G20 Summit Delhi- 2023 : An Overview

G20 Summit Delhi : The Group of Twenty, sometimes known as the G20, is the top venue for global cooperation on the most crucial issues pertaining to the global economic and financial agenda. The world’s most advanced and emerging economies are gathered together.

In order to provide a coordinated response to the global financial crisis, the US President organized the First Summit in Washington in November 2008. At the first summit, the leaders talked about the reasons behind the international financial and economic crisis, and they decided to develop an Action Plan around there are three key goals: (i) reviving global growth, (ii) bolstering the reforming the international financial system, and (iii) international financial institutions.

Nations forming G20

Argentina, Australia, Brazil, Canada, China, EU, France, Germany, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, United Kingdom, and the United States make up the G20. Together, the G20 nations account for around 90% of the world’s GDP, 80% of its trade, and 2/3 of its people.

India’s role in G20 Summit Delhi 2023

The awareness that India, a significant developing country, has a crucial stake in the stability of the global economic and financial system is what led to its involvement in the G20 process. India has actively participated in the G20 summit Delhi preparations at both the national and international levels. since its establishment, Track and the Financial Track. The Prime Minister took part in each and every G20 summits. The need to bring more people to the G20 Summit Delhi is what drives India’s agenda. promoting greater financial system openness, preventing impulses toward protectionism, and most importantly to protect the growth possibilities of developing nations. India has worked to ensure that the global community’s attention is kept on the need

Ensure a sufficient supply of funds to developing nations

What are the Goals of G20

i. To encourage structural changes that will stabilize the economy and lay the groundwork for employment and growth;

ii. To fortify the financial system and encourage financial inclusion encourage economic expansion;

iii. Improving the global financial system in a linked world

iv. Improving food security and managing the volatility of commodity prices; and

v. To advance green growth, sustainable development, and the battle against opposing global warming.

vi. To develop a new global financial architecture.

vii. To support financial rules that lower risks and stop upcoming financial disasters;

viii. Coordinate policies among its members for sustainable growth and global economic stability;

Equipping India to Lead: Preparing for the G20 Presidency

The G20 Presidency would be held by India starting on December 1st, 2022. The G20 summit Delhi 2023 Presidency would be a highly significant period in India’s history as a country that is genuinely committed to multilateralism and democracy. Considering its independence, India has participated in multilateral institutions, and helped to address the difficulties of current global governance.

With a focus on multilateralism, India’s inclusive government style offers one of the G20’s best years of leadership, when multilateralism may flourish, a significant contribution to improving and sustaining globalization while changing the international negotiating processes.

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