The Group of Twenty (G20) is an intergovernmental forum comprising 19 countries and a union of ARGENTINA, AUSTRALIA, BRAZIL, CANADA, CHINA, FRANCE, GREMANY, INDIA, INDONESIA, ITALY, JAPAN, REPUBLIC OF KOREA, MEXICO, RUSSIA, SAUDI ARABIA, SOUTH AFRICA, TURKEY, UNITED KINGDOM, UNITED STATES AND THE EUROPEAN UNION.
The G-20 was founded in 1999 after the Asian financial crisis as a forum for Finance Ministers and Central Bank Governors to discuss global economic and financial issues.
The main purpose of G-20 is to handle every member nations financial problems and needs. It also accounts for the rapid growth of particular member nations through their different Innovative ideas and schemes. The G-20’s main purpose is to ‘BRING TOGETHER SYSTEMATICALLY IMPORTANT INDUSTRALIZED AND DEVELOPING ECONOMIES TO DISCUSS THE KEY ISSUES IN THE GLOBAL ECONOMY’.
How G-20 WORKS
G-20 works to address major issues related to economy of the whole globe i.e Global Economy. Its main works are-INTERNATIONAL FINANCIAL STABILITY CLIMATE CHANGE MITIGATION SUSTAINABLE GOALS LEADING TO SUSTAINABLE DEVELOPMENT.
The initial G20 agenda was focused on the sustainability of sovereign debt and global financial Stability. In 2008’s summit they pledged to provide trillions to international finance organisations Like WORLD BANK and IMF. Since inception, their priorities changed to global economic growth, international trade and Financial market regulation.
More issues of global significance were added to the G20 Agenda like migration, digitization, employment, Healthcare, the economic empowerment of women and development aid. These were adopted by UN SUSTAINABLE DEVELPOMENT GOALS and the PARIS CLIMATE AGREEMENT in 2015.
Some of the G20 nations are facing interconnected nature of issues whether they may be nature related, economic related or financial (developmental) related. “Globalization has lifted hundreds of millions out of poverty, but there are some rising frustrations in some quarters development, [national] security, and migration all are interlinked.
G-20 AND INDIA’S PRESIDENCY 2022-2023
INDIA’S PRESIDENCY G-20 DEVELOPMENT WORKING GROUP(DWG) meeting held in Mumbai from December 13-16-2022. India will host over 200 meetings in over 50 cities across 32 different work streams. G20 delegates and guests to get a glimpse of India’s rich cultural heritage and a year-long India experience.
THEME OF INDIA’S G20 PRESIDENCY:
“VASUDHAIVA KUTUMBAKAM” or “One Earth-One Family-One Future closely ties with LiFE (Lifestyle For Environment) India holds the presidency of the G20 from December 1, 2022 to November 30,2023. The 43 Heads of Delegations-The largest ever in G20-will be participating in the final NEW DELHI SUMMIT in September Next Year.
The G20 Logo draws inspiration from the vibrant colors of India’s national flag – SAFFRON, WHITE and GREEN, and BLUE. It compares planet Earth with the LOTUS, India’s National Flower that reflects growth amid challenges. Below the G20 logo is “BHARAT”, written in the Devanagari script.
DEVELPOMENT WORKING GROUP(DWG):
The DWG meetings aims to discuss developmental issues in Developing countries (DC), Least Developed Countries(LD) and Island Countries(Small Island Developing States/SIDS).
“INDIA’S G20 PRESIDENCY WILL WORK TO PROMOTE THIS UNIVERSAL SENSE OF ONE-NESS. HENCE OUR THEME-‘ONE EARTH, ONE FAMILY, ONE FUTURE’” – PM NARENDRA MODI.