The G20 Summit is one of the most important international gatherings that take place every year, bringing together leaders from the world’s largest economies to discuss crucial issues facing the global economy. In 2023, India will host the G20 summit for the first time, and its preparations are well underway. In fact, recently, India’s G20 presidency has achieved a significant milestone by holding 50 meetings so far. In this article, we’ll explore the importance of the G20 Summit, India’s preparations for the event, and what we can expect from the summit when it takes place in 2023.
India’s G20 Presidency reached a milestone on March 28, 2023, marking the halfway point of its presidency with 50 meetings held so far. India assumed the G20 Presidency from Indonesia on December 1, 2022, and will convene the G20 Leaders’ Summit for the first time later this year. The presidency will continue until November 30, 2023. The G20 is an intergovernmental forum comprising 19 countries and the European Union, representing around 85% of the global GDP, over 75% of the global trade, and approximately two-thirds of the world population.
Under India’s G20 Presidency, two Ministerial, one Sherpa, 23 Working Groups, 20 Engagement Groups, and one Curtain Raiser were held, with dozens of Janbhagidari events and approximately 30 University Connects being held. Prime Minister Narendra Modi stated that reducing the regional divide among the key priority areas is a critical area of focus under India’s G20 Presidency.
Founded in 1999 after the Asian financial crisis as a forum for Finance Ministers and Central Bank Governors to discuss global economic and financial issues, the G20 was upgraded to the level of Heads of State/Government in the wake of the global economic and financial crisis of 2007. In 2009, it was designated the “premier forum for international economic cooperation.”
According to a statement released by the US government, India is off to a very promising start with its stewardship of G20. The US acknowledged India’s leadership in driving global economic growth and reducing trade barriers, noting that there was a need to deepen engagement on global supply chain resilience and sustainability.
India’s G20 Presidency is in the true spirit of ‘Vasudhaiva Kutumbakam,’ meaning the ‘World is One Family.’ The concept aligns with the G20’s main objective of international economic cooperation to promote the common good of all countries, which is crucial to global economic stability and prosperity. India’s emphasis on reducing regional divides through its G20 Presidency aligns with its broader foreign policy objective of promoting regional integration and connectivity.
India has been actively promoting its national priorities through its G20 Presidency, including the development of infrastructure and human resources, technology advancement, combating terrorism, and climate change. India’s presidency also aims to focus on gender equality and development, with a commitment to increasing female labour force participation. The Indian Government has emphasized that it is committed to ensuring inclusive and sustainable growth through its G20 Presidency.
Overall, India’s G20 Presidency has been marked by a series of high-level meetings, consultations, and engagements aimed at promoting cooperation and coordination among G20 countries to address critical global economic challenges. The presidency has highlighted India’s commitment to promoting a stable and prosperous global economic order, driven by cooperation and shared responsibility. As India moves forward with its G20 Presidency, considerable attention is expected to focus on how India leverages its position to promote global economic growth and development.
