What is the G20?
- The G20 was formed in 1999 in the backdrop of the financial crisis of the late 1990s that hit East Asia and Southeast Asia in particular.
- It aims to secure global financial stability by involving middle-income countries.
- Together, the G20 countries include 60% of the world’s population, 80% of global GDP, and 75% of global trade.
India’s G20 Presidency
- India assumed the G20 Presidency on the 1st of December 2022 from Indonesia and convened the G20 Leaders’ Summit for the first time in the country in 2023.
theme: Vasudhaiva Kutumbakam, which translates to “One Earth, One Family, One Future,” is the theme of India’s G20 presidency.
- It is inspired from the Maha Upanishad, an old Sanskrit scripture.
- The theme fundamentally highlights the importance of all life—human, animal, plant, and microorganism—as well as their interdependence on Earth and across the universe.
- The theme also exemplifies LiFE (Lifestyle for Environment), which highlights the importance of environmentally sustainable and responsible lifestyle choices, both at the individual and national level, in creating a cleaner, greener, and bluer future.
- India’s G20 Priorities:
- Green Development, Climate Finance & LiFE.
- Accelerated, Inclusive & Resilient Growth.
- Accelerating Progress on SDGs.
- Technological Transformation & Digital Public Infrastructure.
- Multilateral Institutions for the 21st century.
- Women-led Development.
- Working of G20: The G20 has two main tracks of engagement: The Finance Track for finance ministers and central bank governors and the Sherpa Track.
- The G20’s proceedings are led by the Sherpas, who are appointed as personal envoys of the leaders of member nations.
- Both tracks have working groups to address specific themes with representatives from relevant parties.
