In India, G20 has found its way into the lexicon of every household, transcending languages.
With close to 200 meetings already held across 57 Indian cities, meetings under G20 Indian Presidency saw the widest geographical expanse ever, something no other country has achieved before, India’s G20 Sherpa Amitabh Kant said.
“We have been able to take our delegates to every state and union territory of India, boosting local economies in these places as well as offering delegates a true experience of India’s diversity,” Kant told FE.
The leaders of G20 Countries, which account for 85% of the World’s GDP, including US President Joe Biden, Chinese President Xi Jinping and Russian President Vladimir Putin are expected to attend the G20 Leaders’ Summit next month in New Delhi.
On a global scale, the tourism industry is valued at $5 trillion, with India currently holding a modest 1.5% share, Kant said. Similarly, the global MICE (Meetings Incentives Conventions and Exhibitions) market is valued at $650 billion, with India currently having a relatively small portion.
The G20 Presidency presented a valuable opportunity to capture a larger share of these markets. For example, in Kerala the state government built a fabulous meeting venue in Kumarakom before the 2nd Sherpas Meeting. It is a great investment in building MICE infrastructure, which can be utilised in future as well, he said.
“Our hospitality industry has registered a 20% uptick in premium lodging rates in key business hubs since the close of 2022. This mirrors the economic waves triggered by the G20 helm,” Kant said.
The recent G20 ministerial meetings including Finance Ministers and Central Bank Governors Meeting at Gandhinagar in July saw all luxury hotels pre-booked weeks in advance. Similarly, all luxury hotels are already fully booked in Delhi for G20 Leaders’ Summit, leading to a spike in hotel room tariffs.
Thanks to various G20 track meetings, the urban infrastructure has also been strengthened across the country, especially airport connectivity in Tier 2 and 3 cities. “This is a result of Prime Minister Narendra Modi’s vision to have an all-of-India approach to the Presidency,” Kant said.
Additionally, the promotion of local handicraft and handloom industries through G20 meetings are further boosting incomes of local artisans and craftsmen and showcasing their work to a global audience, he said.
“India’s Presidency is also unlike any witnessed before. It has been a People’s Presidency, driven by the fervour of Indian citizens and their active engagement with G20-related events across the length and breadth of the nation,” Kant said.
In India, G20 has found its way into the lexicon of every household, transcending languages.
“The credit for turning a high-level closed-door diplomatic event into a year-long national festival, including common citizens in its foray and remaining true to our democratic ideals, lies solely with PM Modi,” he added.
Source:financialexpress.com