G20 Summit 2023 Day 1 Highlights: Leaders' Declaration stamps India's leadership role on global stage, says EY CEO Rajiv Memani

The live blog session has concluded. For more news, views and updates, stay tuned with Moneycontrol.com.

G20 summit: New Delhi Declaration’s watered-down condemnation of Russia a fragile win for all

While the New Delhi Declaration said members reiterated their national positions on the war in Ukraine, explicit condemnation of Russia was conspicuous by its absence, making the joint statement a seemingly watered-down version of its predecessor... Read More

The G20 New Delhi Leaders Declaration is a "consequential and visionary document", and symbolises the world’s desire to speak in one voice on the big issues confronting it, said EY CEORajivMemani. "This declaration further stamps India’s leadership role in the global stage and how the world powers are actively supporting the same," he added.

"I am particularly delighted by the key role played by the Global South/Emerging Markets in the finalisation of the Declaration. Its focus on developing countries and itsclear commitment to strengthen their voice in global decision making is timely.The initiatives outlined in the Declaration will help in promoting and accelerating inclusive growth, and hopefully in addressing the issues of global health and hunger. The inclusion of of the African Union in the G20 (or should we now call it G21) is a welcome step and one that give the continent amuch deserved seat at the top table."

Memani further noted that climate change is "possibly the biggest challenge" facing the world, and the focus of the Declaration on this issue is "heartening". He also added thatestablishment of the India-Middle East-Europe Economic Corridor, as announced by PM Modi earlier in the day, "will be a game changer for trade and connectivity".

"It is a momentous milestone of our Presidency of the G20 under Prime Minister Narendra Modi. The G20 Declaration embodies the One Family, One Earth, One Future vision,"B20 Chair and Tata Sons Executive Chairman NChandrasekaransaid.

"B20 India warmly welcomes the inclusion of the African Union in the G20 grouping. With Africa’s voice as part of the global economic forum, partnership with the continent will be greatly intensified," he added.

"Human capital development, agricultural and industrial transformation, trade facilitation to make Africa a common market are inclusive aspects of the Declaration.

The Digital Public infrastructure and the headroom for additional capital raising are pioneering aspects of the Declaration. The focus on Climate Change and the commitment of major economies to phase down fossil fuel power generation is a large step in the right direction to protect the Earth,"Chandrasekaran further added.

G20 New Delhi Leaders' Declaration adopted with consensus on a wide range of issues confronting global economic and geo-political environment is a reflection of India's clout as an influential economic and strategic power which continues to grow under a strong leadership of Prime MinisterNarendra Modi, ASSOCHAM said.

''G20 Summit under India's Presidency has delivered a fair and a candid vision to the members reminding them about global responsibility to work for a sustainable and equitable growth and navigate the headwinds including cost of living crisis in several major economies and supply chain disruptions because of geo-political reasons," ASSOCHAM Secretary General Deepak Sood said.

“The India-led G 20 summit created a huge history... All these years there was G 20 but now Prime Minister Narendra Modi changed it to G 21. Africa has been made a permanent member of the G 20, making it the G 21,” says Tamil Nadu BJP chief K Annamalai

“We at Toyota Kirloskar Motors, applaud the initiative of forming the Global Biofuel Alliance aimed at bringing together countries, international organizations, and industry to facilitate adoption of biofuels by driving biofuel development, deployment as well as position biofuels as a key to energy transition thereby contributing to jobs and sustainable economic growth. This announcement has come at a much appropriate time. The Global Biofuel Alliance is a critical step towards a sustainable future as it seeks to build capacity, provide technical assistance, create a virtual marketplace, and put down standard codes, sustainability principles and regulations for biofuels, to meet the growing energy needs, both in the domestic as well as global markets.

Further, we believe that this will facilitate the ongoing efforts of various stakeholders, including corporates, to bring down the oil import bill and realize the carbon reduction goal at a faster pace. At Toyota, we are aligned to the efforts of the Global Biofuel Alliance and are adopting a multiple-technology approach providing clean & green mobility solutions including the use of alternate fuels (eg Ethanol) to enable faster shift away from fossil fuels. Towards this, on 29th August’23, TKM unveiled the prototype of the World’s First BS 6 (Stage II) Electrified Flex Fuel Vehicle (Innova Hycross), which combines a flex fuel(biofuel) engine with an electric powertrain to provide dual benefits of larger petrol substitution and higher energy efficiency. This technology promises a disruption-free, smooth, and faster energy transition.

Going forward, we will continue to follow a holistic approach with focus on sustainable mobility that will contribute to India’s agri based economy, promote self-reliance, create jobs as well as support nation’s development and economic growth.”

Prime Minister Narendra Modi held a bilateral meeting with UK PM Rishi Sunak on the sidelines of the G20 Summit in New Delhi.

This is PM Sunak’s first visit to India since becoming the prime minister of Britainin October 2022.

French diplomatic sources commented on the New Delhi G-20 Leaders' Summit Declaration and said: “India has assumed a kind of power and an ability to bring countries together. Not many countries are in a position to negotiate as India has done, to take on board comments from everyone and work out a compromise proposal. This is something important…. The statement says that all states must refrain from conquering territories by force. Russia is the only country to have done so. All this helps to build consensus for the future.”

Dr Sultan Al Jaber, COP28 President-Designate, on G20 Summit

“The G20 has made important progress and I am specifically grateful for the commitment made today to triple renewables by 2030. These 20 countries account for 80 percent of global emissions, so this declaration sends a powerful signal for climate progress. I further welcome their alignment with the COP28 agenda concerning loss and damage, adaptation finance, closing out the $100 billion pledge made over a decade ago.”

“I call on all countries to meet the challenge head-on by committing to transformative climate action. We must meet the financial commitments of yesterday while creating new ones for tomorrow.”

Statement from Mr N Chandrasekaran, B20 Chair & Executive Chairman, Tata Sons:

“It is a momentous milestone of our Presidency of the G20 under Prime Minister Narendra Modi. The G20 Declaration embodies the One Family, One Earth, One Future vision.

B20 India warmly welcomes the inclusion of the African Union in the G20 grouping. With Africa’s voice as part of the global economic forum, partnership with the continent will be greatly intensified.

Human capital development, agricultural and industrial transformation, trade facilitation to make Africa a common market are inclusive aspects of the Declaration.

The Digital Public infrastructure and the headroom for additional capital raising are pioneering aspects of the Declaration. The focus on Climate Change and the commitment of major economies to phase down fossil fuel power generation is a large step in the right direction to protect the Earth.

We congratulate India on these landmark outcomes.”

President of Asian Development Bank Masatsugu Asakawa

Managing Director of IMF Kristalina Georgieva

UN Secretary-General António Guterres

DG World Health Organization Tedros Adhanom

Secretary General of Organization for Economic Cooperation and Development (OECD) Mathias Cormann

Egypt’s President Abdel Fattah al-Sisi

World Bank president Ajay Banga

Prime Minister of Mauritius Pravind Kumar Jugnauth and his wife Kobita Jugnauth

Netherlands Prime Minister Mark Rutte

Bangladesh PM Sheikh Hasina

Singapore Prime Minister Lee Hsien Loong

Spain’s Vice-President Nadia Calvino

South African President Cyril Ramaphosa and his wife Tshepo Motsepe

German Chancellor Olaf Scholz