G20 Summit: Objectives, Achievements and 2023 India Presidency

22 May 2023  Read 57101 Views

The Group of 20 (G20) is an international forum that fosters economic cooperation, held annually under the leadership of a rotating Presidency. The G20 is the premier grouping of the world's largest economies that functions to create certain international standards to deal with the most critical issues. On the horizon of the world economy, the G20's rise is an important development.

Interestingly, India released a list of upcoming G-20 meetings it will host as this year’s Presidency. The list included a May tourism working group meeting in Srinagar, J & K. This meeting is said to mark the first major international event in the disputed region since August 2019. It held G-20 tourism meetings in Gujarat and West Bengal earlier this year and scheduled another in Goa in June.

Read this article to learn more about the G20 forum, its agenda, and its upcoming Presidency in India. 

Formation and Objectives of G20 

Prior to 1999, merely a group of seven (G7) developed countries, including the US, the UK, Canada, France, Germany, Italy and Japan, formed an alliance to deal with the financial crisis. The G20 was established as a consequence of a meeting of the G7 Finance Ministers and Central Bank Governors, who recognized the need for a broader spectrum to address global financial issues. 

The G20 was established in 1999 as a new grouping of countries having a persistent economic impact in the wake of the 1997 global financial crisis. The present forum first met at the level of Finance Ministers and Governors of Central Banks with the purpose of dealing with policies to accomplish international stability in the economy. 

The objectives of G20 platform includes: 

  • Establishing and strengthening global architecture, 

  • The leading forum for fostering global economic cooperation,

  • Formulating international standards for tackling pressing and critical problems,

  • Provide aid to the most vulnerable nations, and center the recovery on high-quality employment, and

  • Commitment to the principles of “strong, sustainable, balanced and inclusive growth.”

What are the significant achievements of G20? 

Over the past two decades, through consistent and mutual efforts, G20 has been able to significantly impact the governance of member nations.  Some of the significant contributions of G20 include: 

  • The member nations contribute to approximately 90 percent of global GDP and 80 percent of global trade.

  • Battling against the financial crisis such as - the Global Financial Crisis 2008-09, the Euro zone Crisis in 2010, etc.

  • With a USD 10 trillion rescue package that concentrated on tackling the economic and health crises, the G20 took the lead in the worldwide struggle against the COVID-19 pandemic.

  • The G20 Debt Service Suspension Initiative (DSSI) benefitted 50 countries and helped to address unsustainable debt burdens and provide long term reserves to low income, emerging market and developing countries.

  • Focusing on boosting women's engagement in the labor market, the International Labor Organization has continued its ongoing study on Women at work in G20 Countries.

G20 Summit 2023 in India 

It is worth noting that the G20 group does not have a permanent member and consequently observes the procedure of rotating presidency. In 2023, as India will convene the G20 Leaders' Summit for the first time- 43 Heads of Delegations- the largest ever in the G20, it will ultimately participate in the final New Delhi Summit in September later this year. 

The most fundamental and interesting part is the theme of the G20 summit under India’s presidency. India’s G20 Presidency emphasizes on manifesting the true spirit of ‘Vasudhaiva Kutumbakam’, or the ‘One Earth, One Family, One Future’ and ‘World is One Family’.

The focus sectors of this summit include: 

  • LiFE (Lifestyle for Environment)

  • Boosting Employment 

  • Inclusive, Equitable and Sustainable Growth

  • Tourism and Agriculture

  • Skill-mapping, climate financing, global food security, energy security, and green hydrogen

  • Digital public infrastructure and tech-enabled development

Key Updates about India’s G20 Presidency 

On 1 December 2022, India took over the G20 presidency from Indonesia, and on 1 December 2023, hand it over to Brazil.

  • 09 December 2022 - PM Narendra Modi chaired Video meeting of Governors, CMs and LGs to discuss aspects of India’s G20 Presidency.

  • 24 February 2023 - PM addressed first meeting of Finance Ministers and Central Bank Governors under India's G20 Presidency.

  • 17 April 2023 - 100th G20 Meeting during India’s G20 Presidency.

  • 28 April 2023 - G20 India's 3rd Education Working Group meeting concluded with a commitment to ensure the betterment of learners with respect to skilling, up skilling and reskilling. 

To keep yourself updated with the happenings of the G20 India’s Presidency, kindly refer https://www.g20.org/en/media-resources/press-releases/ 

Conclusion

The G20 presidency of India falls during a period of intense turmoil in global economic ties. India inherits the presidency amid numerous serious economic difficulties, including inflationary pressures threatening global financial stability, rising income inequality, disruptions to supply chains, food and energy security, and the COVID-19 pandemic. It is quite challenging to cover broad spectrum of sectors and redress the issues. However, under the leadership of PM Narendra Modi, India is set to accomplish the milestone. Over 190 meetings have been planned under the G20 2023 Indian Presidency which is expected to be challenging and exciting policy endeavor.

Read Delhi Govt vs. Lieutenant Governor as well.

About the Author: Muskan Krishnani | 7 Post(s)

Muskan Krishnani, a law student keenly interested in Corporate Law and Dispute Resolution. She is still exploring different areas of law. Currently, she is interning at Finology Legal to enhance her drafting and communication skills.

Liked What You Just Read? Share this Post:

Finology Blog / Legal / G20 Summit: Objectives, Achievements and 2023 India Presidency

Wanna Share your Views on this? Comment here: