G20 Summit: Which Sectors To Be In Focus? Find Out!

All eyes are set on the G20 summit scheduled to begin on September 9 and 10, 2023 in New Delhi at Pragati Maidan. However, US President Joe Biden is set to arrive on Friday in the national capital for the summit. India's growth story is expected to get more visibility at this G20 summit due to its presidency. With G20 around the corner, sectors like IT, banking, pharmaceuticals and even fintech companies will be in focus.

As per the White House, Biden will attend a series of events during his visit and also hold a bilateral meeting with Prime Minister Narendra Modi.

G20 impact on sectors:

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "The India Growth Story, which is the best among large economies, is getting wider attention and appreciation with the G20 presidency. India's highly profitable sectors like banking, IT and pharmaceuticals are already well researched and have attracted significant investments."

Vijayakumar added, "A segment that has attracted significant attention in recent times is the India Stack and its phenomenal success. India's digital ecosystem is now accepted as a model worthy of emulation. The explosive growth of Fintech companies is attracting a lot of attention. The incredible growth of non-IT services during the last couple of years also is attracting a lot of attention."

Further, he said, "There is a global consensus among investors regarding India's potential as an investment destination. The three Ds underlying the India Growth Story- Demography, Democracy, Digitalisation and Domestic consumption- will get more visibility due to the G20 presidency."

Also, Dr. Manoranjan Sharma- Chief Economist, Infomerics Ratings said, " G 20 is not an obscure grouping of peripheral nations; it is a coalition of the world's most powerful 19 economies together with the EU. G 20 economies account for 85% of the world's GDP, 75% of the global trade, 66% of the global population, and roughly half the world's land area. Then, this collective, non-hierarchical non-treaty-based organization of 19 countries and the EU has come a long way since its inception. There is no way its significance can be undermined, irrespective of the criterion adopted."

In the G 20 deliberations, Sharma added, "There has been a sharper focus on intellectual, administrative, infrastructural, and social capital; improved bureaucratic decision-making processes; and extensive discussions with key stakeholders, including businesses, think tanks, academics, civil society, labor unions, and the scientific community."

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 of 19 countries such as Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, 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.

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. To ensure continuity, the Presidency is supported by a "troika" made up of the current, immediate past and next host countries. During India's Presidency, the members of the G20 troika are Indonesia, India and Brazil.

The G20 Summit is held annually, under the leadership of a rotating Presidency. The forum initially focused largely on broad macroeconomic issues, but it has since expanded its agenda to inter-alia include trade, climate change, sustainable development, health, agriculture, energy, environment, climate change, and anti-corruption.