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Below The India`s G 20 Presidency on the occasion of the G 20 Summit in India By Dr. Manoranjan Sharma, Chief Economist, Infomerics Ratings

G 20 is not an obscure grouping of peripheral nations; it is a coalition of the world’s most powerful 19 economies together with the EU. G 20 economies account for 85% of the world’s GDP, 75% of the global trade, 66% of the global population, and roughly half the world’s land area. Clearly, then, this collective, non-hierarchical non-treaty-based organization of 19 countries and the EU has come a long way since its inception. There is no way its significance can be undermined, irrespective of the criterion adopted.

The Presidency of G 20 may be rotational but it needs no clairvoyance to perceive William Shakespeare stressed well over five centuries ago: “There is a tide in the affairs of men Which, taken at the flood, leads on to fortune”.

What Shakespeare wrote about the fortunes of men applies in no less measure to the fortunes of countries, particularly those countries at a defining moment in history.

In the G 20 deliberations, there has been a sharper focus on intellectual, administrative, infrastructural, and social capital; improved bureaucratic decision-making processes; and extensive discussions with key stakeholders, including businesses, think tanks, academics, civil society, labor unions, and the scientific community.

This is the Holy Grail to discernibly alter the ground realities by an accent on greater inclusivity in the financial system, avoiding protectionist tendencies and promoting sustained growth prospects of developing countries. These action points need to be implemented- not substantially- but in full and complete measure to meet the challenges of today and the expectations of the future.

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