The G20, or Group of 20, is an international forum for governments and the central bank governors of member countries. It was established for financial stability, international cooperation, and decision-making. It is a group of 19 countries and the European Union. The G-20 was established in 1999. Its member countries are:
- Argentina
- Australia
- Brazil
- Canada
- China
- France
- Germany
- India
- Indonesia
- Italy
- Japan
- Mexico
- Russia
- Saudi Arabia
- South Africa
- South Korea
- Turkey
- United Kingdom
- United States
The countries that are economically significant are included in the G20. Countries in this forum represent 85% of the world’s GDP, 75% of global trade, and two-thirds of the world’s population, collectively. European union is also a part of G-20, and it is represented by European Union Central bank’s president.
The European Union is itself a unique grouping of 27 European countries. It was formed for the free movement of people as well as commodities across the continent.
How presidencies are rotated under the G20
The G20 presidency is rotated every year, either in alphabetical order or by consensus of regional rotations. The regional rotation takes place in the continents of America, Europe, and Asia. In 2022, the G20 was under the presidency of Indonesia, which was its 17th edition. This year marks the 18th edition of the G20, and India is the current chair or host country of it. India will hand over the presidency to Brazil in December 2023. Thus, these three countries are known as the current G20 troika.
What is G20 Troika?
Troika is a group of three countries that mark the previous, current, and future host countries of G20 meetings. For example, last year's G20 trio was Italy, Indonesia, and India. Last year (2022), Italy was the previous chair, Indonesia was the current chair, and India was the future chair or host of G20 meetings. And for the year 2023, the trio is Indonesia, India, and Brazil, which represent the 2022, 2023, and 2024 host countries, respectively. It was formed for continuity and coherence in the host countries and for the smooth transition of presidency. The Troika meets regularly throughout the year to set the agenda of meetings, and the host countries will be responsible for convening meetings.
India’s Presidency
India is one of the founding members of this international forum and joined the G20 in 1999 (the establishment year of the G20). Earlier, it hosted G20 meetings in 2010. And now, India has again assumed the presidency of the G20 on December 1, 2022. It was handed over by Indonesia, the previous chair. During its presidency, India will focus on three main pillars: people, planet, and prosperity. India will promote oneness in the world under its G20 theme: "One earth, One family, and One future."
The logo
The logo of the G20 is inspired by the national flag of India and has the three vibrant colours of the national flag: saffron, white, and green, and a lotus with the earth above it. The lotus is a symbol of hope, and the earth symbolises family. "Vasudhaiva Kutumbakam" has been written on it, which means the whole world is one family. This logo was revealed by Prime Minister Narendra Modi at the time of assuming the presidency.
Events:
There are more than 200 events planned in around 55 cities in India. The guest countries for these events are Bangladesh, Egypt, Mauritius, the Netherlands, Nigeria, Oman, Singapore, Spain, and the UAE. The Hornbill Festival of Nagaland will be the showcase festival under India’s presidency. The first Sherpa meeting was held on December 4, 2022, in Udaipur, Rajasthan. And Amitabh Kant, who is the G20 sherpa, was the representative of India in this meeting.
Opportunities and Challenges for India Under the G20 Presidency
- India will show its leadership qualities to the whole world by highlighting global issues and presenting their solutions and action plans. It will promote peace and stability in a fragmented world.
- It will also showcase its strengths in various sectors, like manufacturing, pharmaceuticals, and defence, to the world.
- It will also be helpful in relieving debt burdens as India will promote tourism in its various cities during its presidency.
- The main focus for India will be the improvement of its bilateral trade with other countries and increasing the volume of exports in the spirit of the "Make in India" initiative..
However, this path is full of challenges due to the Russia-Ukraine war, which is causing supply chain disruptions around the world. The cost-of-living crisis due to this war is a major challenge for India. As the incumbent president of the G20, PM Narendra Modi has spoken several times to both Russia’s and Ukraine’s presidents to maintain peace and stability all around the world, but the situation has become a blind alley.
Conclusion:
Post-Covid-19, the G20 is one of the most important events for India under its presidency. As the largest democracy in the world and the third largest economy in the world, India can contribute a lot towards faster, sustainable, and inclusive growth during its presidency, which is going to be beneficial for both India and the world.
