India is All Set for Hosting G20 Summit from 9th Sept to 10th Sept

India is hosting the 18th G20 summit from 9th Sept to 10th Sep at Bharat Mandapam, New Delhi. India's G20 presidency has marked a significant milestone in its global leadership role. 

With India taking the presidency for the first time, it is steering discussions and initiatives among the world's major economies to address complex challenges. 

During Its presidency, India has focused on creating a global consensus on various global issues like inclusive growth, digital innovation, climate resilience, and equitable global health access.

Theme and Logo of India’s G20 Presidency 

The theme of the 18th G20 summit is “Vasudhaiva Kutumbakam” or “One Earth · One Family · One Future”. It has been drawn from the ancient Sanskrit text of the Maha Upanishad. Essentially, the theme affirms the value of all life – human, animal, plant, and microorganisms – and their interconnectedness on the planet Earth and in the wider universe.

The theme also spotlights LiFE (Lifestyle for Environment), with its associated, environmentally sustainable and responsible choices, both at the level of individual lifestyles as well as national development, leading to globally transformative actions resulting in a cleaner, greener and bluer future.

Logo of the G20 summit 

The logo of the G20 summit draws inspiration from the vibrant colours of the Indian national flag Saffron, White and Green.

It juxtaposes planet Earth with the lotus, India’s national flower that reflects growth amid challenges. The Earth reflects India’s pro-planet approach to life, one in perfect harmony with nature.

The G20 logo is “Bharat”, written in the Devanagari script.

G20- The Group of Twenty

G20 Members List 

The Group of G20 (G20) comprises 19 countries and the European Union. The member countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, and the United States. 

G20 members currently account for more than 80% of world GDP, 75% of global trade, and 60% of the global population.

Origin and Evolution:  

• The G20 was founded in 1999 after the Asian financial crisis as a forum for the Finance Ministers and Central Bank Governors in Berlin, Germany, to discuss global economic and financial issues. 
• The G20 was later upgraded to the level of Heads of State/Government and was designated the “premier forum for international economic cooperation”. 
• The first G20 Leaders’ Summit (the ‘Summit on Financial Markets and the World Economy’) was convened in Washington, DC in November 2008.
• Since 2011, the G20 Summit has been held annually under the leadership of a rotating Presidency. 

Objective 

Some of the major objectives of the G 20 are as follows :

• Policy coordination between its members in order to achieve global economic stability, sustainable growth,
• To promote financial regulations that reduce risks and prevent future financial crises, and 
• To create a new international financial architecture.

Organizational Structure 

The G20 does not have a charter or a secretariat. The Presidency, aided by the countries holding the Presidency before and after it (Troika), is responsible for setting the agenda of each year’s Summit. The G20 process is led by the Sherpas of member countries, who are personal emissaries of the Leaders.  The Indian Sherpa for G-20 is Amitabh Kant.

Work of G20

• The G20’s work is divided into two tracks: the Finance Track and the Sherpa Track. Within the two tracks, there are thematically oriented working groups in which representatives from the relevant ministries of the members as well as from invited/guest countries and various international organizations, participate. 
• The working groups meet regularly throughout the term of each Presidency. The agenda is also influenced by current economic developments as well as by the tasks and goals agreed upon in previous years. The G20 holds a multi-year mandate to ensure institutional continuity. 

Non-Members

• International Monetary Fund (IMF), the World Bank, the United Nations (UN), the Organization for Economic Co-operation and Development (OECD), the World Trade Organization (WTO), the International Labour Organization (ILO) and the Financial Stability Board (FSB), Association of Southeast Asian Nation ( ASEAN), the African Union, and the development program NEPAD(New Partnership for Africa's Development). 
• The incumbent Presidency may invite other countries for G20 meetings and Summits. India has Invited Bangladesh, Egypt, Mauritius, Netherlands, Nigeria, Oman, Singapore, Spain and the United Arab Emirates (UAE) to the New Delhi Summit.

NOTE: The G20 2022 summit was held in Bali, Indonesia, under Indonesia’s presidency. 

The First Summit was hosted by the US President in Washington in November 2008.

Reasons behind the creation of G20 

Outdated global economic structure 

Before G-20, the most powerful international group was G-7. It consisted of 7 industrially most advanced Western democracies of France, Germany, the  United States of America, the United Kingdom, Japan and Canada. There was no representation of the Newly Industrialized Countries like South Korea or emerging economies like India, Turkey, Saudi Arabia etc. It was felt that a new International organization was needed, which reflected the current global economic reality, which was more balanced and inclusive. Thus G-20 was born.
Significance of the G20 Summit of 2023 in India's foreign policy

Opportunity to enhance India’s role in Global politics 

G20 provides an opportunity for the host country to raise its global profile and extend its influence on the global stage as now G-20 is considered to be the premier as premier forum for international cooperation on important economic and financial issues. It provides an opportunity to India to shape and influence the global agenda on sustainable development, debt relief for developing countries, environmental issues etc.

Voice of Global South: 

India has always championed the cause of the global south (developing countries of Asia, Africa and Latin America).  India wants to be the leader of the global south but it faces significant challenges from China. China also claims the leadership of the global south. 

G20 provides an opportunity for India to assert its leadership claims by building a global consensus on issues confronting the global south, like climate change, cybersecurity, food security, health, and energy, which are particularly impacting the Global South.

India’s foreign policy: 

The global community needs a single multilateral for issues like climate change, economic recovery, the pandemic (COVID-19) and increasing geopolitical tensions (Russia-Ukraine war). Therefore, India placed reformed multilateralism that is fit for addressing the 21st-century challenges as one of its presidential priorities.