India is set to hold the G-20 Summit.

The African Union is set to join the G-20 as negotiators agreed on clearing as membership according to sources.

If it happens 55 member African Union will join the European Union as the only two regional bodies in G - 20.

About: G-20

The G20, or Group of Twenty, is an intergovernmental forum comprising 19 countries and the European Union (EU).

It works to address major issues related to the global economy, such as international financial stability, climate change mitigation and sustainable development.

The G20 was founded in 1999 after the Asian financial crisis.

The original members were the G7 countries (Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States) plus Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, and Turkey.

The G20 meets every year at the level of heads of state or government. The summit is hosted by a different member country each year.

The current chair of the G20 is India, which is hosting the 18th G20 Summit in New Delhi on September 9-10, 2023.

The G20 has been criticized for being undemocratic and unaccountable. However, it remains an important forum for international cooperation on economic issues.

The main objectives of the G20 are to:

  • Promote global economic growth and stability
  • Address financial and economic crises
  • Improve global financial regulation
  • Promote sustainable development
  • Fight climate change
  • Tackle global health challenges

The G20 has achieved some success in achieving these objectives. For example, it helped to prevent a global financial crisis in 2008-2009. However, it has also faced challenges, such as the COVID-19 pandemic and the war in Ukraine.

The G20 is a complex and evolving institution. It is still too early to say what its ultimate impact will be. However, it is clear that it plays an important role in the global economy and will continue to do so in the years to come.

Here are some of the key issues that are likely to be discussed at the 2023 G20 Summit:

  • The global economic recovery from the COVID-19 pandemic
  • The war in Ukraine and its impact on the global economy
  • Climate change and sustainable development
  • Global health challenges, such as COVID-19 and antimicrobial resistance
  • Digital transformation and its impact on the global economy
  • The future of work and the need for inclusive growth
India and G-20

India is a member of the G20, a group of the world's largest economies. India assumed the presidency of the G20 in December 2022 and will host the 18th G20 Summit in New Delhi on September 9-10, 2023.

India's participation in the G20 is important for several reasons. First, India is a major emerging economy and its growth is essential for global economic stability. Second, India is a key player in the fight against climate change and sustainable development. Third, India is a representative of the Global South and can help to ensure that the voices of developing countries are heard in the G20.

During its presidency, India has focused on the following themes:

  • Inclusive growth: India is committed to inclusive growth, which means that everyone should have the opportunity to participate in and benefit from economic growth.
  • Digital innovation: India is a leader in digital innovation and is committed to using technology to improve the lives of its citizens.
  • Climate resilience: India is vulnerable to the impacts of climate change and is committed to taking action to reduce greenhouse gas emissions and adapt to the effects of climate change.
  • Equitable global health access: India is a major producer of generic medicines and is committed to ensuring that everyone has access to affordable, quality healthcare.

India's presidency of the G20 is an opportunity for the country to showcase its economic and technological prowess and to promote its vision for a more inclusive and sustainable world.

Here are some of the specific initiatives that India is promoting under its G20 presidency:

  • The LiFE movement (Lifestyle for Environment), aims to promote sustainable consumption and production patterns.
  • The Digital for Development (D4D) initiative, aims to use digital technology to improve the lives of people in developing countries.
  • The Climate Adaptation Finance Facility (CAFF), aims to provide financial support to developing countries to adapt to the impacts of climate change.
  • The Global Partnership for Health Security (GPHS), aims to strengthen global health security to prevent, detect and respond to health emergencies.

India's participation in the G20 is a sign of its growing economic and political importance. The country is committed to using its influence to promote inclusive growth, digital innovation, climate resilience, and equitable global health access.

Practice Question

Participation and presidency of India in G-20 is a sign of its growing economic and political importance. Comment

Posted by on 8th Sep 2023