The Group of Twenty (G20) is the premier forum for international economic cooperation. It plays an important role in shaping and strengthening global architecture and governance on all major international economic issues. India holds the Presidency of the G20 from 1 December 2022 to 30 November 2023. 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.
The G20 was established in 1999, it is the short form for the Group of Twenty nations. It serves as a prominent platform for international economic co-operation and decision-making which collectively represents a staggering 85% of the global economy. The 20 member countries are namely: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, The Republic of Korea, Russia, Saudi Arabia, South Africa, Turkey, The United Kingdom, The United States and The European Union. The G20 aims at collective & collaborative growth with annual summits to facilitate economic, financial and social policies along with addressing the lesser highlighted global issues. The nations coming together for a summit of this stature aims at promoting synergy between the members for shared goals.
India has the honour of hosting and leading the G20 summit in 2023 which is a great opportunity for the nation to make its mark on the global stage. Being the host of the G20 will give India substantial influence in determining the focal points of discussions. This role will empower India to fulfil its goals while addressing pivotal global challenges like climate change, inequality, economic crisis and the impacts of COVID-19 pandemic.
Key takeaways:
Advancing Economic Interests:
The G20 presidency allows India to advocate for its economic interests such as greater market access, increased investment flows and favourable trade & investment agreements. India is an attractive destination for foreign investments and trade partnerships with its large population and ever expanding consumer market. The G20 summit serves as a means for India to leverage its prominent position in the global economy.
Enhancing Domestic Infrastructure:
Hosting the G20 will provide India with an opportunity to invest in vital domestic infrastructure which includes transportation and communication networks. This will not only ensure the successful execution of the summit but will also lay the groundwork for future economic growth and improved living standards for the citizens. The infrastructure improvement is essential to meet the needs of businesses in our ever expanding population.
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