India stands for growth for a united future at G20
G20 also known as the Group of 20 is an intergovernmental and intergovernmental economic forum created to serve as a powerful force for collaboration in shaping and strengthening the world’s governance and architecture with regard to all urgent global issues pertaining to stability and growth in the economy. It is comprised of 19 countries as well as it is part of the European Union (EU).
The G20 was formed in 1999 as a response to numerous economic crises in the world. From 2008 the G20 has met every year at least once and has summits that include every member’s chief of state as well as the statesman or Foreign Minister as well as other top officials.
This time India presided over the G20 between 1 December 2022 until the 30th November of 2023. This was also apparent into the design of G20 because it draws inspiration to India’s flag. Indian the national flag. The colors white, saffron blue, green, and saffron symbolize the various aspects of development. The logo depicts the globe blossoming with the help of the lotus, which is the national flower of India, representing the growth of a difficult environmental.
The thematic theme of the Indian G20 Presidency The theme of India’s G20 Presidency – “Vasudhaiva Kutumbakam” meaning “One Earth * One Family * One Future” The theme was derived of the old Sanskrit version from the Maha Upanishad. It is clear that all living things on the planet, whether animals, humans, plants or microorganisms are tied with each other and the universe as a whole in the grand world of things.
The theme also discusses LiFE (Lifestyle for the Environment) that further emphasizes sustainable environmental practices and responsible living, which can create a cleaner greener , and bluer tomorrow.
The Indian G20 Presidency marks beginning of “Amritkaal”, the period of hope and new growth and progress.
Read the following questions to understand the significance G20 forum for the world and India and why was it so special for India this time:
FAQs on G – 20
Q1 What do you mean by G20 (Group of Twenty)? What does it aim?
Ans: The G20 or Group of Twenty is an intergovernmental organization comprising 19 countries and the European Union (EU). G20 aims to secure global financial stability by involving middle-income countries.
Q2 Name the countries which are members of G20.
Ans: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union.
Q3 Enlist the host country and the host city of last fiveG20 summits.
|Summit||Host Country||Host City|
|15th (2020)||Saudi Arabia||Riyadh|
|17th (2022)||Indonesia||Nusa Dua|
|18th (2023)||India||New Delhi|
Q4 What was the purpose of formation of G20?
Ans: Itwas formed in 1999 in response to the financial crisis of the East Asia and Southeast Asia that hit in 1990s. G20 aims to secure global financial stability by involving middle-income countries.
Q5 What were the basic changes in G20 after its formation?
Ans: The G20 was founded in 1999 as a forum for the Finance Ministers and Central Bank Governors to discuss global economic and financial issues after the Asian financial crisis. The G20 forum was upgraded to the level of Heads of State/Government in the wake of the global economic and financial crisis of 2007. In 2009, G20 was designated as the “premier forum for international economic cooperation”.
Q6 How many tracks of engagement are there in G20?
Ans: The G20 consists of two main tracks of engagement: the Finance Track and the Sherpa Track. Finance Ministers and Central Bank Governors lead the Finance Track while Sherpas lead the Sherpa Track. The Finance Track is mainly led by the Ministry of Finance of the member country.
Q7 Where is the permanent secretariat of the Group located?
Ans: G20 does not have a permanent secretariat. The Presidency (of G20) is supported by the Troika. During India’s Presidency (in 2023), the troika will comprise Indonesia, India and Brazil.
Q8 Describe the theme of the India’s G20 Presidency in 2023?
Ans: The theme of India’s G20 Presidency – “VasudhaivaKutumbakam” or “One Earth · One Family · One Future” and it is drawn from the ancient Sanskrit text of the Maha Upanishad. Essentially, the theme affirms the value of all life – human, animal, plant, and microorganisms – and their interconnectedness on the planet Earth and in the wider universe.
Q9 What do you mean by the ‘Development Working Group’ of G20?
Ans: The Development Working Group (DWG) is a platform for G-20 member countries to come together and prioritize multilateralism, share solutions that promote growth, remap development plans and achieve the Sustainable Development Goal’s targets (SDG).
Q10 How much of the world population and global GDP is represented by G20 group?
Ans: G20 is the premier forum for international economic cooperation representing around 85% of the global GDP, over 75% of the global trade, and about (2/3)rd of the world population.
Q11 What do you mean by Troika? Mention the members of Troika during India’s presidency of 2023.
Ans: The Troika is the format in which the G20 Presidency works, it comprises the country which is currently holding the Presidency, the country holding the Presidency earlier, and the country which will be the upcoming Presidency holder. During India’s Presidency (in 2023), the troika comprises of Indonesia, India and Brazil.
Q12 What were the priorities highlighted by India during the 2023 Presidency of G20?
Ans: India’s G20 Priorities are:
1. Green Development, Climate Finance
2. Accelerating Progress on SDGs
3. Technological Transformation & Digital Public Infrastructure
4. Women-led Development
Q13 What do you mean by ‘Osaka Track’. Why India did not sign it?
Ans: At the G20 Summit (2019), the world leaders came together for “Osaka track”, an overarching framework promoting cross-border data flow with enhanced protections was launched by Japan. India, South Africa, Egypt and Indonesia did not sign the declaration. India wants the global frameworks to give due attention to the digital divide between countries, data localization etc. Also, India is demanding to seek consensus of the developing countries while preparing a framework for cross-border data flow.
Q14 What was the emphasis of the Bali Leaders’ Declaration of G20 summit (2022)?
Ans: Bali Leaders’ Declaration(2022 summit of G20) emphasized War in Ukraine, Threats to security and Multilateral Trading System. The declaration stated that the war in Ukraine is causing economic difficulties worldwide. The G20 declaration also called upon the international community to strengthen the efforts to counter money laundering and terror financing.
Q15 Who is currently (in 2023) the G-20 Sherpa of India?
Ans: Former NITI Aayog CEO Amitabh Kant became the country’s Sherpa for the G20 few months ahead of India assuming the presidency (for 2023) of the crucial international grouping of major global economies.
Q16 In which city the first Sherpa meeting of India’s G20 presidency was held?
Ans: The 1stSherpa Meeting of India’s G20 Presidency, chaired by India’s G20 Sherpa Amitabh Kant, was held in the historic city of Udaipur, Rajasthan.
Q17 Which member country will hold the Presidency of G20 in 2025?
Ans: South Africa will be holding the Presidency of G20 in 2025.
Q18 Who represents the European Union in the G20 summits?
Ans: The European Union is represented by the European Commission and the European Central Bank in G20 summit.
Q19 What do you mean by the ‘Engagement Groups’ under the G20?
Ans:As India is holding the presidency for G20 in the year 2023. The G20 summit brings together leaders from the world’s major economies; it also provides an opportunity for engagement with a variety of other groups and organizations. There are 9 engagement groups on the non-government side of the G20.
Q20 Which organization has been designated as the ’Business 20’ secretariat under India’s G20 Presidency?
Ans: Confederation of Indian Industry (CII) has been designated as the Business 20 (B20) Secretariat for the India’s G20 Presidency. B20 India will host a series of discussions and policy advocacy forums, across India, for the identified industrial priorities, with the aim to realize the B20 strategic vision and converting it into concrete policy recommendations.
Q21 In which summit of G20, commitment was adopted to reduce the gender gap in the labor force (‘25×25’ commitment)?
Ans: Women20 (W20) is an Engagement Group which was launched in 2015 during the Turkish Presidency. The primary purpose of W20 is to implement the ‘25×25’ commitment adopted at Brisbane Summit in 2014, aimed at reducing the gender gap in labor force participation by 25% by the year 2025. W20 also focuses on ‘gender inclusive economic growth’.
Q22 When the Parliament20 (P20) Engagement Group was started and who leads it?
Ans: Parliament20 (P20) Engagement Group, started during Canada’s Presidency in 2010, is led by Speakers from Parliaments of G20 countries.
Q23 Enlist some of the achievements of the ‘finance track’ of G20?
Ans: Some key achievements of the Finance Track especially in the post-pandemic phase are:
- Debt Service Suspension Initiative (DSSI),
- Common Framework for debt treatments beyond DSSI,
- G20 Sustainable Finance Roadmap,
- Two pillar solution to tax challenges arising from the digitalization of the economy,
- G20 principles for quality infrastructure investment,
- Proposal to create a Financial Intermediary Fund (FIF) for pandemic PPR etc.
Q24 Along which G20 summit, an MoU for sister-city partnership was signed between India and Japan?
Ans: Memorandum of Understanding (MoU) of sister-city partnership was signed by Japan and India during the Indian Prime Minister’s visit for 2019 G20 Osaka summit in Japan. It will cultivate, promote and enhance opportunities on the business, academic and cultural front between Kobe in Hyogo, Japan and Ahmedabad in Gujarat, India.
Q25 Which countries are ‘invitees’ for 18th G20 summit of New Delhi?
Ans: Bangladesh, Egypt, Mauritius, Netherlands, Nigeria, Oman, Singapore, Spain and UAE are the ‘invitees’ for 18th G20 Summit.
Q26 Is G20 a formal international organization?
Ans: No, G20 is not a formal international organization like the United Nations. Rather it is a forum for cooperation and coordination among its members. The G20’s primary focus is on economic and financial issues, but it also addresses other global issues such as climate change, development, and health.
Published by: Disha Publication