India assumed the presidency of the Group of Twenty from Indonesia on 1st December 2022 and will hold it till 30th November 2023.
About G20
The Group of Twenty is the premier forum for international economic cooperation. It plays an important role in shaping and strengthening global governance and working toward sustainable and balanced global growth.
Who are G20 Members
G20 comprises 19 countries (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkiye, United Kingdom and United States) and the European Union. The G20 members represent around 85% of the global GDP, over 75% of the global trade and about two-thirds of the world population.
Theme of India’s Presidency
The theme of India’s G20 Presidency – Vasudhaiva Kutumbakam” or One Earth. One Family. One Future – is drawn from the ancient Sanskrit text of the Maha Upanishad. Essentially, the theme affirms the value of all life – human, animal, plant, and micro-organism – and their interconnectedness on the planet Earth and in the wider universe.
History of G20
The G20 was founded in 1999 after the Asian financial crisis as a forum for the Finance Ministers and Central Bank Governors to discuss global economic and financial issues.
The G20 was upgraded to the level of Heads of State/Government in 2008, in the wake of the global economic and financial crisis of 2007. In 2009, it was designated “premier forum for international economic cooperation”.
G20 Summit
The G20 Summit – meeting of leaders of the member countries – is held annually, under the leadership of a rotating Presidency. The G20 initially focused largely on broad macroeconomic issues, but it has since expanded its agenda to include trade, climate change, sustainable development, health, agriculture, energy, environment, anti-corruption, etc.
Under India’s Presidency, 13 Working Groups and 2 initiatives under the Sherpa Track, 8 Working Groups under the Finance Track and 11 Engagement Groups will meet to discuss priorities and provide recommendations. India will host over 200 meetings in over 50 cities across 32 different work streams.
The 18th G20 Heads of State and Government Summit will take place on 9th-10th September 2023 in New Delhi. The Summit will be a culmination of all the G20 processes and meetings held throughout the year among ministers, senior officials, and civil societies.
Invited Guest Countries for India’s Presidency
India’s special invitee guest countries are Bangladesh, Egypt, Mauritius, Netherlands, Nigeria, Oman, Singapore, Spain and UAE.
In addition to the regular International Organizations (UN, IMF, WB, WHO, WTO, ILO, FSB and OECD) and Chairs of Regional Organizations (AU, AUDA-NEPAD and ASEAN), India, as G20 Presidency, will be inviting ISA, CRDI, and ADB as Guest IOs.
How G20 Works?
The G20 Presidency steers the G20 agenda for one year and hosts the Summit. The G20 consists of two parallel tracks – the Finance Track and the Sherpa Track.
The G20 process from the Sherpa side is coordinated by the Sherpas of the member countries, who are the personal emissaries of the Leaders. Finance Track is led by Finance Ministers and Central Bank Governors of the member countries. Within the two tracks, there are thematic oriented Working Groups in which representatives from the relevant ministries of the members as well as from invited/guest countries and various international organizations participate.
These Working Groups meet regularly throughout the term of each presidency. The Sherpas oversee negotiations over the course of the year, discussing agenda items for the Summit and coordinating the substantive work of the G20.
In addition, there are Engagement Groups which bring together civil societies, parliamentarians, think tanks, women, youth, labour, businesspersons and researchers of the G20 countries.
G20 Secretariat
The Group does not have a permanent secretariat. The Presidency is supported by the Troika – previous, current and incoming Presidencies. During India’s Presidency, the Troika will comprise Indonesia, India and Brazil, respectively.
India’s Vision for G20
The greatest challenges that we face today such climate change, terrorism and pandemic, can only be solved by acting together.
PM Modi emphasized that India’s G20 Presidency will be inclusive, ambitious, action oriented and decisive.
India’s G20 Presidency would focus on healing our “One Earth”, creating harmony within our “One Family” and giving hope for “One Future”.
India’s experience will provide insights for global solutions.
India’s G20 Presidency will work together to shape a new paradigm of human-centric globalisation.
Test your comprehension of India’s G20 Presidency by taking this brief quiz.
