G20: Education, Real Estate, Agriculture, Here's What They Expect From Summit

India's national capital, Delhi is all set to host world leaders for the G20 summit 2023. With US President Joe Biden's arrival on Friday, the bilateral discussions between him and Prime Minister Narendra Modi will take place today. However, the official sessions of the G20 summit will begin on September 9 and 10, 2023 in New Delhi at Pragati Maidan. During India's presidency in G20, a host of sectors are expecting key developments for future growth.

The real estate sector expects enhancement in technology flexibility and FDI infusion, while the agriculture market is hoping for policies that could promote sustainability and incentivize farmers. Further, the education sector is expecting for raising of investment in infrastructure, technology, and teacher training to curb educational inequalities.

As G20 Presidency for 2023, India is responsible for bringing together the G20 agenda in consultation with other members and in response to developments in the global economy

Here's what these three sectors are expecting from the Summit:

Real Estate:

Sanjay Choudhary, Founder & CEO, Incuspaze said, "We expect the G20 Summit to have a big influence on India's real estate market because of the increased worldwide attention it is anticipated to bring to the country's economic prospects. The emergence of technology has profoundly altered not only the EdTech or health sector but also the corporate and real estate industries in emerging economies. An ecosystem that is powered by technology is replacing the conventional paradigm of traditional workplaces that are constrained by lengthy leases and inflexible infrastructure. Technology is the facilitator, and flexibility is the new currency."

He added, "With development being the key area of discussion worldwide, we believe G20 Summit 2023 to be a prominent exposure to bring in a transformative era of technological advancements and economic growth. Emerging economies portray themselves as vibrant, forward-thinking centers for businesses and entrepreneurs as they adopt these technological innovations. We anticipate that this FDI infusion would foster a sharp increase in the country's property values, making real estate leasing and investing attractive possibilities."

Furthermore, he added, India's status as one of the world's largest consumer markets due to its vast population is indeed a significant factor. At the G20 Summit, we could expect to emphasize a commitment to sustaining and fostering consumption-driven economic growth. India has the chance to exhibit its real estate potential, attract technological flexibility and FDI inflow to enhance and be established in the world arena and draw even more investment than predicted for 2023-24 into its developing markets with the next G20 Summit in Delhi.

Earlier, in May, a survey by the real estate services company Colliers revealed that foreign institutional inflows in the country's realty market skyrocketed by three-fold to $26.6 billion between 2017-2022. The growth was due to structural and policy reforms which enhanced transparency and ease of doing business in the sector.

Agriculture:

Harshvardhan Bhagchandaka, President of IPL Biological said, "As a company deeply committed to sustainable agriculture and environmentally responsible practices, we have high expectations from this summit in terms of global efforts to address climate change and promote sustainable economic growth. We hope to see G20 nations commit to policies that promote sustainable agriculture. This includes incentivizing and supporting farmers in adopting eco-friendly farming practices, reducing chemical inputs, and integrating biological solutions like our Bio Nutrition and Bio Pesticide products into mainstream agricultural systems."

He looks forward to discussions around creating market incentives for green products. Encouraging the use of sustainable agricultural inputs like bio-based nutrition and pesticides through policy measures can drive adoption. Bhagchandaka added, "I believe that fast-tracking carbon credit monetization for farmers adopting biological products is paramount. We envision G20 nations playing a pivotal role in simplifying this process, offering financial incentives, and facilitating easier access to carbon credits."

Also, IPL Biologicals believes that the G20 Summit 2023's focus on Green Development presents a significant opportunity for advancing sustainable practices in agriculture and mitigating climate change. Adding, Bhagchandaka said, "We look forward to the outcomes of the summit and hope to see concrete commitments and initiatives that will pave the way for a greener, more environmentally conscious, and economically resilient future."

Harshal Sonawane, Head of Sustainability, nurture.farm said, "As G20 takes the lead in guiding global progress, it's crucial to recognise that agriculture plays a critical role in our world's climate change mitigation efforts, and we are approaching a pivotal juncture. Agriculture is undeniably vital to our civilization but also poses a significant risk to global warming - it consumes a staggering 70% of our freshwater resources and contributes 24% of greenhouse gas emissions."

Further, Sonawane said, "alarmingly, we lose a staggering twenty-four billion tons of soil each year due to erosion, a situation that demands our immediate attention. The future of our planet relies on the health of our soil, and it's imperative that we prioritise its well-being. Let's come together under the G20's leadership and work collaboratively to drive innovation, implement sustainable practices, and foster international cooperation. Through these concerted efforts, we can create a brighter, more environmentally friendly future for agriculture and our world."

Education:

According to Koneru Satyanarayana, Chancellor, KL Deemed to be University, the Education industry worldwide has several expectations from the G20 Summit in 2023. The hope is that member countries will commit to increased investments in education infrastructure, technology, and teacher training to address educational inequalities and prepare students for the challenges of the future. Additionally, there's a strong desire for greater international collaboration and the sharing of best practices in education to drive innovation and improve educational quality globally.

Given the growing importance of digital skills, Satyanarayana said, "There is an anticipation that the summit will prioritize digital literacy initiatives to ensure students are well-prepared for the digital age. Education stakeholders also seek commitments to align education policies with the United Nations Sustainable Development Goals which also focuses on quality education for all. Lastly, inclusivity and equity in education are expected to be emphasized, with a focus on addressing disparities in access, quality, and outcomes across various demographic groups."

G20 is the premier forum for international economic cooperation and it plays an important role in shaping and strengthening global architecture and governance on all major international economic issues. G20 comprises 19 countries such as Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, and United States; and European Union. The G20 members represent around 85% of the global GDP, over 75% of the global trade, and about two-thirds of the world population.