In September 2022, India marked a historic moment by assuming the presidency of the G20 summit. As India transitions from being a “rule-taker to being a rule-maker”, the opportunity is ripe for businesses to benefit from it.

Whether you run a small early stage startup, are a woman entrepreneur or a mid-sized company, this article by Compliance Calendar will help you figure how to make the most of this opportunity.

What does the G20 stand for?

The G20, or the Group of Twenty is an international gathering of 19 countries and the European Union. It was formed in the aftermath of the Asian Financial Crisis in 1999 for greater global and financial cooperation. While the initial focus of the group was on economic issues, its mandate has now been expanded to include trade, sustainable development, health, agriculture, energy, environment, and climate change.

India and the G20 - “One Earth, One Family, One Future”

Together, G20 nations represent 85% of global GDP, 75% global trade and two-thirds of the world population. This makes our presidency of this grouping an important milestone in improving engagement with the world. While the theme of India’s G20 presidency is Vasudhaiv Kutumbakam, the motto chosen is “one earth, one family, one future”, symbolising interconnectedness and harmony.

With India at the forefront of climate change (with the International Solar Alliance), a voice for developing nations, a leading vaccine manufacturer (the world’s pharmacy, as we are called), a flourishing hospitality industry and a booming digital tech ecosystem, businesses are likely to benefit from synergies with G20 countries.

Business 20 (B20) - the official business dialogue forum of G20

Since G20 covers a large economic system, it is only natural to provide an official platform for discussing recommendations from businesses. The B20 provides an excellent opportunity to shape economic and business policy, discuss business ideas with entrepreneurs from other countries and network with stakeholders.

It also includes initiatives for green infrastructure, smart cities, reshaping global health, compliance, future of work, digital economy among others.

Startup20 - A novel initiative of India

For the first time, India under its presidency has catapulted a new engagement group called the Startup20. This aims to uplift startups by helping them improve networking with established firms, encouraging international trade and innovation.

Host cities in India for the G20

From Chandigarh to Chennai, India is hosting over 200 events in over 50 cities across India. This includes discussions and events on a range of topics including infrastructure, development, climate, health, business and finance. A detailed calendar of events taking place in various cities can be accessed at - https://www.g20.org/en/g20-india-2023/calendar/

India’s G20 leadership - Why should a business come to India now

The Indian economy has been exceptionally resilient in the post-covid world. According to recent reports of the IMF, India is slated to drive almost 15% of the global growth in 2023. Here are a few reasons why a business must consider setting up in India:

High macroeconomic stability - With the second highest population in the world, a large middle class with private consumption, there is no dearth of demand in the domestic markets in India.
Progressive business reforms - The last two years in the Indian policy landscape have witnessed several winds of change. The Production Linked Incentive schemes promise generous returns to companies in a host of manufacturing sectors such as semiconductors, batteries, electrical components, pharmaceuticals, textiles,
Rapid digitalisation - India is all set to have more than 900 million people on the internet by Not only is India becoming a powerhouse in the supply of technology revolution, it is also rapidly adding a large digitally literate workforce.
Improving logistics and infrastructure - With massive reforms like a high allocation to the infrastructure sector in Budget 2023, PM Gati Shakti scheme (which aims to build regional connectivity by integrating multiple water, air and roadways) are boosting productivity and
India is home to 107 unicorns and has 45% of its startups gave women
India’s economy is 10% more energy efficient than the global and G20
IMF estimates that India will be the world’s third largest economy by 2027.

Engagement Groups of G20 - A voice for women entrepreneurs

Other than business and policy discussions, entrepreneurs can also participate in matters of societal interest, such as the Engagement Group on Gender Equity. This specific group works as part of the G20 to advance gender equality, women entrepreneurship and give voice to issues like equal pay and employment opportunities.

Areas for improvement - How does India fare against G20 average in business parameters

While India’s rank in the last Ease of Doing Business (now discontinued) ranking improved six spots to finish at 63rd rank, we still lack on some critical business indicators. These are:

Days needed to start a business : While the G20 average is 22.3 days, it still takes more than 60 days to do so in
High gender pay gap in India, where women are at the receiving end of wage inequality that is twice as much as advanced G20

In December, 2023 Brazil will take over the presidency of the G20. In the next few months, G20 in India represents, in the words of India’s Prime Minister, “a new responsibility and a measure of the world’s trust in India”. It’s only fair that our vibrant businesses benefit and add to this newfound trust.