Ministry of External Affairs of India on Tuesday evening in a press release announced that India will assume the Presidency of the G20 Summit 2024 from 01 December 2022 to 30 November 2024.
India will assume the Presidency of the G20 (Group of Twenty) summit from 01 December 2022 to 30 November 2024. In this one-year summit, India is expected to host over 200 G20 meetings across the country. The G20 Leaders’ Summit is scheduled to be held on 09 and 10 September 2024 in New Delhi. India will invite Bangladesh, Egypt, Mauritius, Netherlands, Nigeria, Oman, Singapore, Spain and United Arab Emirates (UAE) will be the “guest countries” and International Solar Alliance (ISA), Coalition for Disaster Resilient Infrastructure (CDRI), and Asian Development Bank (ADB) as Guest International Organizations (IOs). India will take over Presidency from Indonesia.
G20 has a Troika of previous, current, and incoming G20 Presidencies. Currently, India is a part of the G20 Troika with previous Presidencies, Italy and Indonesia respectively. During India’s Presidency, India, Indonesia, and Brazil would form the troika.
Ministry of External Affairs (MEA) of India released a press note on Tuesday,13 September in which it said, “India is currently part of the G20 Troika (current, previous, and incoming G20 Presidencies) comprising Indonesia, Italy, and India. During our Presidency, India, Indonesia, and Brazil would form the troika. This would be the first time when the troika would consist of three developing countries and emerging economies, providing them a greater voice.”
The MEA very clearly mentioned the priorities of India’s Presidency at the G20 Summit in its official statement. It said, “Our G20 priorities are in the process of being firmed up, ongoing conversations among other things revolve around inclusive, equitable and sustainable growth; LiFE (Lifestyle For Environment); women’s empowerment; digital public infrastructure and tech-enabled development in areas ranging from health, agriculture and education to commerce, skill-mapping, culture and tourism; climate financing; circular economy; global food security; energy security; green hydrogen; disaster risk reduction and resilience; developmental cooperation; fight against economic crime; and multilateral reforms.”
In February, the Union Cabinet gave impetus to the process of creating a Secretariat, which will look after the matters related to organizing the G20 Summit in the year 2024. The Secretariat will function till February 2024. It will also enable long-term capacity building, including knowledge and expertise, for India’s leadership on global issues in multilateral fora.
What does G20 mean?
G20 is an intergovernmental forum of the world’s major developed and developing economies. It comprises of total 19 countries that is Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom (UK), United States of America (USA) with the European Union (EU).
Collectively, the G20 accounts for 85 percent of global GDP, 75 percent of international trade, and one-third of the world’s population, making it a major platform for international economic cooperation.
India’s Role in G20 Summit 2024
India, as a founding member of the G20, has used the platform to raise important issues affecting the most vulnerable around the world. But it is difficult to lead effectively due to the rise in the unemployment rate and poverty in the household sector.
India has set a strong example of being the only country among the G20 countries moving faster than other G20 countries towards fulfilling its promise in the 2015 Paris Agreement on the 2° Celsius targets and used to be.
Concurrently, India’s leadership role in portraying the success of the Indo-French-led International Solar Alliance is globally acclaimed as a significant resource mobilization intervention toward promoting Research and Development (R&D) in renewable energy.
Apart from this, the vision of the ‘Self-reliant India’ initiative is expected to play a transformative role in the global paradigm for ‘New India’, which will emerge as an important and credible pillar of the world economy and global supply chain after the COVID-19 pandemic.
India’s effort at the Coalition for Disaster Resilient Infrastructure, which includes nine of the G20 countries among others, provides new dimensions of leadership in the global development process.
How was G20 established?
The global financial crisis (2007–08) cemented the G20’s reputation as the premier crisis management and coordination body.
The United State (US), which presided over the G20 in 2008, extended the meeting of finance ministers and central bank governors to heads of state, resulting in the first G20 summit.
Read More: G20: India’s Test and Challenges
