News Highlight
India will formally begin its G20 Presidency on December 1 and host the next summit in New Delhi in September 2023.
Key Takeaway
- Addressing the final session of the G20 Summit in Bali, the Prime Minister said the country’s presidency will be “inclusive, ambitious, decisive, and action-oriented.
India’s G20 Presidency
- Theme
- It is to further promote oneness, inspired by the theme of “One Earth, One Family, One Future”.
- Objective
- India will take over as the Head of G20 with an emphasis on forging unity, counterterrorism, start-ups, and climate finance, among other crucial concerns.
- India’s G20 guiding principles
- Serving as a bridge between the developed and developing world.
- Serving as the representative of the eastern bloc of nations
- Insulating the G20 from some of the divisive pressures that have paralysed multilateralism elsewhere.
Significance of G20 Presidency for India
- The responsibilities and what is for India
- The G20 Presidency steers the G20 agenda for 1 year and hosts the leader’s summit.
- The Presidency is an opportunity for India to emerge as a leader to solve some of the most pressing issues facing humanity today.
- The Center said that India will, in the true spirit of “Vasudhaiva Kutumbakam (the world is one family)”, seek to find pragmatic global solutions for the well-being of all.
Challenges before India
- As India assumes the G20 Presidency, there are daunting challenges ahead of it
- In the last few months, G20’s credibility has taken a hit. It is on the verge of a crisis due to visible internal disunity. As India takes on its presidency, it has to iron out the differences and lead from the front. It has to find innovative solutions and build bridges.
- Climate financing is another area that India has to work on with affluent nations. It is necessary to encourage developed nations to transmit clean technologies and renewable energy sources to middle- and low-income countries. India should showcase its exceptional solar energy record while doing so.
- Other challenges include taking measures to ensure global food security and a clear-cut G20 policy on the Russia-Ukraine war.
What is G20?
- The G20 is a forum of the twenty largest economies in the world that meets regularly to discuss the most pressing issues facing the global economy.
- The G20 started in 1999, following the Asian financial crisis, as a forum for finance ministers and central bank governors from the major developed and emerging economies to discuss global financial issues.
- Together, the G20 accounts for more than 80% of the world GDP, 75% of global trade and 60% of the population of the planet.
- Members:
- 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, the United States, and the EU.
- India has been a member of the G20 since its inception in 1999.
Pic Courtesy: The Hindu
Content Source: Indian Express