PM Modi Concludes Delhi G20 Summit, Passes Presidency Baton to Brazil in a Historic Handover


The G20 Leaders' Summit 2023 came to a close on Sunday when Prime Minister Narendra Modi awarded Brazil's President Lula da Silva the keys to the group's leadership beginning on December 1 of this year.

PM Modi proposed holding a virtual conference to evaluate the development of the suggestions made in New Delhi during the closing session of the G20 Summit.

As he handed the presidency to the president of Brazil, Modi remarked, "We have complete faith in the Troika spirit. We are certain that Brazil's leadership of the G-20 will advance our common objectives and will offer Brazil our full support.

"India is in charge of the G-20 Presidency  as you all know. There are still 2.5 months to go. Over the past two days, you guys have presented a lot of ideas, provided a lot of suggestions, and made a lot of offers. I propose hosting a virtual second G-20 summit at the end of November, Modi said.

"In that session, we can talk about the topics picked up for this summit. Before proclaiming the G-20 Summit to be over, he added, "Our team will share the details of all things with you all.

He concluded by saying Swasti Astu Vishwasya, which means (in Sanskrit) "There should be hope and peace in the entire world."

Earlier in the day, Modi spoke at the G20 Summit's third session and offered a framework for ethical human-centric AI.

"New generation technology is developing at an unbelievable and high ratr right now. We are now examining a case involving artificial intelligence. The G20 endorsed "Principles on AI" in 2019. Modi said, "Today, we have to go one step forward.

"I have consistently called your attention to the Human Centric Vision instead of the GDP Centric Approach," Modi remarked when discussing the vision. India, among other nations, has a lot today, which we share with the rest of the globe. For the sake of humanity, India has used Chandrayaan Mission data. We have discussed distributing it to everyone. This serves as further evidence of our dedication to human-centered growth.

Even the smallest retailers accept digital payments in our smallest villages. I am pleased that a robust framework for digital public infrastructure has been established under India's presidency. In a similar vein, the 'G20 Principles on Harnessing Data for Development' have also been approved,' the PM remarked.

The start of the "Data for Development Capacity Building Initiative" for the advancement of the Global South, according to the Prime Minister, has also been determined. He added that the establishment of the Startup 20 engagement group under India's Presidency is another significant development.

The creation of international norms for crypto-currency regulation was another issue raised by the prime minister.

We are aware of the challenges presented by cryptocurrencies and online security. Social order, monetary and financial stability, and cryptocurrency have all been trending themes in recent years. International standards must be developed to regulate cryptocurrencies as a result. We are guided by the Basel principles for bank regulation, he said.

"As soon as possible, action in this regard will be taken. Like physical security, cyber security too needs international organization and collaboration. The internet has provided terrorism with new venues and avenues for funding.

"The feeling of One Future will only be strengthened when we take care of the security and sensitivity of every country," he continued.

Modi emphasized the necessity of reforming international organizations.

"In order to lead the world toward a better future, global systems must reflect the state of the world today. Another example of this is the United Nations Security Council of the present. According to Modi, there are currently about 200 countries that belong to the UN.

The UNSC still has the same number of permanent members in spite of this. Since that time, the world has drastically changed in all respects. Our new global includes these new realities. The framework needs to reflect this, he said.

"It is a natural law that organizations and people who do not adapt to the times become irrelevant. We must approach the question of why so many regional forums have emerged in recent years and are also demonstrating their effectiveness with an open mind, he continued.

Every international organization, according to Modi, must change in order to become more relevant in the modern world.

"With this in mind, we made the African Union a permanent member of the G-20 yesterday in a historic move. Similar to this, multilateral development banks also need to have their mandates expanded. Our choices in this manner ought to be prompt and successful, he stressed.

In a world that is changing swiftly, we need stability and sustainability along with transformation. Come! Let us commit to implementing the Green Development Pact, the SDG Action Plan, the High-Level Anti-Corruption Principles, the Digital Public Infrastructure, and the MDB Reforms, he stated.

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