G20 Summit starts as India enjoys a record $3.8 trillion market value

India's stock market value hit this week an all-time high valuation of $3.8 trillion to be the biggest overweight in Asia for EM funds، a perfectly timed billboard for Indian Prime Minister Narendra Modi as the G20 Summit in India that starts on Saturday in New Delhi for two-day، and  gives him another opportunity to showcase the nation's potential as a geopolitical juggernaut while president Joe Biden arrived late Friday night local time before world leaders are gathering in New Delhi for the Summit.

India’s stock market valuation reached a record this week when India hosts for the first time the G20 Summit 2023 meetings which lasts two days in the city of New Delhi، with leaders still debating Ukraine language and which bear the slogan One Land، One Family، One Future. 

New Delhi has a record stock-market valuation، surging foreign inflows

A record stock-market valuation and surging foreign inflows make for a great backdrop as Prime Minister Narendra Modi looks to tout India’s growing prominence to world leaders at this weekend’s G20 Summit in New Delhi، in spite of the absence of China and Russia Presidents.

India is hosting the 18th G20 Summit on 09-10 September 2023 at New Delhi iconic Bharat Mandapam for the first ever and is boosting  by one of the world’s fastest growing economies، solid corporate earnings and an unprecedented retail investing boom، the nation’s equity benchmark is also approaching an all-time high.

Disagreements over the wording of the summit declaration

The leaders of the G20 Summit in New Delhi are unable to resolve disagreements over the wording of the summit declaration on the war in Ukraine as the negotiators disagree over the wording of the summit declaration on the war in Ukraine and leaving any possible breakthrough to bloc leaders during the two-day meeting.

The leaders of the G20 Summit in India، the most populous country in the word for the first time with 1.4 billion people and exploded to overtake China's، left the "geopolitical situation" paragraph blank in the 38-page draft that was circulated among members، while they  had agreed on the 75 other paragraphs which included climate change، reforms in multilateral development banks and crypto currencies. 

G20 Summit leaders have the power to reset a climate crisis

Antonio Guterres،   U.N. Secretary-General  stated that G20 Summit leaders have the power to reset a climate crisis is worsening dramatically and is "spinning out of control" and the collective response is lacking in ambition، credibility، and urgency as well as  urged them to reshape global financial rules which he described as outdated and unfair.

India  presidency of the G20 Summit in New Delhi this year is an important way to showcase that India is a power of consequence amidst the polarization between the East and West، and a gap between the North and South، so it is a unique chance for India to act as a bridge for the Ukraine war، friction between China، Russia، and several of the G20 members. 

G20 Summit in New Delhi is an opportunity to reach a joint declaration

India presidency of the G20 Summit in New Delhi this year is an opportunity to reach a joint declaration that may or may not come to a unanimous agreement as it could have different paragraphs stating the views of different countries or it could record agreement and dissent in one paragraph as Russia is blocking a compromise that is acceptable otherwise for everyone else. 

The joint declaration document showed that the group agreed to address debt vulnerabilities in low and middle-income countries "in an effective، comprehensive and systematic manner"، but did not make any fresh action plan، and the draft also shows countries pledged to strengthen and reform multilateral development banks، while it accepted the proposal for tighter regulations of crypto currencies.

Climate crisis needs urgent action from the world’s wealthiest nations

The G20 Summit leaders in New Delhi are taking charge of delivering discourse around some of the most pressing issues، including global economic jitters and a climate crisis that needs urgent action from the world’s wealthiest nations the joint declaration also agreed that the world needs a total of $4 trillion low-cost financing annually for energy transition.

The G20 Summit  is missing two key invitees، Russian President Vladimir Putin and Chinese leader Xi Jinping، but this weekend’s Group of 20 summit affords Indian Prime Minister Narendra Modi، who  is hosting the G20 as the world faces crisis، an opportunity to extend his leadership beyond his country’s borders as he looks to burnish his credentials on the world stage ahead of a tough election battle.

Chinese leader Xi Jinping and Russian President Vladimir Putin are absent

Chinese leader Xi Jinping are absent from the gathering، with Beijing giving no reason for the surprise miss، a move widely seen as a snub to India and Russian President Vladimir Putin، who cannot risk travel in case of arrest، will remain in Moscow، instead sending his foreign minister to represent the Kremlin، while US President Joe Biden has made it to New Delhi which is becoming a force to be reckoned with and met with Modi، hoping to seize on an opening created by the absence of the Russian and Chinese leaders.

Modi’s careful maneuvering of today’s G20 Summit  divided world has Western governments lining up to court the Indian leader and the US and its allies are looking at India as an important counterweight to China، as Xi pushes an aggressive foreign policy، while making bolder moves in key flashpoints across the region، while emerging and developing nations are looking to India to help secure vital financial lifelines from rich countries، and reach a decision on important issues، including climate change، so it is India’s carpe diem moment، meaning India has golden opportunity at this vital summit.