G20 Summit: How India Will Influence Global Policies For Benefit Of Economy And Attract Investors

Prime Minister Narendra Modi has extended a warm welcome to the leaders arriving for the G20 Summit to be held in New Delhi on the 9th and 10th of September 2023. Priorly on September 8, PM Modi and US President Joe Biden reaffirmed the close and enduring partnership between India and the United States. India's Presidency for G20 Summit 2023 is expected to improve the country's involvement in the global economy. Also, India is likely to influence global policies in ways that will benefit its economy and attract investors.

Mukesh Kochar, National Head - Wealth Management, AUM Capital said, "India's G20 presidency is a big step forward in its global leadership role. Because of its diverse economy, inclusive growth, climate change preparedness, and other factors, India is ready to contribute new insights."

He added, "India's G20 presidency will improve India's involvement in the global economy and increase its impact on global economic, environmental, and social policies. India will be able to influence global policies in ways that will benefit our economy and attract investors."

Also, he said, "India would reap significant benefits, including increased foreign direct investment (FDI) across sectors. Electric vehicles are likely to grow fast in the future, with favorable regulations and incentives on the horizon to propel the sector forward. Auto sectors as well as start-ups working on green technologies, are set to gain from this program."

Finally, Kochar concluded that India is likely to capitalize on new trade opportunities as its renewable energy, defense, pharmaceutical, and chemical industries expand.

On September 8, PM Modi and Biden called on their governments to continue the work of transforming the India-U.S. Strategic Partnership across all dimensions of our multifaceted global agenda, based on trust and mutual understanding. The leaders re-emphasized that the shared values of freedom, democracy, human rights, inclusion, pluralism, and equal opportunities for all citizens are critical to the success our countries enjoy and that these values strengthen their relationship.

President Biden lauded India's G20 Presidency for further demonstrating how the G20 as a forum is delivering important outcomes. The leaders reaffirmed their commitment to the G20 and expressed confidence that the outcomes of the G20 Leaders' Summit in New Delhi will advance the shared goals of accelerating sustainable development, bolstering multilateral cooperation, and building global consensus around inclusive economic policies to address our greatest common challenges, including fundamentally reshaping and scaling up multilateral development banks.

Prime Minister Modi and President Biden reaffirmed the importance of the Quad in supporting a free, open, inclusive, and resilient Indo-Pacific.

Also, India welcomed the U.S. decision to co-lead the Indo-Pacific Oceans Initiative Pillar on Trade Connectivity and Maritime Transport, further to the U.S. decision to join IPOI in June 2023.