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The G20 forum was established in 1999 by the finance ministers and central bank governors of seven countries in response to the 1997-98 financial crisis. Over the years, its agenda has expanded to cover a wide range of issues including trade, climate change, sustainable development, health, agriculture, energy, environment, and anti-corruption. Today, G20 members account for a significant share of the world’s GDP, trade, and population, making it a key forum for international economic cooperation.

India’s assumption of the presidency of the G20 forum is significant because it offers India the opportunity to showcase its solutions to global challenges and its philosophies on international cooperation and sustainable development. As the G20 President-nation, India will host the 18th G20 Heads of State and Government Summit in December 2023 in New Delhi. This summit will be a culmination of a series of meetings throughout the year, and India plans on using this platform to highlight its ideas and initiatives on a global stage.

India’s presidency also comes at a time when many countries are facing economic challenges such as inflation and recession, as well as geopolitical tensions such as the Russia-Ukraine war and the EU-Russia standoff. This presents an opportunity for India to demonstrate its leadership in addressing these challenges and finding solutions through multilateral cooperation. However, India may face challenges in effectively carrying out its duties as G20 President-nation. One potential issue is India’s own strained relations with China, a member of the G20 group.

Prime Minister Modi’s brief interaction with Chinese President Xi Jinping at the G20 Summit in Indonesia in November 2022 has raised hopes for improved relations, but the situation remains uncertain. India will need to navigate this and other challenges in order to effectively lead the G20 forum and achieve its goals.