G-20
1. Context
The G20 world leaders’ summit is scheduled to be held in New Delhi on September 9 and 10. The summit is expected to be one of the largest gatherings of world leaders in India. India assumed the G20 Presidency on December 1, 2022, from Indonesia.
2. About G20
- The G20 Summit, also known as the Group of Twenty Summit, is a high-level international forum for the governments and central bank governors from 19 countries and the European Union
- It aims to discuss and coordinate policy on a wide range of global economic and financial issues. The G20 represents both developed and developing nations, making it a diverse and significant platform for addressing pressing global challenges
- The G20 Summit is an important forum for the world's major economies to discuss and coordinate their efforts to address these challenges.
- The summit is also an opportunity for the leaders of these countries to build relationships and trust, which can help to promote cooperation and understanding
The G20 countries include:
| Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, United Kingdom, United States |
3. 2023 Summit
The 2023 G20 Summit will be held in New Delhi, India, on September 9-10, 2023. This will be the first time that the G20 Summit has been held in India.
The theme of the 2023 G20 Summit is "One Earth, One Family, One Future". The summit will focus on a number of global issues, including:
- The global economy and financial stability
- Climate change and sustainable development
- Poverty and inequality
- Food security and nutrition
- Health and well-being
- Counter-terrorism and security
- Digitalization and innovation
4. Economic Policies
- India’s post-1947 economic policy choices not only distorted the relative roles of samaj, bazaar and sarkar but failed to distinguish between the list of ingredients (the what) and the recipe (the how of proportioning, sequencing, influencing, prioritising and taking on vested interests).
- Flagship lists — the 10-point programme of 1967, 13-point program (1977), and 20-point programme (1975) — preceded an eight-point programme for altering socio-economic attitudes, five-point programme for urban renewal, and a four-point programme for regional imbalances.
- These lists feel like a victim of an enemy they couldn’t see, didn’t understand, and didn’t want to overpower.
- Consequently, they chose soundbites over strategy, planning over entrepreneurship, and public over private
- But in the last decade, India has grown from the world’s 10th largest economy to the fifth
- Some places are geographic (states, cities and villages) and some are conceptual (cities, sectors, and skills) but all benefit from higher productivity
- Reforms included formalisation (moving from deals to rules), GST, bankruptcy, demonetisation, DBT, digital payments, digital public infrastructure, inflation targeting, foreign investment, roads, apprentice, decriminalisation, National Education Policy, and much else
5. Way forward
The G20 Summit is held annually, and its agenda typically covers a broad spectrum of topics, including global economic growth, trade, finance, development, climate change, and more. The leaders discuss policy measures, share insights, and seek common ground on various issues affecting the global economy and international relations
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For Prelims: G7, G20, BRICS, ASEAN
For Mains:1.Discuss the significance of the G20 Summit in the context of global economic governance and international cooperation. Highlight its evolution and major achievements since its inception.
2.Critically analyze the role of the G20 in shaping the global response to the COVID-19 pandemic. Discuss the key policy measures and coordination efforts undertaken by G20 countries to mitigate the pandemic's economic and social impacts
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Previous Year Questions
1.With reference to the “G20 Common Framework”, consider the following statements: (GS1, 2022)
1. It is an initiative endorsed by the G20 together with the Paris Club. 2. It is an initiative to support Low Income Countries with unsustainable debt. Which of the statements given above is/are correct? (a) 1 only (b) 2 only (c) Both 1 and 2 (d) Neither 1 nor 2 Answer (c)
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Source: indianexpress
