What is G20 Summit? India to Host Leaders of World's Major Economies

           

What is  G20 Summit?

The G20, or Group of Twenty, is an intergovernmental group of 19 countries and the European Union (EU). It strives to address important issues of global economic concerns like international financial stability, reducing greenhouse gas emissions, and sustainable development of globe. The G20 countries account for two-thirds of global population and approximately 80% of global GDP. The financial crisis faced by world in 1997–1998 led to the creation of the G20 Summit in 1999.

 The original members during formation of G-20 group were Saudi Arabia, South Africa, South Korea, Turkey, Argentina, Australia, Brazil, Canada, China, France, Germany, Italy, Japan, Mexico, Russia, United Arab Emirates, United Kingdom, and the United States.

 In 2008, the European Union became a permanent member of G-20 Summit. On 1st December 2022 India get the G20 presidency from Indonesia, and will convene the G20 Leaders' Summit for the first time G-20 summit in India in 2023 and become first South Asian country to host the summit. The annual gathering of the leaders of state or government of the G20 nations is known as the G20 summit. Each year, a different member nation gets an opportunity to hosts the conference. This year On September 9–10, 2023, New Delhi, India will host the 18th G20 summit. Narendra Modi, the prime minister of India, will host the G-20 conference. This year G20 summit's theme is "Vasudhaiva Kutumbakam," a sanskrit phrase which means to "One Earth, One Family, One Future" 

Goals of G20 Summit :-

The G20 summit's primary goals are to: 

• Encourage coordination and collaboration in international economics
•  the need to address issues like financial instability and climate change encouraging sustainable development 
• Boost international financial governance .

The G20 meeting is not a recognized international body. It is not enforceable in any way. The decisions made at the summit, nevertheless, frequently have an impact on how global economic policy is shaped. A significant occasion on the international political calendar is the G20 summit. It is a chance for the heads of the biggest economies of the world to get together and talk about the most important problems affecting the international economy. The summit provides a venue for the G20 nations to coordinate their responses to these issues. 

The main agenda items for the G20 summit 2023 :-

The G20 summit in 2023 is anticipated to center on a number of significant problems, including: 

• The COVID-19 pandemic-related global economic rebound
•  The Ukrainian conflict and its effects on the world economy 
• Sustainable development and the environment
•  Food safety and growing living expenses 

India as Host :-

          

The meeting is also anticipated to cover strategies to strengthen international financial system resilience and global financial governance. India has a rare chance to demonstrate its political and economic leadership on the international stage at the G20 summit. India has the chance to collaborate with other nations to tackle some of the most important problems the world is currently facing. The G20 summit is a crucial platform for cross-border collaboration on the most urgent problems affecting the world economy. The decisions that are made at the summit could have a big effect on people's lives all throughout the world.