It is with great pleasure that India assumed its year-long Presidency of the Group of 20 (G20) this week. This highly important event comes at a time of immense geopolitical and economic complexity, yet also offers an opportunity to lay out a path forward towards post-pandemic recovery. We are committed to leveraging this unique platform and engaging in constructive dialogue across all G20 nations that has the potential to benefit people everywhere.
WHAT IS THE G20?
The G20 emerged in the wake of the financial crisis that occurred in Southeast Asia in the late 1990s and serves to engage finance ministers and central bank governors on regulatory issues. Since 2007, it has functioned as a forum for heads of state and governments. Because of coordinated actions spurred by the 2008 global financial crisis, the G20 played an instrumental role in dampening panic and aiding economic recovery. This organization consists of 19 countries commencing across continents and the European Union, which together make up roughly 85% of world GDP. Additionally, non-member countries such as Bangladesh, Singapore, Spain, Nigeria, several international organizations can attend meetings as guests. These include organizations such as WHO (World Health Organization), World Bank, IMF (International Monetary Fund), and United Nations.
WHAT DOES G20 PRESIDENCY ENTAIL?
The G20 is an annually rotating intergovernmental organization covering two separate but related agendas: one steering by finance ministers, the other controlled by emissaries of state leaders of its member countries. After India assumes the presidency, Brazil will take its place in 2024, and then in 2025 South Africa will fill the role. India, during its term, intends to host more than 200 meetings across 50 cities involving various government representatives and individuals from civil society who are leading up to a large summit in New Delhi in September 2023. This summit is expected to be attended by around 30 heads of state from both G20 countries and invited nations.