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.