 in 2023. It is India's turn to host the G20 Summit and lead the group's agenda.){kind=link}
India holds the presidency of the G20 (Group of Twenty) in 2023. As the G20 presidency rotates annually among the member countries, it is India’s turn to host the summit and lead the group’s agenda and discussions.
What is G20 Summit?
The G20 is a forum for the governments and central bank governors from 19 countries and the European Union. The members of the G20 represent around 85% of the global economy, and the group’s primary goal is to promote international economic cooperation. The G20 holds annual summits at which leaders discuss a range of issues including global economic growth, international trade, and financial regulation. The G20 was established in 1999, after the Asian financial crisis, the platform for the Finance Ministers to discuss global economic and financial issues.
G20 Summit Members:
The Group of Twenty (G20) comprises 19 countries which are:
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States of America, and the European Union.
The G20 represent almost 75% of the global trade and 85% of the global GDP.
G20 covers almost 2/3 of the world population.
Why It Is Important?
There are several reasons why the G20 is considered important:
Representation: It includes representatives from 19 countries and the European Union, which together represent around 85% of the global economy. This makes it an important platform for discussing issues that affect the global economy.
Global issues: It focuses on issues that have a global impact, such as economic growth, international trade, and financial regulation. By bringing together leaders from different countries, the G20 aims to find solutions to these global problems.
Coordination: It provides a forum for policy coordination among its members. By working together, countries can better address issues that affect the global economy, such as financial crises, trade imbalances, and currency fluctuations.
Inclusion: It is inclusive of both developed and developing countries, and it aims to promote sustainable and inclusive growth.
Flexibility: It has the flexibility to address new and emerging issues that may not have been on the agenda in the past, such as climate change, health crisis, and digitalization.
G20 Main Agendas
It consists of two parallel tracks: the Finance Track and the Sherpa Track.
Finance Track consists of:
- Global Economic Growth
- Tax information Exchange
- Financial Regulatory Reforms
- Financial Inclusion
- Remittances across the world
- Fossil Fuel Subsidies
- Green Finance
- Antiterrorism Financing
Sherpa Track consist of:
- Employment
- Climate Change
- Agriculture and Food Security
- Anti-Corruption measures
- UN sustainable Development Goals
- Improvement of health care.
India’s Presidency Period
India is the president of G20 from 1st December 2022 to 30th November 2023.
PM Modi emphasized that India’s Presidency will be inclusive, ambitious, action-oriented, and decisive and would be shaped in consultation with our fellow travelers in the global South, thereby cementing India’s position as the voice of the global South. India’s Presidency would focus on healing our “One Earth”, creating harmony within our “One Family”, and giving hope for our “One Future”.
The G20 Presidency would showcase India’s strengths in digital infrastructure, direct benefits transfer, digital health, and pharmaceuticals. India will focus on accelerating progress in SDGs (The Sustainable Development Goals) during its presidency. The SDGs encompass inter-connected issues like poverty, food and nutrition security, health, education, women empowerment, employment, and climate change.
India will host 200 plus meetings in 56 different places in India, bringing delegates from different countries to visit our country. For many visitors, a G20 event will be their first experience of India, and hence all Indians need to put their best effort to welcome the world and represent India to its best and show up our strengths.