Global Significance of G-20 Summit in India
Abstract
There hasn't been a G-20 Summit held in India yet. The G-20[1] is a forum of the world's largest advanced and emerging economies, which was established in 1999 to bring together key leaders and policymakers from around the world to discuss global economic issues. However, the G-20 has held summits in other countries, including Argentina, Australia, Brazil, Canada, China, France, Germany, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States. These summits are important events in the global political and economic calendar, as they provide an opportunity for leaders from some of the world's most powerful economies to meet and discuss pressing issues affecting the world economy.
The G-20's stated mission is to promote international financial stability and sustainable economic growth, and its members represent around 80% of the world's GDP and two-thirds of its population. Some of the key issues discussed at G-20 summits include global economic growth, international trade, climate change, poverty, and financial regulation.
As it is well known that India is going to host the G-20 Summit in this year 2023&Hosting a G-20 Summit would also be an opportunity for India to showcase its economic and political prowess on the world.
India will convene the G20 Leaders' Summit for the first time in 2023, as 43 Heads of Delegations- the largest ever in the G20–will participate in the final New Delhi Summit in September this year. As a nation committed to democracy and multilateralism, India's presidency will be a significant milestone as it seeks to find practical global solutions for the benefit of all and embody the idea of "Vasudhaiva Kutumbakam[2]" or "the world is one family."
The G20 Summit is held annually with a rotating presidency, and in 2023, India will hold the presidency. The group does not have a permanent secretariat and is supported by the previous, current, and future holders of the presidency, known as the troika. In 2023, the troika consists of Indonesia, Brazil, and India.
This summit will conclude a series of meetings throughout the year, with potential host cities for meetings from December 2022 to February 2023 including Bengaluru, Chandigarh, Chennai, Guwahati, Indore, Jodhpur, Khajuraho, Kolkata, Lucknow, Mumbai, Pune, Rann of Kutch, Surat, Thiruvananthapuram, and Udaipur.
Vasudhaiva Kutumbakam, which translates to "One Earth, One Family, One Future," is the theme of India's G20 presidency. It is inspired from the Maha Upanishad, an old Sanskrit scripture. The theme fundamentally highlights the importance of all life-human, animal, plant, and microorganism-as well as their interdependence on Earth and across the universe. The theme also exemplifies Life (Lifestyle for Environment), which highlights the importance of environmentally sustainable and responsible lifestyle choices, both at the individual and national level, in creating a cleaner, greener, and bluer future.
The G20 Presidency also heralds for India the start of "Amritkaal[3]"a 25-year period commencing from the 75th anniversary of its independence on August 15, 2021 leading up to the centenary of its independence.
The G20 (Group of Twenty) is a forum of the world's largest advanced and emerging economies, representing around 85% of global GDP, 75% of global trade, and two-thirds of the world's population. The G20 summits bring together the leaders of these countries to discuss and coordinate on key global economic issues and policies.
[1]The G20 orGroup of 20 is an intergovernmental forum comprising 19 countries and the European Union (EU).
[2]Vasudhaiva Kutumbakam is a Sanskrit phrase found in the Maha Upanishad, which means “The world is one family”.
[3]The term was first used by PM Shri Narendra Modi in 2021 during the 75th Independence Day celebrations.
