G20

G20 or Group of 20 is an intergovernmental forum comprising nineteen countries and the European Union. It works to address major issues of the global economy such as financial stability, climate change, and sustainability development. The G20 is comprised of the world’s largest economic financial ministries including industrialized and developing countries.

The G20 was indicated at the Cologne summit of the G7 in June 1999 and formally established at the G7 Finance Ministers’ meeting on 26 September 1999 with an inaugural meeting on 15–16 December 1999 in Berlin. In response to several world economic crises, it has conveyed at least once a year with summits involving members of the head of government, finance minister or foreign minister, and other high-rank officers such as the EU represented by the European Commission and European Central Bank.

The Summit of G20 Finance Ministers and Central Bank Governors, who prepared the leaders’ summit and implemented their decisions, were addressed as a response to the financial crisis of 2007–2008 and a growing recognition of both. After the 2008 debut summit in Washington, in the 2009 Summit, the G20 was itself declared as a primary venue for international economic and financial cooperation.

G20 hosted by France in 2011. The 2016 summit was in Hangzhou, China, the 2017 summit was in Hamburg, Germany, the 2018 summit in Buenos Aires, Argentina, the 2019 summit in Osaka, Japan, the 2020 summit was scheduled in Riyadh, Saudi Arabia but was held virtually due to Covid-19, the 2021 summit in Rome, Italy and the 2022 summit was held in Bali, Indonesia.

The G20 Summit of the year 2023 was hosted by India and various meetings of government officials and international organisations at different places in India.

The Central theme of G20 Summit 2023 Delhi is “Vasudhaiva Kutumbakam: One Earth, One Family, and One Future.” It addressed the underscores of Human beings, plants, animals, and microorganisms emphasizing interconnection with earth. It aimed to promote the eco-conscious and responsible choices at international and national levels.

India’s G20 leadership Summit under the presidency has bagged this role first time to guide discussions and initiatives among the world’s major economies to India’s diverse economy, technological expertise, and commitment to sustainable development.

Submitted by
Ms. Aarti Mital
(O/I Academics)