, followed by a solid middle-order effort that consolidates the innings. This was reflected in international, regional, and bilateral cooperation.

The US owes India a debt for its flexibility regarding the text of the Delhi declaration. There is little doubt that Biden, who has been arguably the most committed Democratic president to the India relationship in history, authorized the removal of a specific reference to Russia’s aggression in the context of United Nations resolutions and the adoption of a more general and expansive formulation. The Europeans then followed suit because, despite their hubris, it is the United States that has so far defended Ukraine against Russian aggression. In addition, American flexibility allowed India to mobilize the Global South and exert collective pressure on Moscow. But even beyond Ukraine, the Delhi-DC synergy on multilateral development banks (MDBs) or DC’s acceptance of India’s digital public infrastructure (DPI) as a possible global template or collaboration in the Global Biofuels Alliance demonstrates how India and US want to shape the world together.

On the regional front, the significance of the India-Middle East-Europe corridor announcement cannot be exaggerated. Yes, it will take decades to complete the endeavor. Rarely have so many diverse actors from four regions (North America, the European continent, West Asia, and South Asia) collaborated for the common benefit on a project of this scale. This can not only provide a viable alternative to the exploitative model of Chinese infrastructure financing, but it can also provide India with enormous commercial opportunities.

And bilaterally, Biden and Modi reviewed the swift implementation of a number of agreements signed in June of last year and made a number of new announcements. The GE jet engine and MQ-9B transactions are proceeding smoothly. Under the initiative on critical and emergent technology (iCET), the space, semiconductor, defense innovation, education, quantum, biotechnology, and telecommunications industries have collaborated. All trade disputes between India and the United States have been resolved at the WTO. And there are emerging financial partnerships in the realm of climate change.

Put everything together. The summit demonstrates that Delhi and Washington, DC are engaged. Their friendship is deepening. The collaboration is both open and confidential. And they are discussing issues that extend far beyond the traditional boundaries of their bilateral relationship.

Reassuring Russia

The weekend also highlighted the complexities of the India-Russia relationship, in which the public and private, the short-term and the medium-term, and the past and future must be viewed differently.

In terms of the relationship’s public projection, the summit demonstrated that the ancient bonds of friendship between Delhi and Moscow continue in the short term. At a time when Moscow has invaded another country, it is unlikely that any other nation would have been able to construct a situation that would have provided Russia with international face-saving.

To accommodate Vladimir Putin’s request, however, India guaranteed that the declaration’s text omitted any explicit reference to Russian aggression. But in doing so, it gained the space to insert a series of paragraphs that are clear criticisms of Moscow’s positions and actions, ranging from its threat to use nuclear weapons to halting the implementation of the Black Sea Grain deal, from attacking civilians and infrastructure to the second-order consequences of its actions in terms of destabilizing the global economic environment, from violating the territorial integrity and sovereignty of another state to embarking on a military buildup in eastern Ukraine.

However, this combination of accommodation and criticism is not the focus of the narrative. As evidenced by Russian foreign minister Sergei Lavrov’s praise for the Indian presidency on Sunday, Moscow is pleased with the events in Delhi. If the objective was to reassure Russia of India’s commitment to the relationship and that Delhi retains its autonomy despite growing closer to the west, India has yet again accomplished this.

This reassurance is required in the first place because privately, Indian policymakers know that the future of the strategic partnership isn’t as bright and, for its own national security, Delhi has no choice but to diversify its relationship and dependencies. India may or may not say it, but it is aware that Moscow’s attack on Kiev was unjustified. It is aware that Moscow’s comprehensive national authority is weaker today than it was before February 2022. It is aware that Moscow’s reliance on Beijing has complicated India’s perception of its principal security threat, China. It is aware that the Indian military is having difficulty meeting its needs due to the dilution of the Russian military-industrial base. And it recognizes the importance of strengthening connections with the rest of Europe.

And if India is aware of this information and is acting accordingly, Moscow is aware that Delhi is aware of it. Consequently, actions with medium-term implications must be distinguished from short-term posture. The weekend highlighted both this disconnect and India’s ability to simultaneously pursue both courses.

Managing China

The G20 weekend revealed the immense difficulty India confronts in managing its relationship with China and how this will persist. Consider three specific manifestations of this phenomenon.

The first was Chinese president Xi Jinping’s decision to forego the summit, which marked his first absence from a G20 meeting since assuming office. In terms of domestic optics, this was likely a positive development for the Indian political leadership, as a Modi-Xi handshake or bilateral meeting could have attracted criticism from the Opposition, which would have argued that this was a sign of India’s weakness given the situation at the border. In terms of strategic signals, however, it was yet another indication that China’s political leadership wished to avoid the appearance of endorsing India’s success at the global table of power or, as it appeared prior to the summit, blocking it. It is also a possible warning that conditions at the border will not improve and may even worsen.

The second was the Chinese position during text negotiations. While supporting Russia’s position on Ukraine, it supported the remaining ministerial outcomes. In recent weeks, however, it has increased its obstructionism on a variety of other issues in an attempt to unnerve the Indian side. Delhi believed that the only way to get Beijing on board was to create a situation in which China would either have to be the lone holdout opposing a common text or would be forced to join in order to avoid being seen as an outlier and saboteur. Through adroit diplomacy, including by compelling Moscow and mobilising the Global South in its favour, Delhi did that. Beijing abandoned its opposition.

The third manifestation of this was specific geopolitical actions that were not directly related to China but will have an impact on the bilateral axis between Delhi and Beijing. In the past, Indian policymakers were wary of appearing too close to the West for fear that China would interpret this as an aggressive move against it. However, Beijing’s aggression assisted Delhi in resolving the dilemma. India has made it plain that it will pursue its interests with the United States regardless of how Beijing may interpret its actions. This strategy is exemplified by the Quad, for which Vice President Biden may return to India in January for a second time, and the intensified engagement with the United States in West Asia through the infrastructure corridor.

Overall, the episode demonstrates that India-China relations are fragile and will continue to be so. But due to power disparities, India needs time to bolster its capabilities. It also required China’s cooperation on a number of multilateral issues. And so it managed China, despite having no illusions that this management will resolve the structural issues that plague the relationship.

Traditional constituencies

This weekend demonstrated how India is integrating its neighbors (consider how Bangladesh was a guest at the G20 and received an unprecedented networking opportunity with the world’s political elite), working in the extended neighbourhood (the infra corridor with the UAE and Saudi Arabia demonstrates this), and expanding its transitional constituencies of support (consider the entire discourse surrounding the Global South).

Of these dimensions, the return of the Global South was the most prominent conclusion from the weekend. This is viewed by some as a return to the anti-Western, third-worldist rhetoric that once dominated Indian foreign policy. In contrast, India’s current strategy is founded on leveraging New Delhi’s unique position in the global hierarchy to bridge the gap between the West/North and the South. This manifested itself in four distinct ways over the weekend.

The first was African Union’s (AU) membership in the G20. Consider the matter carefully. The only African member of the world’s foremost forum for international economic cooperation was South Africa. Few data points illustrate the inequities of the global power structure as well as this continent’s startling lack of representation. While there had been discussions about bringing in AU, the fact that it occurred during the Indian Presidency will now be recorded in the annals of history. And the western coalition supported the initiative in its entirety.

The second was that the text addressed the most pressing concerns of the Global South. Regarding agricultural security, there is a need to implement the Black Sea Grain Initiative, which has been so crucial to meeting Africa’s needs. Regarding climate, it is widely acknowledged that a crisis exists and that the world is failing to meet its temperature objectives, but that the crisis must be managed according to shared but differentiated responsibilities. The declaration even specifies the amount of financing needed for developing nations to meet emission targets. Consider the sustainable development objectives and the setbacks in meeting them over the past few years, and there is talk of a new road map with the necessary funding to achieve them. Consider the approval of the concepts of DPI and financial inclusion, which will aid the poorest citizens in the world’s poorest regions. Every segment of the declaration embodies a spirit of inclusion for the most marginalized voices in the international order.

Lastly, the concept of reforming multilateral development banks (MDBs) must be viewed in light of India’s emphasis on the Global South. It used its presidency to make it plain to the West that the expansion of the World Bank’s mandate to include combating the climate crisis cannot come at the expense of eradicating extreme poverty. It advocated for innovative financial mobilization strategies to enable MDBs to meet these expanded objectives.

India is now shaping conversations on the concerns of the Global South and finding methods to address them, not in opposition to the West but in partnership with it. This was best illustrated by the photograph of the leaders of India, South Africa, Brazil, the United States, and the World Bank. Obviously, there was a strategic context to this. China’s ambitions to become the champion of the Global South will not go unchallenged; India will compete on its own terms and with its own partners, while paying close attention to what its partners desire.

ALSO READ : PM Modi declares G20 Summit Leaders’ Declaration consensus.

From the bilateral to the global, India’s foreign policy weekend in Delhi was its finest ever. In geopolitics, however, there is no period. What has transpired will usher in a new era as India navigates the next set of global challenges. However, the experience must have made policymakers more confident in their abilities and keenly aware of the challenges that lay ahead.

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“The leaders hailed the settlement of India and the United States’ seventh and final ongoing World Trade Organization (WTO) dispute. This follows the historic resolution of six pending bilateral trade disputes at the World Trade Organization in June 2023.

After a private meeting with US Vice President Joe Biden and US Treasury Secretary Janet Yellen, PM Modi made this public statement.

This modification also solves the lone problem with the poultry case. A long-running dispute between India and the United States over chicken imports was finally resolved in 2015, with India losing. The United States had requested trade sanctions against India for violating the WTO’s order, and India had 12 months to comply.

This latest step follows the Indo-US state visit of PM Modi between June 21 and June 23 of this year, during which time six of the total seven disagreements between India and the US were addressed.

There will be no disagreements between India and the United States before the end of the year. Commerce Minister Piyush Goyal said during a press conference on June 26 that “all the six major ones have already been resolved.”

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Six trade disputes were settled, three of which involved allegations of unfair treatment based on national origin: “Certain Measures Relating to Solar Cells and Solar Modules,” “Export-Related Measures,” and “Additional Duties on Certain Products from the United States.” US disputes include “Countervailing Measures on Certain Hot-Rolled Carbon Steel Flat Products from India,” “Certain Measures Relating to the Renewable Energy Sector,” and “Certain Measures on Steel and Aluminium Products.”

This comes at a time when bilateral trade is at an all-time high and the United States has surpassed India as India’s primary trading partner.

Preliminary figures from India’s Ministry of Commerce show that between 2022 and 2023, bilateral trade between India and the United States rose from $119.5 billion to $128.55 billion, up 7.65 percent over the previous year’s total of $80.51 billion.

Also read :- PM Modi declares G20 Summit Leaders’ Declaration consensus.

The problem with the Generalized Preferences System (GSP) has not been fixed. In 2019, the United States ended India’s participation in the GSP, a trade preference program that offered favourable tariff treatment in exchange for increased US exports to certain countries.

Following their June meeting, US and Indian officials said they will meet again to discuss New Delhi’s request to restore GSP incentives for domestic exporters. Indian Commerce Minister Piyush Goyal said that his country and the United States would have talks on the matter. The US Congress holds the ultimate authority over whether or not GSP status is reinstated for India.

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Our goal is to have a presence in every major market. To begin, we are obviously in discussion with the countries that have expressed interest. Our long-term aim, while reasonable, is nonetheless lofty. A participant in the September 5 meetings noted, “We want to be there in every country, be it UPI or other payments and digital products.

The work to expand UPI’s reach abroad continues. Discussions are on with other countries after agreements have been struck with them. We hope to expand UPI’s use over the world. We also hope to connect the UPI to the swift monetary systems of other nations. That’s another method to make the UPI international, the individual said.

The G20 Leaders’ Summit will take place on September 9-10 in New Delhi, and India will use its Presidency to highlight its achievements and competence in the digital payments field. The statements come only days before the summit. India and the United Arab Emirates (UAE) signed a Memorandum of Understanding (MoU) to establish a framework for using their respective local currencies to settle bilateral transactions and link their fast payment systems ahead of the third meeting of the G20 Finance Ministers and Central Bank Governors in Gandhinagar in July.

Following Prime Minister Narendra Modi’s visit to France, where he announced that Indian tourists will be able to make rupee payments using UPI from atop the Eiffel Tower, the MoU to link the UPI with the UAE’s Instant Payment Platform (IPP) was announced. In February of this year, India and Singapore signed an agreement to integrate the UPI with Singapore’s real-time payment system, PayNow.

Many nations are showing keen interest in UPI and RuPay cards. They’re talking to these countries and in various phases of negotiation. The countries most interested are not always those closest to the United States. Countries across Latin America and Africa have expressed an interest in our services. The source further said that “local high commissions and embassies have been in discussions with both NPCI and RBI.”

Leaders’ Summit preparations

The Reserve Bank of India (RBI) will host an exhibition pavilion at the Leaders’ Summit later this week, just as it did at previous G20 meetings held around the country over the past year, to highlight the country’s progress in five key areas: the Central Bank Digital Currency (CBDC), digital payments initiatives like UPI One World and RuPay On-the-Go, the new public tech platform for frictionless credit, and the Bharat Bill Payment System for cross-border bill payments.

In December of 2022, India initiated a pilot program with four cities and four banks to test out the viability of CBDC in the retail sector. Almost 2 million customers and businesses are now part of this network, which has grown to encompass 13 banks and 26 locations. The Reserve Bank of India plans to reach its goal of one million daily retail CBDC transactions by the end of the year.

August saw a modest decline from July’s 20,000-25,000 retail CBDC transactions due to banks’ attempts to make the retail CBDC and UPI infrastructure compatible.

Future pilots will test new use cases and technological design in light of this data. According to our sources, “we are also thinking about adding features like offline usage to provide resilience and availability in the absence of network, and programmability, i.e., tying the use of funds to specific use cases.”

A reliable source claims that the RBI is preparing to launch the wholesale version of the CBDC on the international telephone call market.

The wholesale CBDC pilot project’s goal has always been to test out new innovations in the field. The source spoke on the condition of anonymity to highlight how much simpler it is to conduct trials of new technologies on a large scale during pilot programs.

Also read :- RBI allows pre-sanctioned credit lines through UPI

India also hopes that the RuPay card would become as ubiquitous in international financial transactions as Visa and Mastercard.

There are just a few of major players in the card payments industry worldwide. We’re working to have RuPay recognized as a viable option. To that end, we’re investigating whether or not RuPay cards can perform all the same types of transactions as other cards can. As with the UPI, “our effort will be to keep adding new facilities and encourage other countries to use RuPay cards,” the source said, adding that RuPay would have to be made attractive “on the basis of merit and features, not regulatory dispensation.”

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In various tweets on the microblogging platform X, the police stated that all the hospitals and other vital services, including milk booths, will continue to operate in the New Delhi region.

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Delhi as a whole is open. Only a little portion of NDMC will be restricted. The fact that limitations are only in place in a limited section of the NDMC is emphasized once more. Rumors should not be believed, the Delhi Police stated. The newly constructed Bharat Mandapam international convention and exposition center in Pragati Maidan will host the G20 Leaders’ Summit on September 9–10.

In a separate post, the police stated that all vital services, including milk booths, pharmacies, hospitals, and other services falling under the essential category, will continue to operate in the New Delhi region even though commercial activity is prohibited from September 8 to September 10.

Delhi Police had said on Monday that during the G20 Summit, all online delivery services in the New Delhi district will be closed, with the exception of medication delivery services.

“In all of Delhi, path labs would be permitted to take samples for essential services like postal and medical services. There will be no commercial activity permitted in the New Delhi region. “Medicine delivery will be permitted, but online delivery services will not be permitted,” Special Commissioner of Police (Traffic) SS Yadav declared on Monday.

He went on, “We will honour valid permissions granted for essential services.” 

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“There is no security if there is no amity.” There is no security if everyone insists on opposing each other. “It is impossible for the police, the army, or you and me to protect everyone,” he stated.

“A specific environment is required to ensure security.” There must be friendship and good connections… for this, we have peace committees… If there is a problem, we can take action. They’ve marched for peace… travel anyplace in the globe, the cops can’t protect everyone. “We have two lakh people but only 50,000 cops,” he continued.

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Mr Khattar also stated that the state had no information about Monu Manesar, the individual accused of being at the core of the violence that caused the communal confrontations on Monday.The Rajasthan government has filed a case against him,” Mr Khattar informed the journalists today.I have informed the Rajasthan government that we are willing to assist them in locating him.The Rajasthan Police is now looking for him. We have no information about his location. “How can we say whether they have or have not?” he said.Monu Manesar has been on the run since February for the murder of two men in Rajasthan’s Jodhpur. However, he is claimed to have distributed an offensive film, which enraged several individuals.

The incident was sparked by rumors that he was spotted at the Vishwa Hindu Parishad’s religious march in Nuh. Some others hurled stones at the parade, and things quickly got out of hand. More than a hundred cars were burnt and vandalized after midnight, including a mosque.Ripples from Monday’s incident have reached the affluent neighborhoods of Gurugram, which is next to Delhi and has been placed on high alert.

Early on, Gurugram issued prohibitory orders prohibiting big gatherings. However, however, a crowd of 200 people defied the restriction and set fire to a row of cafes and shanties near a residential society, burning them to cinders.To avoid arson, the selling of loose fuel or diesel has been prohibited.Today, the right-wing Vishwa Hindu Parishad and Bajrang Dal are marching through Delhi, causing enormous traffic bottlenecks.

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In the middle of 2022, after what seemed like an eternity, the government finally explained why it had been so reluctant to establish rules to oversee domestic crypto operations; after all, crypto is a notion that, by its very nature, transcends borders and jurisdictions. Since other countries did little to stop the spread of cryptocurrency, the RBI’s efforts to restrict it were futile.

Therefore, it was necessary to start with a worldwide conversation about crypto and its associated dangers. It is therefore likely to the credit of the government – and the RBI’s – that tangible progress has been achieved on the international stage in the crypto area, with India using its G20 Presidency to compel a conversation on the subject in an effort to obtain some type of consensus on minimal regulations.

With the G20 Leaders’ Summit happening on September 9-10 in New Delhi, Moneycontrol provides insight into what has been accomplished, the current state of discussions, and what is ahead.

Regardless of the outcome of the Leaders’ Summit in September, India’s most significant contribution to the global crypto industry may have been the country’s outspoken criticism of cryptocurrencies.

Up until this past year, most of the work being done on a global scale was focused on reducing threats to the financial system. Economic Affairs Secretary Ajay Seth remarked on July 18 in Gandhinagar, during a meeting of G20 Finance Ministers and Central Bank Governors, that “the Indian Presidency brought the focus on macroeconomic risks.”

Clearly, the RBI is pleased, and Governor Shaktikanta Das is especially pleased that countries and multilateral organisations have largely come around to agree with what the Indian central bank has been saying “for more than one year about the macro-financial and stability implications, and the huge risks involved in cryptocurrencies.”

To be honest, the RBI’s warnings about cryptocurrency go back further than the past couple of years. In fact, it’s been doing that for about a decade. Specifically, it issued a public alert about the “potential financial, operational, legal, customer protection, and security-related risks” associated with cryptocurrencies like Bitcoin.

Is India’s campaign to warn the world’s largest countries about the dangers of cryptocurrencies having an impact? Certainly, the governor of the Reserve Bank of India (RBI) revealed in February that some G20 members thought a total ban on crypto should be explored.

Body of literature

Multilateral agencies’ activity is a crucial component of the G20’s discussions on crypto.

In February, the International Monetary Fund (IMF) released a note for the G20 regarding the macroeconomic implications of crypto assets. This was followed by recommendations from the Financial Stability Board (FSB) concerning the regulation, supervision, and governance of crypto-asset activities and markets, as well as “global stablecoin arrangements.”

The Bank for International Settlements (BIS) has also submitted a report detailing the ecosystem’s main components and associated risks.

The Indian Presidency’s crypto guidance note, which was presented and deliberated at a meeting of Finance Ministers and Central Bank Governors in Gandhinagar earlier this month, brings everything together.

What remains are the two most essential documents: a joint IMF-FSB paper on synthesis and another on the way forward.

“The thinking is that there should be a bare minimum – two high-level recommendations have stated that there should be a bare minimum; beyond that, if any jurisdiction wishes to be more stringent based on its own circumstances, it should do so. Seth told reporters in Gandhinagar that nobody should fall below the essential minimum.

At the Leaders’ Summit, both the synthesis paper and the roadmap document will be discussed.

What next?

Of course, no one can predict with any certainty what will occur during the Leaders’ Summit in September.

It’s going to be extremely hard for me to speculate at this point as to what type of restrictions they talk about unless the conversations reach some kind of crystal-clear thinking. Finance Minister Nirmala Sitharaman remarked on July 18 that they would have to wait until the next meeting, the Summit, and after the Summit, when they travelled to Marrakesh.

From October 9-15, the annual conference of the World Bank Group and the International Monetary Fund will be held in the Moroccan city of Marrakesh.

In any case, India has great hopes that the Leaders’ Summit will produce some form of conclusion on crypto. This “outcome” might be anything from public acknowledgement and gratitude for the Indian Presidency’s efforts to the formal establishment of a plan of action.

Also Read : Gold, silver prices hold steady as investors await US Fed move on rates

If that plan proves useful, it can be passed on to the next administration along with the question of whether or not to implement new regulations or use an existing model. Moneypoise, citing a source familiar with the talks, said on July 16 that “if there is a template, it should be about who does what, the implementation and legislative requirements, et cetera.”

India is not doomed if policymakers there are unable to agree on a framework for regulating cryptocurrencies or a timetable for putting it into effect. After all, “deliverables” and “deals” are not what the G20 forum is about.

In Gandhinagar, Seth had observed, “It is about building institutions and taking the discourse forward.” Unquestionably, India has advanced the crypto discussion.

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Most countries have realised the macroeconomic risks and other challenges associated with cryptocurrencies, at least three individuals with direct knowledge of the matter said on condition of anonymity, sharing insights from and details of discussions at the third meeting of the G20 Finance Ministers and Central Bank Governors (FMCBG) held in Gandhinagar last week.

“Many countries are also concerned about the recent collapse of cryptocurrency exchanges and the risks of cryptocurrencies being used for drug trafficking, terror financing, and money laundering,” said one of them. FTX, the second-largest cryptocurrency exchange in the world, failed in November 2022, affecting over one million investors.

A second person stated that specialists will evaluate the financial and macroeconomic risks associated with cryptocurrencies and make recommendations on how to mitigate them before the G20 considers the matter. He added that the International Monetary Fund (IMF) and the Financial Stability Board (FSB) are analysing crypto-related issues and will submit a “synthesis paper” on the subject later this year. The approach to synthesis will encompass two general aspects: crypto regulations and financial stability.

Several nations’ perspectives on cryptocurrencies have shifted significantly, according to the initial speaker. “Now, the majority of them share RBI’s [Reserve Bank of India] concerns regarding the financial and other dangers associated with cryptocurrencies. This topic was discussed in considerable depth at the third G20 FMCBG meeting,” he said.

The issue was mentioned in the outcome document and chair summary of the third G20 FMCBG meeting held on July 18: “We look forward to receiving the IMF-FSB Synthesis Paper, including a Roadmap, before the Leaders’ Summit in September 2023, to support a coordinated and comprehensive policy and regulatory framework taking into account the full range of risks, and risks specific to emerging market and developing economies (EMDEs), and ongoing global implementation of FATF standards.”

Two recent reports on cryptocurrencies presented to the G20 FMCBG at its July meeting – one by the Financial Stability Board (FSB) and the other by the Bank for International Settlements (BIS) – reportedly highlighted the need to develop a robust regulatory mechanism that would also address macroeconomic risks.

The members endorsed the FSB’s high-level recommendations for the regulation, supervision, and oversight of crypto-asset activities at the meeting, according to the first individual quoted. “Risks associated with crypto-assets were not discussed,” he said. The recommendations “do not comprehensively cover all specific risk categories related to crypto-asset activities, such as: AML/CFT [anti-money laundering/combating the financial terrorism]; data privacy; cyber security; consumer and investor protection; market integrity; competition policy; taxation; monetary policy; monetary sovereignty and other macroeconomic concerns,” according to the FSB.

The G20 FMCBG also welcomed the BIS report titled ‘The Crypto Ecosystem: Key Elements and Risks’, which examines the crypto ecosystem’s key elements, evaluates its structural defects, and identifies the risks it poses. The report concludes that “crypto has thus far failed to leverage innovation for the benefit of society” and that “crypto’s inherent structural flaws render it unfit to play a significant role in the monetary system.”

“Crypto remains predominantly self-referential and does not fund actual economic activity. It has inherent flaws in terms of stability and efficacy, as well as accountability and honesty. These structural flaws are the consequence of incentives’ underlying economics rather than technological limitations, according to the BIS report.

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While the Reserve Bank of India (RBI) has already expressed concern over the negative impact of cryptocurrencies on the Indian economy, the Union government believes that a unilateral ban or regulation would be ineffective due to the borderless nature of cryptocurrencies, and that international cooperation is necessary to prevent regulatory arbitrage.

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“The international community turns to this group to promote sustainable, equitable, affordable, inclusive, and clean energy transitions. In doing so, we must not abandon our siblings and sisters in the Global South. We must ensure that developing countries have access to low-cost financing, Prime Minister Modi said in a video message to the G20 Clean Energy Ministerial meeting, which is currently taking place in Goa.

“We must devise means of bridging technological gaps, promoting energy security, and diversifying supply channels. And we must enhance collaboration on ‘fuels for the future’,’ he added.

PM Modi also addressed India’s commitment to achieving its non-fossil energy objectives, as the world’s most populous and fastest-growing large economy.

“India has the world’s largest population and the fastest-growing economy. Nevertheless, we are advancing rapidly on our climate commitments. We met our non-fossil installed electric capacity goal nine years ahead of schedule. We now have a higher objective. We intend to reach a 50% non-fossil capacity installation rate by 2030. India is also a global leader in solar and wind energy, Prime Minister Modi stated in his address.

In addition, the prime minister invited members to join the “Green Grids Initiative – One Sun, One World, One Grid of the International Solar Alliance.”

“International grid interconnections can improve energy security.” We are encouraging this mutually advantageous cooperation with our neighbours in this region, and the results are promising. Realising the vision of interconnected green systems has the potential to be transformative. It will allow us all to meet our climate objectives, stimulate green investment, and create millions of green jobs, as stated by the Indian prime minister.

At the opening of the G20 energy ministers’ meeting, R. K. Singh, the Union minister for power and renewable energy, urged developed nations to assist developing nations with the transition.

“Affordable energy availability is fundamental to our policy. Singh stated that the developing world requires more funds for energy transition.

People who lack access to electricity are one of the greatest obstacles we face in providing them with affordable electricity.” The issue of supply chain disruption is another matter that requires our attention. The significance of low-cost financing for emergent and developing nations is essential for accelerating the energy transition. I would like to request that the industrialised world fund such initiatives. “We must cooperate, collaborate, and share green technology in order to achieve the global energy transition,” he added.

Goa will host the 4th G20 Energy Ministerial Meeting on July 22.

On Saturday, the G20 member nations and invited nations are anticipated to issue a joint communiqué outlining their commitments to achieving sustainable energy goals.

The meeting is an important forum where member nations address pressing energy issues, investigate innovative solutions, and work together to shape the global energy landscape.

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“It is a tremendous honour to host the fourth G20 Energy Ministerial Meeting in the dynamic state of Goa. Prior to the meeting, chief minister Pramod Sawant stated that “this event represents a rare opportunity for our country to demonstrate its commitment to advancing clean and sustainable energy solutions.”

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At the Goa G20 meeting, the renewable energy ministers signed the loan agreements. The business issued a statement from Goa saying, “We will receive Rs 32,000 crore (USD 3.9 billion) each from PFC and REC for financing its current and upcoming energy transition projects,” but did not provide any further specifics about the projects or a schedule for disbursements.

Solar, wind, hybrid, energy storage, solar module and cell production, and green hydrogen are just some of the new initiatives that the corporation plans to invest in with these funds, according to the release. Corporate Finance President at Renew Kailash Vaswani has noted that the company has worked with PFC and REC, two of the largest lenders in the energy industry, for a long time.

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These loan agreements will help us fulfil our immediate and future finance needs, and they will show that we are capable of securing long-term funding for significant renewable energy initiatives. As of the third month of 2022, Renew’s portfolio is worth around 13.4 GW on a gross basis. It is not just a major IPP, but also a full-service provider of clean energy, green hydrogen, and value-added energy services by leveraging digitalization, storage, and carbon markets, all of which are becoming increasingly important in the fight against climate change.

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On the 17th of July, in Gandhinagar, on the margins of the third meeting of G20 Finance Ministers and Central Bank Governors, Banga indicated that he is a “big fan” of India’s digital payments infrastructure.

Banga told reporters, “I am more optimistic about India today as a whole than I have been in a long time.”

A GDP growth report of 6.1% for January-March brought the annualised rate for 2022-23 to 7.2 percent, making the Indian economy the world’s fastest growing major economy. The government of India and the Reserve Bank of India (RBI) remain optimistic, expecting the economy to grow by 6.5 percent this year, despite the fact that some experts predict growth would decline drastically to under 6 percent in 2023-24 due to declining global growth prospects.

The global economy is in a “difficult place,” as Banga, the new President of the World Bank, said in early June.

It has done better than expected, but that doesn’t mean new difficulties won’t arise. According to the World Bank and the International Monetary Fund, things are expected to get more difficult in the coming year.

His optimistic words were, “forecast is not equal to destiny.”

The future is not predetermined. We should be considering just that at the moment.

The International Monetary Fund lowered its global growth prediction for 2023 and 2024 by 10 basis points each in April, to 2.8% and 3%, respectively.

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In its World Economic Outlook report, the IMF had said, “Tentative signs in early 2023 that the world economy could achieve a soft landing – with inflation coming down and growth steady – have receded amid stubbornly high inflation and recent financial sector turmoil,” referring to the failure of regional banks in the United States and the takeover of Credit Suisse by UBS in Switzerland.

Meanwhile, the World Bank predicts that international trade would increase by 2.1% in 2023.

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