Since the G20’s inception in 1999, India has been a member. As a key member of the group, India ensured that its viewpoint on critical national issues was not lost in the global financial narrative. From December 1 to December 22, India assumed the G20 presidency for one year.
The election of India’s President coincides with a watershed moment in international history. The global community is confronted with numerous political and economic challenges. The Russia-Ukraine conflict has strained relations between Russia and the industrialized Western countries, the majority of which are G20 members.
Significance of G-20 Summit
The conflict and the resulting unilateral sanctions imposed by the West have disrupted the post-pandemic global recovery, having a significant impact on oil and gas prices as well as food availability. As is customary, the most vulnerable, developing, and least developed countries, bear the brunt of the consequences.
In the true spirit of Vasudhaiva Kutumbakam (the world is one family), India would seek pragmatic global solutions for everyone’s well-being. India’s vision for the global development agenda is shaped by the Prime Minister’s rapid transformation of its economy and society, particularly green and digital transformations. The pandemic’s aftereffects are also significant, as they highlighted the importance of resilient healthcare and global cooperation.
Through its G20 leadership, India hopes to extend this principle to finding long-term solutions to some of the world’s most pressing issues, such as climate change, new and emerging technologies, food and energy security, and so on. India will set the agenda, identify the themes and focus areas, lead discussions, and deliver the outcome documents as the current G20 President. India will identify, highlight, develop, and strengthen international support for critical priorities in a wide range of social and economic sectors, including energy, agriculture, trade, digital economy, health, and environment, as well as employment, tourism, anti-corruption, and women’s empowerment, with a particular emphasis on the most vulnerable and disadvantaged people.
G-20 Troika
India is currently a member of the G20 Troika (the current, previous, and incoming G20 Presidency), which includes Indonesia, Italy, and India. The Troika is formed by Indonesia, Brazil, and India beginning on December 22, during India’s Presidency. This would be the first time the Troika would include three developing and emerging economies. It is hoped that as a result, the balance of power within the G20 will shift. It is past time for emerging economies to have a greater say in this grouping’s decision-making.
On the 9th and 10th of September 2023, India will host the G20 Leaders’ Summit at the level of Heads of State/Government in New Delhi. India’s Presidency is expected to host over 200 G20 meetings across the country beginning in December 2022. India is preparing to host up to 190 G20 meetings across the country. In our efforts to organize an impeccably organized and uniquely ‘Indian’ G20, we strive to bring this mega event closer to the lives of the people of India, dubbed the ‘People’s G20.’
The G-20 is the premier forum for international economic cooperation, representing approximately 85% of global GDP, over 75% of global trade, and roughly two-thirds of the global population.
Composition of G-20
It is made up of 19 countries (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, and the United States) and the European Union (EU). It has evolved into a significant and influential global organization. The regular participation of international and regional organizations as invitees in the G20 process, such as the African Union, NEPAD, and ASEAN, makes it both inclusive and representative.
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