G20 Summit: Major Announcements That Have Shaped the Event

The G20 Summit is on its final day on September 10, where Prime Minister Narendra Modi is scheduled to engage in various meetings with eight global leaders, including French President Emmanuel Macron, Canadian Prime Minister Justin Trudeau, representatives from Comoros, Turkey, UAE, South Korea, and others.

According to sources, PM Modi will partake in a working lunch meeting with French President Emmanuel Macron. Additionally, he will hold a pull-aside meeting with Canadian PM Justin Trudeau and conduct bilateral meetings with representatives from Comoros, Turkey, UAE, South Korea, the European Union/European Commission, Brazil, and Nigeria.

Top Highlights from the G20 Summit

• During the inaugural session of the two-day G20 Summit, the African Union (AU) was granted permanent membership within the Group of 20 largest global economies (G20).
• The G20 supported the New Delhi Leaders Summit Declaration, which highlighted the significance of peace and diplomacy in conflict resolution, as well as commitment to international law, territorial integrity, and sovereignty.
• At the G20 Summit, India, the United States, the United Arab Emirates, Saudi Arabia, France, Germany, Italy, and the European Union signed a Memorandum of Understanding (MoU) to build the India-Middle East-Europe Economic Corridor, with the goal of improving trade connections between these regions.

• British Prime Minister Rishi Sunak pledged $2 billion to the Green Climate Fund (GCF) during the G20 Leaders Summit to support developing nations in addressing climate change and adopting cleaner energy sources.
• Russia welcomed the G20 consensus declaration, which avoided direct criticism of Moscow for its actions in Ukraine, appreciating it as “balanced.” The Ukraine war was a sensitive issue throughout the negotiations, with India’s leadership, as well as Brazil and South Africa, playing critical roles in bridging divisions.

In other news, Ajay Kumar Choudhary, Central Bank Executive Director, revealed that the Reserve Bank of India (RBI) is planning to launch the pilot of the Central Bank Digital Currency (CBDC) for interbank borrowing or call money market transactions by October. The wholesale CBDC, known as the Digital Rupee-Wholesale (e-W), was initially introduced for settling secondary market transactions in government securities on November 1, 2022.