The G-20 is a significant global forum comprised of 19 countries and the
European Union, brought together to discuss and address pressing monetary,
financial, and fiscal issues. Its formation was necessitated by the Asian
Financial Crisis of 1997-1999 and the Global Financial Crisis of 2008, and it
has since played a critical role in shaping the global economy. The member
countries of the G-20 include Argentina, Australia, Brazil, Canada, China,
France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico,
Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, and the United
It is noteworthy that the G-20 does not have a permanent headquarters or
secretariat. Its presidency rotates annually and is supported by the Troika,
consisting of Indonesia, Italy, and Spain. Spain holds a permanent guest
position in the forum. The G-20 operates on two primary tracks: the Finance
Track, led by Finance Ministers and Central Bank Governors, which focuses on
monetary and financial issues and meets four times a year, and the Sherpa Track,
which deals with socio-economic matters and is represented by the Sherpa of each
On December 1st, 2022 is a momentous day as India assumed the presidency of the
G20 forum, taking over from Indonesia. As the largest democracy in the world,
and the fastest growing economy, India's G20 presidency will play a crucial role
in building upon the significant achievements of the previous 17 presidencies.
As it takes the G20 Presidency, India is on a mission to bring about a shared
global future for all through the Amrit Kaal initiative with a focus on the LiFE
movement which aims to promote environmentally-conscious practices and a
sustainable way of living. With a clear plan and a development-oriented
approach, India aims to promote a rules-based order, peace and just growth for
all. The 200+ events planned in the run up to the 2023 Summit will strengthen
India's agenda and the six thematic priorities of India's G20 presidency.[i]
G-20 Summit 2023 India:
The 18th G-20 Summit is currently underway in the bustling metropolis of New
Delhi, India, with high-ranking officials and dignitaries from across the globe
in attendance. The summit is being held at the esteemed "Bharat Mandapam" from
September 9th-10th, 2023, under the banner of "One Earth, One Family, One
Future" (Vasudhaiva Kutumba Kam), which underscores the importance of global
unity and cooperation.
This theme is rooted in ancient Sanskrit teachings of the Maha Upanishad, contributing to the summit's cultural significance and
relevance. As preparations for the summit continue, the entire city of Delhi has
been put on Section 144 for two days, necessitating the closure of all shops and
roads to ensure maximum safety and security for everyone involved. Additionally,
the summit encompasses various meetings across different cities, including the
Finance Deputies Meeting on September 5th and 6th, 2023, in New Delhi, followed
by the Joint Sherpas and Finance Deputies Meeting on September 6th, 2023, also
in New Delhi.
The main event of the summit, the G20 Summit, will take place on September 9th
and 10th, 2023, in New Delhi. The 4th Sustainable Finance Working Group Meeting
will be held in Varanasi on September 13th and 14th, 2023, followed by the 4th
Meeting for the Global Partnership for Financial Inclusion on September 14th,
15th, and 16th, 2023, in Mumbai.
The 4th Framework Working Group Meeting is
scheduled for September 18th and 19th, 2023, in Raipur, while the 4th
International Financial Architecture Working Group Meeting will take place on
September 20th, 21st, and 22nd, 2023, in Seoul, Republic of Korea. With a packed
schedule of events, the G20 Summit 2023 is shaping up to be a significant and
impactful event for all involved. The recent two-day summit led by Indian Prime
Minister Narendra Modi brought together over 30 heads of state and 14 leaders of
international organizations for more than 15 bilateral meetings.
Prime Minister Narendra Modi welcomes world leaders to Raj Ghat memorial in Delhi, emphasizing
India's rise and Gandhi's legacy. The monsoon rains eased as Indian Prime
Minister Narendra Modi welcomed world leaders to the Raj Ghat memorial complex
in central Delhi on Sunday, site of the eternal flame that burns for Mahatma
Gandhi. Gandhi led the nonviolent protests that brought India independence from
British colonial rule in 1947. And Modi's decision to use the second and final
day of his Group of 20 summit to remind his guests of the Father of Nation was
another message signaling India's rise. [ii]
The summit was an opportunity for
distinguished world leaders, including the likes of German Chancellor Olaf
Scholz, French President Emmanuel Macron, British Prime Minister Rishi Sunak,
Turkish President Recep Tayyip Erdoğan, Canadian Prime Minister Justin Trudeau,
Italian Prime Minister Giorgia Meloni, South Korean President Yoon Suk Yeol, and
Brazilian President Luiz In�cio Lula da Silva, to discuss various topics.
topics included green and sustainable development, anti-corruption measures, and
digital public infrastructure. During the summit, Prime Minister Modi kicked off
the event with a speech emphasizing the importance of the term "Bharat" in
various government documents, which is also enshrined in India's Constitution.
This was followed by the announcement that the African Union, represented by
Assoumani, would be granted permanent member status in the G20. This is a
notable development as it will give a voice to the African continent within the
organization, which is a significant step towards establishing a more diverse
and inclusive global community.
India has been actively seeking support from the
African continent to strengthen its position as an advocate for developing and
underdeveloped countries. As part of this effort, India has extended invitations
to Nigeria, Egypt, and Mauritius to participate as "Guest Countries" in the G20
summit. Additionally, several nations signed a Memorandum of Understanding (MoU)
for the establishment of the India � Middle East � Europe Economic Corridor (IMEC)
at the recent G20 Summit held in New Delhi. The primary objective of IMEC is to
boost economic development in the region through a well-connected network of
transportation routes, including railways and sea lanes. The Partnership for
Global Infrastructure Investment (PGII) is the driving force behind the IMEC
The PGII aims to provide funding for critical infrastructure
development across the world, such as roads, ports, bridges, and communication
systems, to enhance global trade and cooperation. With the potential to reshape
global connectivity linkages, the IMEC corridor is seen as a viable alternative
to China's Belt and Road Initiative (BRI), which has established extensive
shipping, rail, and road networks worldwide.
Although no leader referred to
China directly during the summit, the IMEC corridor is expected to provide a
more sustainable and equitable option for infrastructure development.On the
final day of the summit, Modi announced that India would continue to lead the
G-20 until November 30. Thus, India still had two and a half months left to lead
the group. Modi then handed over the leadership role to Brazil, wishing them the
best as they took over on December 1.
In recent times, the news cycle has been dominated by the successful landing of
Chandrayaan-3 on the moon and the early breakthrough conventions in India that
have surprised many. The G20 Summit, which was attended by the wealthiest
countries in the world, saw various issues being discussed, including monetary,
fiscal, and terrorism. Notably, the absence of Chinese President Xi Jinping and
Russian President Vladimir Putin due to their frosty relations with India was
The Summit's "beautification drive," which cost Rs 4,100 crore,
sparked controversy, and the exact cost of the event is yet to be disclosed to
the public. However, the government's poverty policies have raised concerns
about the displacement of street vendors and residents of New Delhi's
shantytowns, as they are being forced out of their homes through bulldozing.
According to local reports, Indian Railways has decided to cancel and divert at
least 200 passenger train services temporarily from September 8 to 11.
Delhi airport has received requests to cancel 80 departing and as many arriving
domestic flights during the summit, Indian media reports said.[iii] Civil society
organizations have criticized the Summit for failing to address critical global
issues such as economic challenges, hunger, and climate change, which have
far-reaching implications. Reports of violence against Christian minorities have
also surfaced, which adds to the already complex issues facing the region.
Despite the joint declaration made at the Summit outlining commitments, concerns
have been raised about its effectiveness due to the absence of detailed,
time-sensitive action plans and an unbiased system for monitoring and holding
individuals accountable. It is worth noting that the joint declaration made in
Delhi did not condemn Russia's actions in Ukraine, unlike the 2022 Bali
Declaration, which has sparked criticism.
The European Union holds a
disproportionate amount of representation in the G20, while other regions such
as the Caribbean, Nordic countries, Southeast Asia, and Africa have been
underrepresented or excluded from the G20, which raises concerns about fair
The G-20 Summit ended without the traditional "family photo,"
symbolizing the challenges and complexities faced by the nations in attendance
and the lack of unity among the world's largest economies. While the exact
figures of the G20 Summit's costs are not publicly available, it is believed
that they may be misleading, which adds to the already complex issues
surrounding the Summit. All in all, the G20 Summit's outcomes have left many
wondering about the effectiveness of such gatherings in addressing the world's
most pressing challenges.
The G20 Summit, held in India, culminated in a series of remarkable
achievements. The African Union (AU) was formally welcomed as a permanent member
of the G20, marking an unprecedented milestone in the history of the summit. The
G20 leaders adopted the 'New Delhi Declaration' for the first time, with a
primary focus on promoting Inclusive Growth, thereby demonstrating their
collective commitment to fostering a global economic environment that is
equitable for all.
Furthermore, the Prime Minister of India, Mr. Modi, launched
the Global Biofuels Alliance, which seeks to establish a comprehensive alliance
with Brazil, India, the United States, and other interested countries to
leverage the potential of biofuels to the fullest extent possible.
initiative is a testament to the G20's determination to promote sustainable
energy practices and reduce carbon emissions worldwide. In addition to these
developments, India proposed and secured approval for the India-Middle
East-Europe economic corridor, with the support of the United States, UAE, and
other countries. The project involves the establishment of railway and shipping
links to boost economic activity in the region, which is expected to yield
significant benefits for all stakeholders involved.
Looking ahead, Brazil has been selected to host the 2024 G20 summit in Rio de
Janeiro, followed by South Africa in 2025. These forthcoming summits are
anticipated to be equally momentous, and will undoubtedly provide a platform for
the world's most influential leaders to discuss critical issues affecting the
global economy and chart a course for the future.
Award Winning Article Is Written By: Ms.Kanishka Rathore
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