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G20 Summit Concludes, Delhi Declaration, Economic Corridor Among India’s Biggest Achievements

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G20 leaders despite the challenges concerning the Russia-Ukraine war, adopted the Joint Declaration at the New Delhi G20 Summit on Saturday. In the declaration, the leaders endorsed the G20 Independent Review of MDBs Capital Adequacy Frameworks (CAFs) and called for its ambitious implementation in multilateral development banks. 

On global debt vulnerabilities, G20 leaders convened in New Delhi and reaffirmed their position, which is consistent with the statements made in Bali last year. They called for “continued discussion on policy-related issues linked to the implementation of the Common Framework.” 

Among other notable developments, it appears that the much-discussed global coordination on crypto regulation has taken a solid step forward, as Finance Minister Nirmala Sitharaman said that a “global consensus” is emerging on virtual digital asset (VDA) policies.

Sitharaman said, “Global push for clearer policies on crypto assets have gained momentum, global consensus emerging.” The Union minister added that the presidency will support the International Monetary Fund (IMF) and the Financial Stability Board (FSB) for a “globally coordinated crypto regulatory framework.” 

India-Middle East-Europe Economic Corridor initiative involving the United States, India, Saudi Arabia, the UAE, the European Union, and several other G20 partners was launched. The ambitious project, aimed at enhancing trade and connectivity between India, the Middle East, and Europe, has garnered support and enthusiasm from world leaders. This project, which embraces a vision of robust global infrastructure investment, was unveiled at the Partnership for Global Infrastructure Investment (PGII) and India-Middle East-Europe Economic Corridor program at Bharat Mandapam on the sidelines of the G-20 Summit in New Delhi.

Furthermore, India announced the launch of the Global Biofuel Alliance and urged G20 nations to join the initiative with a plea to take ethanol blending with petrol globally to 20 per cent.

Here is a brief schedule for G20 leaders on September 10. 

  • 8:15 am to 9:00 am: Arrival of leaders at Rajghat, signing of the peace wall.
  • 9:00 am to 9:20 am: Wreath-laying at Mahatma Gandhi’s Samadhi, devotional song performance.
  • 9:40 am to 10:15 am: Arrival at Bharat Mandapam.
  • 10:15 am – 10:30 am: Tree planting ceremony at Bharat Mandapam’s South Plaza.
  • 10:30 am to 12:30 pm: Third G20 Summit session ‘One Future’

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