All about the G20: History of the forum and India’s presidency

📰 In News | G20 and India’s Presidency

• G20 establishment: Formed in 1999 by Finance Ministers & Central Bank Governors of seven countries (Canada, France, Germany, Italy, Japan, U.K., U.S.) after the 1997–98 financial crisis.
• First leaders’ summit: 1999; elevated to Heads of State/Government level in 2008.
• 2009: Designated as the “premier forum for international economic cooperation”.
• Members: 19 countries + EU. Currently account for 80% of global GDP, 75% of world trade, and 60% of world population.
• Tracks of Work:
  • Finance Track – led by Finance Ministers & Central Bank Governors.
  • Sherpa Track – led by leaders’ emissaries; negotiates agenda & coordinates work.
• India’s Presidency (2023):
  • Took over from Indonesia on 1 Dec 2022.
  • Part of Troika with Indonesia & Brazil.
  • To host the 18th G20 Summit in New Delhi, Dec 2023.
  • Host cities include Bengaluru, Chandigarh, Chennai, Guwahati, Indore, Jodhpur, Khajuraho, Kolkata, Lucknow, Mumbai, Pune, Rann of Kutch, Surat, Thiruvananthapuram, Udaipur.
• Theme & Logo:
  • Inspired by Vasudhaiva Kutumbakam (One Earth, One Family, One Future) & LiFE (Lifestyle for Environment).
  • Focus on sustainable, holistic, responsible, and inclusive growth.
• Global Context: Presidency amid inflation, recession trends, Russia–Ukraine war, EU–Russia standoff.
• India–China issue: Despite tensions, brief Modi–Xi interaction in 2022 G20 Summit seen as a positive sign.
  
  
  Updated - January 26, 2023 01:31 pm IST | The Hindu