G20 presidency of India begins

  • December 2, 2022
  • Posted by: OptimizeIAS Team
  • Category: DPN Topics
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G20 presidency of India begins

Subject: International relations

Context:

  • India assumed the G20 presidency on 1st of December.

More about India Presidency:

  • India assumes the presidency of G20 from 1st of December.
  • The G20 Presidency also marks the beginning of “Amritkaal”, the 25-year period beginning from the 75th anniversary of its independence on 15 August 2022, leading up to the centenary of its independence, towards a futuristic, prosperous, inclusive and developed society, distinguished by a human-centric approach at its core.
  • Guest countries during India’s presidency will include Bangladesh, Egypt, Mauritius, Netherlands, Nigeria, Oman, Singapore, Spain and the UAE

About the G20 logo:

  • The G20 logo created with the four colors of India’s national flag, comprises earth sitting atop a lotus.
  • The seven petals in the logo signify the seven seas and the coming together of seven continents at G20 India 2023.
  • The theme-‘VasudhaivaKutumbakam: One Earth, One Family, and One Future’ reflects India’s pro-planet approach to life and from this and derives the theme of G20 India 2023

G20 logo illuminates 100 monuments

  • 100 monuments across the country will be illuminated with the G20 logo and its colours for seven days as India takes over the presidency of the grouping.
  • The list of monuments drawn up by the Archaeological Survey of India (ASI) to mark the occasion includes:
    • The Shankaracharya Temple in Srinagar,
    • The Nalanda ruins in Bihar,
    • The Purana Qila complex and Humayun’s Tomb in Delhi,
    • The Modhera Sun temple and the ancient Dholavira site in Gujarat,
    • The Tipu Sultan Palace in Bengaluru,
    • The Hemis Monastery in Ladakh,
    • The Chola temple of Thanjavur and
    • The Konark Sun temple in Puri.
  • The Taj Mahal in Agra, despite being a UNESCO World Heritage Site, will not be illuminated with the G20 logo. 

The objectives of the G20 are:

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.

Origin of G20

The G20 was created in response to both to the financial crises that arose in a number of emerging economies in the 1990s and to a growing recognition that some of these countries were not adequately represented in global economic discussion and governance.

In December 1999, the Finance Ministers and Central Bank Governors of advanced and emerging countries of systemic importance met for the first time in Berlin, Germany, for an informal dialogue on key issues for global economic stability. Since then, Finance Ministers and Central Bank Governors have met annually. India hosted a meeting of G20 finance ministers and central bank governors in 2002. G20 was raised to the Summit level in 2008 to address the global financial and economic crisis of 2008.

  • G-20 is a forum, not a legislative body and its agreements and decisions have no legal impact, but they do influence countries’ policies and global cooperation.
  • The G20 membership accounts for
    • Two-thirds of the world’s population, 
    • 85% of global gross domestic product, 
    • 80% of global investment 
    • 75% of global trade.
    • Contribute 79% of the world carbon emissions 

Structure:

G20 does not have any permanent secretariat or headquarters.

  • The G20 Summit is formally known as the “Summit on Financial Markets and the World Economy”.

How G20 works:

  • Since the G20 has no permanent secretariat. The agenda and work are coordinated by representatives of the G20 countries, known as ‘Sherpas’.
  • The presidency of the G20 rotates every year among members, and the country holding the presidency, together with the previous and next presidency-holder, forms the ‘Troika’.
  • Troika ensures continuity of the G20 agenda.
  • During India’s presidency, India, Indonesia and Brazil will form the troika.
  • The preparatory process for the G20 Summit is conducted through the established Sherpa and Finance tracks that prepare and follow up on the issues and commitments adopted at the Summits.
  • The Sherpas’ Track focuses on non-economic and financial issues, such as development, anti-corruption and food security, while addressing internal aspects such as procedural rules of the G20 process. The Sherpas carry out important planning, negotiation and implementation tasks continuously.
  •  The Finance Track focuses on economic and financial issues. The Sherpa and Finance tracks both rely on the technical and substantive work of a series of expert working groups. Additionally, the thematic agenda is developed through the organization of several Ministerial Meetings, such as the Joint Meeting of Finance and Development Ministers, and the Labour, Agriculture and Tourism Ministerial meetings.
G20 presidency of India begins International Relations