Together, the G-20 members represent more than 80 per cent of the world’s GDP, 75 per cent of global trade and 60 per cent of world’s population.
India on Thursday took the presidency of Group of Twenty from Indonesia which it will assume on December 1 this year. Over the next one year, the country will chair over 200 meetings that aim to secure global economic growth and security.
The G-20 or Group of 20 is an intergovernmental forum of the world's major developed and developing economies. Together, the G-20 members represent more than 80 per cent of the world’s GDP, 75 per cent of international trade and 60 per cent of the world’s population.
Prime Minister Narendra Modi said India's G-20 presidency will be inclusive, ambitious and action-oriented, noting that it is taking the responsibility at a time the world is grappling with geopolitical tensions, economic slowdown and rising food and energy prices.
In his remarks at the closing ceremony of the summit where India was handed over the presidency, Modi said the country will strive to ensure that the G-20 acts as a global "prime mover" to envision new ideas and accelerate collective action over the next one year.
"India is taking charge of the G-20 at a time when the world is simultaneously grappling with geopolitical tensions, economic slowdown, rising food and energy prices, and the long-term ill-effects of the pandemic," PM Modi said.
"At such a time, the world is looking at the G-20 with hope. Today, I want to assure that India's G-20 presidency will be inclusive, ambitious, decisive, and action-oriented," he added.
Here is what getting the G-20 presidency means for India:
The G-20 presidency comes for one year. While it doesn’t come with any formal power, India being the host will have an ‘influence’ that may allow it to turn the discussion in the directions it prefers.
The bloc does not have a permanent secretariat and the presidency is supported by the Troika -- previous, current and incoming presidency. During India’s presidency, the troika will comprise Indonesia, India and Brazil , respectively, reports Times of India.
Former foreign secretary Harsh V Shringla has been appointed as India’s Chief G-20 Coordinator at the secretary level. He will be responsible for overall policy decisions and arrangements, the report added.
Former IAS officer Amitabh Kant, who will be India’s G-20 Sherpa, said that under India’s leadership, G-20 nations will look to find common ground on major challenges which include global economic slowdown, debt crisis, COVID-induced poverty and the glooming climate crisis.
Another agenda will be reforms in institutions like the World Bank, the International Monetary Fund and the World Trade Organisation.
Modi said the G-20 has to convey a strong message in favour of peace and harmony.
"All these priorities are fully embodied in the theme of India's G-20 Chairmanship -- 'One Earth, One Family, One Future'," he said.
The G20 or Group of 20 is an intergovernmental forum of the world's major developed and developing economies.
It comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US and the European Union (EU).
The next G20 Leaders' Summit at the level of Heads of State/Government is scheduled to be held on September 9 and 10 in New Delhi.
"We look forward to meeting again in India in 2023, in Brazil in 2024 and in South Africa in 2025," the declaration said.
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 "Prime Minister Narendra Modi at G-20 Summit - File Photo")
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