PM Narendra Modi unveils logo, theme, site of G-20 presidency

Subject: International Relations

Context:

India has unveiled the logo, theme and website for its presidency of the G20, which reflects the country’s message and overarching priorities to the world.
India will assume the presidency of the powerful G20 grouping from the current chair, Indonesia, on December 1, and hold the post for a year.

More about the 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- ‘Vasudhaiva Kutumbakam: 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

What is G20 Summit:

G-20 was a group of finance ministers and central bank governors from 19 individual countries and the European Union.
It was established in 1999 and was elevated to a forum of Heads of Government in 2008 to effectively respond to the global financial 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
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.
This would be the first time when the troika would consist of three developing countries and emerging economies.