Taking place amidst a “ tough economic scenario” , the 2016 G-20 Hangzhou summit witnessed certain important ratifications, objectives and agreements that will likely change the future course of the global economy.

During this summit that was slated on the 4th and 5th of September, the world leaders claimed that global recovery is progressing and  new markets are emerging but feared the downside risks due to potential volatility in the financial markets, slackened trade and investment and slow productivity and employment growth in some countries. In order to avert such dire straits and ensure positive transformations, closer partnerships and joint action has been asserted by the G-20 members.

As US and China ratify the Paris Climate pact to curb global warming to 2°C and lower it further to 1.5°C , pressure mounts on India to ratify this pact too. Since no time-bound framework has been set up for the cause, Mr. Arvind Panagariya, India’s negotiator at the summit has made it clear that 2016 isn’t the year for the purpose . However, India’s application to join the Nuclear Suppliers Group may persuade it to move faster on this pact. Even the European Union stands divided in its timings to ratify the agreement after the exodus of UK from the 28 member bloc.

Selecting trade and investment jointly as the medium to invigorate the world economy and improve multilateral relations, the member countries have pledged to promote human resource development, technical and scientific innovation, protect Intellectual Property Rights (IPR), facilitate growth of small and medium scale enterprises and foster favourable conditions for digital communication, networking  and e-commerce markets under various programmes of the group. Strong support has also been displayed towards public health as prudent use of anti-biotics was voiced by the member countries, the objective to be achieved in collaboration with WHO,FAO and OECD.

The agendas initiated by the summit seek to positively change the global dynamics. But more importantly India will be occupying the centre stage in them. Taking advantage of the bilateral meeting with Mr. Xi Jinping , our Prime Minister , Mr.Narendra Modi  raised strong objections to the threat posed by the China Pakistan Economic Corridor that runs through Pakistan occupied Kashmir , considering dangers of terrorism emanating  from Pakistan. His view received support from other countries as well. Stressing on the fact that the two neighbours should give paramount importance to each other’s  aspirations , concerns and strategic interests , he has clarified the situations that permit durable bilateral ties between the two Asian giants. Also as India plans t roll out the Goods and Services Tax (GST) Bill in 2017, the developed economies and paticulary  US look up to India as the engine of economic growth in the coming future. US President , Mr.Barack Obama  has called this a “bold policy”  by India when leaders of the two nations met during an evening programme.

To conclude, the 2016 G-20 summit has set high hopes that the member countries must fulfil as they  plan to meet in Germany in 2017 and Argentina in 2018.It is time that India proves its mettle to the rest of the world.