India to Host G20 Summit in 2023

Context:

Recently, the Ministry of External Affairs (MEA) announced that India is hosting the G-20 (Group of 20) leaders’ summit in New Delhi next year 2023.

• The 17th G20 Heads of State and Government Summit will happen in November 2022 in Indonesia, after which India will assume the presidency of G20 from December 2022.

Relevance:

GS II: International Relations

Dimensions of the Article:

1. Key points
2. About G20

Key points:

Top priorities

• Inclusion, equity, and sustainable growth.
• LiFE (Lifestyle For Environment),
• Empowering women,
• The development of tech-enabled public infrastructure and industries ranging from health, agriculture, and education to commerce,
• Skills mapping, culture and tourism, funding for the environment, the circular economy, global food security, energy security, green hydrogen, disaster risk reduction and resilience;
• Multilateral reforms, the battle against economic crime, and cooperative development.

Guest Countries:

• India, as G20 Presidency, will be inviting Bangdesh, Egypt, Mauritius, Netherlands, Nigeria, Oman, Singapore, Spain and UAE as Guest countries.

Troika:

• The troika would consist of Brazil, Indonesia, and India during the Presidency.
• The troika would include three developing nations and rising economies for the first time, giving them a stronger voice.
  • The term “troika” refers to the G20’s top hierarchy, which comprises of the present, past, and future presidencies (Indonesia, India and Brazil).

About G20

• The G20 is an informal group of 19 countries and the European Union, with representatives of the International Monetary Fund and the World Bank.
• The G20 membership comprises a mix of the world’s largest advanced and emerging economies, representing about two-thirds of the world’s population, 85% of global gross domestic product, 80% of global investment, over 75% of global trade and roughly half the world’s land area.
• The members of the G20 are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union.
• Spain as a permanent, non-member invitee, also attends leader summits.

Structure and functioning of G20

• The G20 Presidency rotates annually according to a system that ensures a regional balance over time.
• For the selection of presidency, the 19 countries are divided into 5 groups, each having no more than 4 countries. The presidency rotates between each group.
• Every year the G20 selects a country from another group to be president.
• India is in Group 2 which also has Russia, South Africa and Turkey.
• The G20 does not have a permanent secretariat or Headquarters.
• The work of G20 is divided into two tracks:
  • The Finance track comprises all meetings with G20 finance ministers and central bank governors and their deputies. Meeting several times throughout the year they focus on monetary and fiscal issues, financial regulations, etc.
  • The Sherpa track focuses on broader issues such as political engagement, anti-corruption, development, energy, etc.
• Since 2008, the group convenes at least once a year, with the summits involving each member’s head of government.

-Source: The Hindu