G20 SUMMIT 2023
Updated: Apr 27
I would like to begin with meaning of G20summit , it’s a group of 20 inter-governmental forum comprising 19 countries and the European Union (EU). It works to address major issues related to the global economy, such as international financial stability, climate change mitigation, and sustainable development. Its primary objective has been governance of global economy . As of 2023 there are 20 members in group that are: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, South Korea, Japan, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union. Guest invitees include, amongst others, Spain, the United Nations, the World Bank, the African Union and ASEAN. The member of the summit comprises of leaders of nineteen countries and of the European Union, and, at the ministerial-level meetings, the finance ministers and central bank governors of nineteen countries and of the European Union.
The 2023 G20 New Delhi summit is the upcoming eighteenth meeting of Group of Twenty (G20), a summit scheduled to take place in International Exhibition-Convention Centre (IECC), Pragati Maidan, New Delhi in 2023. It is the first ever G20 summit to be hosted in India and in South Asia . The theme of the submit is “Vasudhaiva Kutumbakam” or “One Earth · One Family · One Future” - drawn from the Sanskrit phrase of the Maha Upanishad , which means "The World Is One Family". 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.
Some of the major objective taken by G 20 summit is to
a) Policy coordination between its members in order to achieve global economic stability , sustainable growth.
b) To promote financial regulations that reduce risks and prevent future financial crises.
c) To create a new international financial architecture.
India part in G20
India’s participation in the G20 process stems from the realization that as a major developing economy India has a vital stake in the stability of the international economic and financial system. India has been actively involved in the G20 preparatory process both at the Sherpas Track and the Financial Track since its inception. The Prime Minister participated in all seven G20 summits. India’s agenda at the G20 Summits is driven by the need to bring in greater inclusivity in the financial system, to avoiding protectionist tendencies and above all for ensuring that growth prospects of developing countries do not suffer. India has strived to ensure that the focus of the global community remains on the need to ensure adequate flow of finances to emerging economies to meet their developmental.
India has welcomed the inclusion of development as an agenda item of G20 process at the Seoul Summit and supported the Seoul Development Consensus and the associated Multi-Year Action plans. Prime Minster called for the recycling of surplus savings into investments in developing countries to not only address immediate demand imbalances but also developmental imbalances. . India has worked to maintain the dynamism and credibility of G20 deliberations for establishing a framework for strong, sustainable and balanced growth, strengthening international financial regulatory systems, reforming Bretton Woods’s institutions, facilitating trade finance, pushing forward the Doha agenda. India, as a co-chair of Framework Working Group on Strong, Sustainable and Balanced Growth, tried to refocus the energies of the group towards growth, jobs, fiscal consolidation, rebalancing demand from the public sector to the private, and to risks arising from internal imbalances within the Eurozone. India remains committed to the G20 process for achieving a stable, inclusive and representative global economic and financial system.
- Giselle D'Souza
Tolani College of Commerce