G-20

On the number of its members, its name is termed as the G-20 i.e. the group of twenties. G20, or
the Group of 20, is an informal group of 20 major economies that meets annually to discuss
global economic and financial issues. It is an important forum for cooperation and coordination
among the world’s major economies. India believes that the G20 can play a key role in
addressing global challenges such as climate change, terrorism, and poverty.
When the Asian Financial Crisis of 1997-1998 ended, it was acknowledged that the participation
of major emerging market countries was necessary for a discussion on the international financial
system. Thus, G20 was founded in 1999. The purpose of establishing G20 is to create an
atmosphere that supports equitable global growth and development. They bring together the most
powerful economies in the world, both developed and emerging, to talk about global financial
and economic stability.
G-20 serves as a platform for Finance Ministers and Central Bank Governors to discuss global
economic and financial issues. The finance ministers and central bank governors of the member
countries along with the European Union started holding dialogues concerning worldwide
economic and financial issues. It was upgraded to the level of Head of State/Government due
to the global economic and financial crisis of 2007-2008. Amid 2008 Financial Crisis the
world saw the need for a new consensus building at the highest political level. It was decided that
the G20 leaders would begin meeting once annually. To help prepare these summits, the G20
finance ministers and central bank governors continue to meet on their own twice a year. The
first G20 Leaders’ Summit was held in November 2008 in Washington, D.C. The summit was
attended by the heads of the state of the member countries. The summit meetings were held
semi-annually until 2010 and annually from 2011 onwards.
The G20 is a forum comprising nineteen countries with some of the world’s largest
economies, as well as the European Union (EU) and, as of 2023, the African Union (AU).
The countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India,
Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the
United Kingdom (UK), and the United States. The G20 nations collectively account for
approximately 85% of the world’s GDP, around two-thirds of the global population, and
over 75% of global trade.

The major intention of the G20 is to provide joint efforts to ensure financial stability
and economic growth and development, especially in developing and industrialized regions. This
international forum engages major economies’ finance ministers and central bank governors.
India has used the G20 to promote its economic interests, such as securing market access for its
goods and services. India’s presidency of the G20 in 2023 is an opportunity for India to play a
leading role in shaping the global economic agenda.

During the pandemic, the major economies of the G20 group decided to suspend the debt
payments that were supposed to be made by the world’s poorest countries. This gesture of
humanitarian essence offered billions of dollars of relief to developing nations.

The G20 Presidency rotates annually according to a system that ensures a regional balance
over time. For the selection of presidency, the 19 countries are divided into 5 groups, each
having no more than 4 countries. The presidency rotates between each group. This rotation
concept was formed at the 2010 summit held in South Korea.
The G20 does not have a permanent secretariat or Headquarters. Instead, the G20
president is responsible for bringing together the G20 agenda in consultation with other
members and in response to developments in the global economy.
TROIKA: Every year when a new country takes on the presidency, it works hand in hand with
the previous presidency and the next presidency and this is collectively known as TROIKA. This
ensures continuity and consistency of the group’s agenda.
G20 is not a legal authority to implement decisions. They discuss the issues and advocate
implementing steps to address the situation. While making a decision, member states gave
considerable weight to the discussion held in summits. The first G20 summit was held in 2008 in
Washington DC, USA.

How G20 Works?

The work of G20 is divided into two tracks:
The finance track comprises all meetings with G20 finance ministers and central bank
governors and their deputies. Meeting several times throughout the year they focus on
monetary and fiscal issues, financial regulations, etc.
The Sherpa track focuses on broader issues such as political engagement, anti-corruption,
development, energy, etc. Each G20 country is represented by its Sherpa; who plans, guides,
implements, etc. on behalf of the leader of their respective country. (Indian Sherpa, at the G20
in Argentina, 2018 was Shri Shaktikanta Das)

What Type of Issues are Addressed by G20?

Recently G20 summits started focusing not only on macro economy and trade; but also on a wide
range of global issues which have an immense impact on the global economy since globalization
started progressing and various issues became more intricately intertwined. Those issues
included overall development, climate change and energy, health, counter-terrorism, as well as
migration and refugees. The G20 has sought to realize an inclusive and sustainable world
through its contributions towards resolving these global issues.
The G20 focuses on a broad agenda of issues of global importance, although, issues pertaining
to the global economy dominate the agenda, additional items have become more important in
recent years, like:
o Financial markets
o Tax and fiscal policy
o Trade
o Agriculture
o Employment
o Energy
o Fight against corruption no
o Advancement of women in job market
 o 2030 agenda for Sustainable development
o Climate Change
o Global Health
o Anti-terrorism
o Inclusive entrepreneurship

G20 Summit 2023: India

G20 Summit 2023 is a significant opportunity for the India to contribute to global discussions on pressing
global issues. India’s G20 logo juxtaposes planet Earth with the lotus, India’s national flower
and the theme is ‘Vasudhaiva Kutumbakam’ or ‘One Earth-One Family-One Future.’
India’s G20 Presidency represents a significant milestone in its journey towards a sustainable and
inclusive future.

India’s G20 logo combines the lotus, India’s national flower, with the Earth, symbolizing
harmony with nature and a pro-planet approach to life. The logo’s colours reflect India’s national
flag, representing the values of saffron, white, green, and blue.

With the theme of “One Earth, One Family, One Future” or “Vasudhaiva Kutumba-Kam,” India aims
to unite the world towards a common goal and a better future, emphasizing the importance of global
cooperation. The G20 Theme reflects India’s vision to create a world where there is unity and
equality, transcending distinctions between first and third worlds.

The theme of the G20 Presidency emphasizes LiFE (Lifestyle for Environment), advocating
for environmentally sustainable choices in individual lifestyles and national development.

India currently assumes the G20 presidency from December 01, 2022, to November 30, 2023. A
summit of this size will be held for the first time in the nation in New Delhi on September 9 and
10, 2023. The 18th Summit will focus on the policy matters between its members to achieve
global economic and sustainable growth. The G20 Summit convenes on an annual basis, under
the leadership of a rotating Presidency. India assumed the presidency of the G20 grouping from
Indonesia, on December 1, 2022, and will hold the post for a year. This offers a unique
opportunity for India to contribute to the global agenda on pressing issues of international
importance.

The G20 Presidency provides an opportunity for India to assume the role of a leader representing
the Global South and advocate for their interests. The G20 Presidency coincides with the start of
“Amrit Kaal,” a 25-year period from India’s 75th independence anniversary to its centenary,
aiming for a futuristic, inclusive, and prosperous society. The approach is centered around human
well-being and development, focusing on a people-centric approach.

Given the pressing issues of global warming, the COVID-19 pandemic, and conflicts like the one
in Ukraine, the G20 has gained increasing importance as a platform for addressing these urgent
challenges.

Agenda for G20 Summit 2023

The focus of the 2023 G20 Summit in New Delhi revolves around six key agenda priorities:
• Green development, Climate finance and LiFE: Addressing environmental challenges through
sustainable development and climate finance strategies, such as the utilization of Low-carbon
Technologies for Fighting Epidemics (LiFE).
• Accelerated, inclusive and resilient growth: Promoting economic growth that is inclusive and
benefits all sectors of society, while also building resilience to withstand economic shocks.
• Accelerating progress on SDGs: Prioritizing the hastening of advancements in attaining the
Sustainable Development Goals (SDGs).
• Technological transformation and digital public infrastructure: Exploring the influence of
technology and emphasizing the significance of a resilient digital public framework.
• Multilateral institutions for the 21 st Century: Modernizing international institutions to address
the changing needs of the 21st century through reform and innovative measures.
• Women-led development: Promoting the empowerment of women in every aspect of
development, acknowledging their priceless contributions to both society and the economy.

Q. Which of the following country organized the G20 summit held in 2023?
South Africa
Brazil
United Kingdom
New Delhi
Q. When was the G20 Summit established?
1995
1999
1998
1997
Q. Which of the following is not a member of the G20?
Singapore
Indonesia
Mexico
Turkey
Q. Where was the first G20 summit held and in which year?
Canada 2002
Britain 2008
United States of America 2008
France 2002
Q. Which and when will India host a G20 Summit?

2021, 15th G20 Summit

2021, 16th G20 Summit
2022, 16th G20 Summit
2023, 18th G20 Summit

India can also work with other G20 countries to promote the implementation of global financial
regulations to ensure financial stability and prevent future financial crises. Furthermore, India’s
growing renewable energy sector can also contribute to global economic growth and
sustainability. India has set ambitious targets to increase the share of renewable energy in its
energy mix, and its experience in this area can be useful to other G20 countries as they seek to
transition to a more sustainable energy system.
India has launched several initiatives to promote renewable energy, such as the International
Solar Alliance, which aims to mobilize $1 trillion of investment in solar energy by 2030, and the
National Clean Energy Fund, which finances clean energy projects. By sharing its experiences
with other G20 countries, India can help accelerate the transition to a more sustainable energy
system and promote global environmental sustainability.
Also Read,
https://forumias.com/blog/g20-and-its-significance/