After the Asian Financial Crisis transpired in 1997-98, the Finance ministers and Central Bank Governors of the most developed countries founded an Informal Forum to discuss international economic issues. Later, in the wake of 2007’s global financial predicament, the very Informal Forum got upgraded and globally identified as G-20: a group of 19 powerful economic countries plus the EU. Since then, G-20, as a premier international forum, meets yearly by repositioning its presidency as a host among its members for international economic cooperation. At the outset, the G-20’s focus would orbit issues corresponding to macroeconomics, but now in its circle are matters about climate change, healthcare, corruption, and terrorism.

Our country, India, hosts the year 2023’s G-20 Summit Presidency. Since every G-20 presidency summit exhibits a particular theme, so does India. India’s G-20 presidency theme is Vasudhaiva Kutumbakam, which in English translates as One earth, one family, one future. The theme originates from the ancient Sanskrit text of the Maha Upanishad and encompasses all living beings in whatever form they exist on the earth and their interconnectedness on earth.
It is indeed phenomenal and historical that among the list of cities where Summit meetings have been scheduled is the erstwhile state of Jammu & Kashmir. It seems like a dream. Some years before, one could not dream of convening an International Event, as G-20 is, in the Kashmir Valley.
Hosting G-20 as president for 2023, our country will add hugely to its international recognition. G-20, a bigger stage, will offer a bigger image. A towering identity gives an influential voice: the voice that will impact decisions. It will open doors for new opportunities to expand trade and investment relationships. Expansion in trade and investment relationships are vivid indicators of economic growth. Besides the member countries of the G-20, our country will have an opportunity to grow relationships with other countries. It will help in building trust and cooperation. The more we connect to the world, we draw benefits. No doubt, such relationships and collaborations fetch responsibilities and challenges. But these things also help a country to grow geopolitically. G-20 in Kashmir is an opportunity to showcase the region as a top tourist destination. It will fetch considerable attention from foreign and domestic tourists. But what is earnestly needed is to present the region's natural beauty, cultural heritage and unique handicrafts. In addition to it, G-20 can expedite partnerships and collaborations between Kashmiri handicraft producers and international buyers. It will surely increase the demand for handicrafts in the national and international markets and refuel the local economy, which has seen a harsh blow during the last three decades.
Moreover, the presence of the G-20 in Kashmir will drive a substantial number of delegates and tourists to the terrorist-bitten region. It will enhance opportunities for the locals to get associated with entrepreneurs at national and international levels. The association will help in creating a network. It will boost tourism and handicraft indeed. G-20’s presence in Jammu and Kashmir opens business doors for the region. These doors lead to the passageways to Latin America, the Entire of Europe, the Middle East and China.
Requirements such as hotels, restaurants, and transportation facilities for the G-20 summit will bring in opportunities for local businesses.
What is of vital importance is to ensure the presentation of local handicrafts in the most beautiful way. And what is equally essential is to clinch sound and healthy get-togethers of local entrepreneurs with the delegates. G-20 offers a market where 75% of global trade finds its place. G-20’s representatives represent tw0-thirds of the world population and 85% of the global gross domestic product. Thus G-20 fetches with it all those opportunities that will enhance trade and tourism in the region: the soul of the economy!

Email:----------------vadiakashmir@gmail.com