In this blog article we will get into details of G-20 Summit scheduled to be held in 2023. The summit can be a focal point as it’s the first time India is hosting this event. It also shows the supremacy India holds in the global economy and trade.
“India’s G20 Presidency will work to promote this universal sense of one-ness. Hence our theme – ‘One Earth, One Family, One Future” – PM Narendra Modi
The G20 (Group of Twenty) summit is an annual meeting of leaders from the world’s largest economies. The G20 is made up of 19 countries and the EU, which collectively represent around 90% of the world’s GDP, 80% of global trade, and two-thirds of the world’s population.
The 19 countries are Argentina, Australia, Brazil, Canada, China, Germany, France, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, the Russian Federation, Saudi Arabia, South Africa, Turkey, the UK, and the US. India holds the Presidency of the G20 from 1 December 2022 to 30 November 2023.
The G20 was established in 1999 as a forum for cooperation and consultation on international economic issues. The first G20 summit was held in 2008 in response to the global financial crisis, and since then, the group has met every year to discuss issues related to economic growth, trade, investment, and financial regulation. The G20 remains an important forum for international cooperation and coordination on economic and financial issues.
The G20 summit is attended by the heads of state or governments of the member countries, as well as representatives from international organizations such as the International Monetary Fund and the World Bank. The agenda for the summit is usually set by the host country, and discussions at the summit can cover a wide range of topics, including macroeconomic policy, energy and climate change, and global security.
The theme of India’s G20 Presidency – “Vasudhaiva Kutumbakam” or “One Earth, One Family, One Future” – is drawn from the ancient Sanskrit text of the Maha Upanishad. Essentially, the theme affirms the value of all life – human, animal, plant, and microorganisms – and their interconnectedness on the planet Earth and in the wider universe.
The theme also spotlights LiFE (Lifestyle for Environment), with its associated, environmentally sustainable, and responsible choices, both at the level of individual lifestyles as well as national development, leading to globally transformative actions resulting in a cleaner, greener and bluer future.
The logo and the theme together convey a powerful message of India’s G20 Presidency, which is of striving for just and equitable growth for all in the world, as we navigate through these turbulent times, in a sustainable, holistic, responsible, and inclusive manner. They represent a uniquely Indian approach to our G20 Presidency, of living in harmony with the surrounding ecosystem.
For India, 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.
The 2024 G20 Rio de Janeiro summit (Portuguese: Cúpula do G20 Rio de Janeiro 2024) is the upcoming nineteenth meeting of the Group of Twenty (G20), a summit scheduled to take place in Rio de Janeiro in 2024.
The author hopes that through this article will help MBA students studying in IEMS to gain insights into the perspective of knowledge on international trade, finance-related academic subjects.