Table of contents
G20 Summit in Rio de Janeiro
- Event: The G20 Summit took place in Rio de Janeiro on November 18-19, 2024, focusing on global trade, climate change, and international security. Discussions were influenced by recent policy shifts, including the return of Donald Trump to the U.S. presidency.
- Implications for India: India's active participation in the G20 discussions underscores its commitment to addressing global challenges and shaping international policies, particularly in trade and climate change.
COP29 Climate Summit in Baku
- Event: The COP29 summit in Baku concluded, after two weeks of intense negotiations, delegates at COP29 agreed to provide this funding annually, with an overall climate financing target to reach “at least $1.3 trillion by 2035”. Formally called the 29th Conference of Parties to the UN Framework Convention on Climate Change (UNFCCC).
- Countries failed to reach an agreement on how the outcomes of last year’s “global stocktake”, including a key pledge to transition away from fossil fuels, should be taken forward – instead shunting the decision to COP30 next year in Brazil.
- They did manage to find agreement on the remaining sections of Article 6 on carbon markets, meaning all elements of the Paris Agreement have been finalised nearly 10 years after it was signed.
- Implications for India: Countries, including India and Nigeria, accused the COP29 presidency of pushing the deal through without their proper consent following chaotic last-minute negotiations.
Prime Minister Modi's Three-Nation Visit
- Event: Prime Minister Narendra Modi embarked on a three-nation tour from November 16 to 21, 2024, visiting Nigeria, Brazil, and Guyana. In Nigeria, he held bilateral talks with President Bola Ahmed Tinubu, focusing on strengthening partnerships in defence, technology, health, and education. In Brazil, he attended the G20 Summit. In Guyana, Modi pledged aid and support in technology, health, energy, and agriculture to the Caribbean region.
Implications for India: These visits aim to bolster India's diplomatic ties, enhance economic cooperation, and reinforce India's role in global and regional affairs.
Ongoing Gaza Crisis and Global Reactions
- Event: The conflict in Gaza continues to escalate, drawing international attention and sparking debates at the United Nations over humanitarian aid and ceasefire negotiations.
- Implications for India: As a member of the UN Security Council, India's stance on the crisis impacts its diplomatic relations with both the Middle East and Western nations, affecting its strategic and economic ties.
Putin's Hypersonic Missile Threats
- Event: Russian President Vladimir Putin announced plans to continue deploying and mass-producing hypersonic missiles, posing a significant threat to Western nations. Russia launched "Oreshnik" ballistic missile at Ukraine.
- Implications for India: Escalating military tensions may impact global security dynamics, influencing India's defence strategies and its diplomatic relations with Russia and Western countries.
India's Manufacturing Sector Challenges
- Event: India faces significant challenges in boosting its manufacturing sector, particularly in labor-intensive industries, due to high labor costs, compliance rules, and bureaucratic obstacles.
- Implications for India: Addressing these challenges is crucial for India's economic growth and competitiveness, highlighting the need for regulatory reforms to support the manufacturing sector.
Trump's Pro-Fossil Fuel Agenda
- Event: President-elect Donald Trump's administration plans to reverse U.S. environmental policies in favor of aggressive fossil fuel exploitation, aiming to boost energy production and address economic concerns.
- Implications for India: This shift may influence global energy markets and climate policies, affecting India's energy strategy and its commitments to renewable energy and climate change mitigation.
Global Oil Prices Surge
- Event: Global oil prices have surged due to geopolitical tensions, supply-chain disruptions, longer transportation routes, and production cuts by major oil-producing nations, leading to increased energy costs worldwide.
- Implications for India: As a major oil importer, India may face economic pressures from rising energy costs, impacting inflation and trade balances.
Canada–India Diplomatic Row
- Event: Tensions between Canada and India escalated over allegations of Indian involvement in the killing of a Sikh activist in Canada, leading to diplomatic expulsions and strained relations.
- Implications for India: The diplomatic row may affect bilateral relations, trade, and the Indian diaspora in Canada, necessitating diplomatic efforts to resolve the conflict.
India's Role in Global South Advocacy
- Event: At the Rio G20 Summit, Prime Minister Narendra Modi highlighted the hardships faced by less developed economies, emphasizing India's commitment to voicing the concerns of the Global South.
- Implications for India: This advocacy enhances India's leadership role among developing nations and strengthens its position in international forums addressing global inequalities.
