What to learn about G20 (not given in tb)
Role of G20-
● G20 is an intergovernmental forum comprising 19 countries and the
European Union (EU) that came into existence in 1999.
● Members of the G20 are Argentina, Brazil, Austria, Canada, China,
France, Germany, Italy, Indonesia, Japan, South Korea, India, Saudi
Arabia, Mexico, the US, the UK, South Africa, Russia, Turkey, and the EU.
● Major issues addressed- related to the global economy, it works tirelessly
to maintain and improve global financial stability.
● it works to mitigate the risks caused by climate changes around the world
● It is an advocate of the idea of sustainable development whose aim is to
secure sustainable development without compromising the needs of future
generations for the development of their own.
● Has the most powerful economic blocs in the world and contributes around
80% of the GWP (gross world product)
● 2/3rd of the global population are the inhabitants of G20 member nations
● Nations cover more than 60% of the total land area
● Since the year 2008 when the global economic crisis hit, it has been
carrying out summits between finance ministers and central bank
governors of its members it is done to ensure the prudent working of the
global financial system
INDIAS G20 PRESIDENCY-
● The chairmanship keeps rotating among its members for 2023 it was India
and the previous was Indonesia. Prime Minister Narendra Modi was the
chairman of G20 and will lead this year’s summit
● All heads of g20 are scheduled to meet in New Delhi in Sep 2023
● Theme: Vasudhaiva Kutumbakam “one earth, one family, one future”
● Indias G20 Logo-
- Colors of the national flag (saffron, white, green, and blue)
- Planter earth with lotus, India's national flower reflects growth amid
challenges
- Earth reflects India's pro-planet approach to life, one is in perfect
harmony with nature.
- Below the g20 logo is “Bharat” written in Devanagari script.
SIGNIFICANCE OF INDIA G20 PRESIDENCY
● 85% of the global GDP, 75% of global trade, and 2/3rd of the world
population.
● India will host 200 meetings in 32 different sectors in multiple
locations across India.
● G20 leaders summit at the level of the heads of state/government is
scheduled to be held on Sep 9 and 10, 2023 in New Delhi,
● India's foreign policy focuses on the “global common good” Through
its leadership India hopes to extend its principle towards sustainable
solutions to some of the global challenges- climate change, new and
emerging technologies food, and energy security, etc.
● during India's presidency of the G20, the "Troika"—a group of
three countries that includes the current, previous, and next G20
presidency holders—will consist of India, Indonesia, and Brazil
●
● The G20 Troika is a system where the current, past, and upcoming G20
presidencies work together to ensure continuity in policies and
priorities.
● For example, during India's presidency (2023), the Troika consisted of:
○ Indonesia (Previous, 2022)
○ India (Current, 2023)
○ Brazil (Next, 2024)
Why is this significant?
● This is the first time that the Troika consists entirely of developing
countries and emerging economies (Indonesia, India, and Brazil).
● Previously, the Troika often included developed countries (like the US,
EU, or G7 nations).
Impact on Global Decision-Making:
● With three emerging economies in leadership, there is hope for a shift in
the balance of power within the G20, favoring developing nations.
● This could mean:
○ Greater focus on issues affecting emerging economies (e.g.,
development, trade fairness, climate justice, debt relief).
6 thematic prirotties-
1. Green development, climate finance, and LiFE
- India's focus on climate change, with a particular emphasis on
climate finance and technology, as well as ensuring just
energy transitions for developing countries.
- Introduction of the LiFE movement, which promotes
environmentally-conscious practices and is based on India's
sustainable traditions.
2. Accelerated, Inclusive, and Resilient Growth
- Focus on areas that have the potential to bring structural
transformation, including supporting small and medium-sized
enterprises in global trade, promoting labor rights and welfare,
addressing the global skills gap, and building inclusive
agricultural value chains and food systems.
3. Accelerating progress on SDG’s
- Recommitment to achieving the targets set out in the 2030
Agenda for Sustainable Development, with a particular focus
on addressing the impact of the COVID-19 pandemic.
4. Technological Transformation & Digital Public Infrastructure
- Promotion of a human-centric approach to technology and
increased knowledge-sharing in areas such as digital public
infrastructure, financial inclusion, and tech-enabled
development in sectors such as agriculture and education.
5. Multilateral Institutions for the 21st Century
- Efforts to reform multilateralism and create a more
accountable, inclusive, and representative international
system that is fit for addressing 21st-century challenges.
6. Women-led Development
- India hopes to use the G20 forum to highlight inclusive growth
and development with women's empowerment and
representation being at the core of India's g20 deliberations.
This includes a focus on bringing women to the fore and in
leading positions to boost socio-economic development and
achievement of SDG.
