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India to host G20 Summit in 2023
Source: Indian Express

GS II: International Relation

What is discussed under India to host G20 Summit in 2023?

  1. Key facts about India hosting G20 Summit in 2023
  2. What is G20 or Group of Twenty?

Why in News?

The Ministry of External Affairs (MEA) announced that India will host the G-20 leaders’ summit in New Delhi on September 9 and 10 of 2023 while it holds the Presidency.

Key Facts

  • From December 1, 2022, to November 30, 2023, India will hold the G20 presidency.
  • Over 200 meetings are expected to be held there starting in December of this year.
  • India is currently part of the G20 Troika, which comprises the current, previous and incoming G20 presidencies including Indonesia, Italy and India.
  • For the first time, the troika would be made up of three emerging economies and developing nations.
  • The G20 Presidency has a practice of inviting several guest nations and international organizations to its meetings and summit in addition to G20 members.
  • Bangladesh is the only immediate neighbour to make it to India’s guest list.

Guest Countries and organizations 

  • Regular international organizations such as UN, IMF, World Bank, WHO, WTO, ILO, FSB and OECD
  • Chairs of regional organizations such as AU, AUDA-NEPAD and ASEAN
  • International Solar Alliance (ISA)

    India to host G20 Summit in 2023
    Photo by Navneet Shanu: https://www.pexels.com/photo/brown-carriage-wheel-672630/
  • Coalition for Disaster Resilient Infrastructure (CDRI)
  • Asian Development Bank (ADB)
  • Bangladesh
  • Egypt
  • Mauritius
  • The Netherlands
  • Nigeria
  • Oman
  • Singapore
  • Spain
  • UAE

Key Priorities

  • Inclusive, equitable and sustainable growth
  • LiFE (Lifestyle For Environment)
  • Women’s empowerment
  • Digital public infrastructure and tech-enabled development in areas ranging from health, agriculture and education to commerce, skill-mapping, culture and tourism
  • Climate financing
  • Circular economy
  • Global food security
  • Energy security
  • Green hydrogen
  • Disaster risk reduction and resilience; developmental cooperation
  • Fight against economic crime
  • Multilateral reforms

What is G20 or Group of Twenty?

  • The G20 was founded in 1999 with the aim of examining methods to guarantee financial stability around the world.
  • It is an intergovernmental body comprised of the European Union (EU) and 19 other nations.
  • Argentina, Australia, Brazil, Canada, China, France, Germany, Greece, Italy, Japan, Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom and the United States are the other members of the G20.
  • The G-20 works to advance international commerce, financial market regulation, and overall economic growth.
  • Although it is not a legislative body, its deliberations impact the monetary policies of all its members.
  • G20 is the foremost forum for global economic cooperation because its members collectively represent 85% of the world’s GDP, 75% of its trade, and 2/3 of its population.
  • The G20 currently comprises of Finance Track with 8 work streams, Sherpa Track with 12 work streams and 10 Engagement Groups of private sector/civil society/independent bodies.

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