The G20, an organization rooted in the concept of international governance and the need for cooperation among states to address global challenges, is a key platform for promoting international economic cooperation and addressing global economic challenges. In 2023, India assumed the presidency of the G20, which will play a leadership role in setting the agenda for the G20 meetings and in coordinating the work of the other member countries. India's presidency of the G20 is seen as an important platform for advancing its interests and for promoting the country's profile on the global stage.

India, being the only major global economy slated to have 6+% GDP growth figures in the years ahead, outpaced Britain last year to become the fifth-largest economy in nominal GDP terms. In these times of global challenges, the G20 Presidency gives India a unique opportunity to strengthen its role in the world economic order. With the theme of 'Vasudhaiva Kutumbakam,' India is steering an ambitious, people-centric agenda to address global challenges and facilitate sustainable economic development.

Through a range of activities and events, India is able to demonstrate its commitment to multilateral cooperation and building bridges between different countries and regions. Being a great power is a function of capabilities, interests, and recognition. Economic and military power, nuclear and space capabilities, a defining role in global affairs and systems, normative weight, and a critical mass of diplomatic, cultural, intellectual, R&D, and technological resources, high-impact foreign policy management, and external projection of hard and soft power are prerequisites too.

India has been active in G20 meetings and has taken a leadership role in several areas, such as promoting inclusive growth, increasing investment in infrastructure, and strengthening financial regulation. India has also used its membership in the G20 to advocate for developing countries’ interests and promote economic cooperation and integration between developed and developing countries.

The World Bank has warned of a possible global recession in its latest forecast, cutting down global growth estimates for 2023 and 2024, owing to factors like the geopolitical scenario, persistently high inflation, and higher interest rates. However, India remains a promising figure in the current scenario. The multilateral bank reiterates that India is undeniably a global powerhouse and that the Indian presidency of G20 will unleash its potential, pay heed to insights and feedback from members, and contribute to the international community.

India's celebration of its G20 Presidency can be seen as a demonstration of its emerging soft power, as it showcases the country's growing influence and reputation on the global stage. The G20 Presidential year is expected to help India in its image-enhancement exercise, find new partners, and reinforce relations. The platform is expected to be a mirror of India's independent foreign policy driven by its increasing economic might.

In conclusion, the G20 Presidency gives India a unique opportunity to strengthen its role in the world economic order and become a global soft power. As India sets an ambitious, people-centric agenda to address global challenges and facilitate sustainable economic development, it is expected to contribute to the international community and build bridges between different countries and regions. The Indian presidency of G20 is undoubtedly creating a path towards becoming a major global soft power.