India to assume G20 Presidency for a year starting from December 2022

India will assume the G20 presidency for one year from December 1, 2022, to November 20, 2023. The G20 summit is scheduled to be held on September 9 and 10, 2023.

India to assume G20 Presidency for a year starting from December 2022
India to assume G20 Presidency for a year starting from December 2022

India will assume one year of G20 presidency from December 1, 2022, to November 30, 2023. It is also expected to host over 200 meetings across the country during its Presidency tenure.

The G20 summit is scheduled to be held on September 9 and 10, 2023. There has been a tradition of inviting some Guest countries and International Organisations (IOs) in addition to the G20 members to its meetings and summits. 

Collectively, the G20 accounts for 85% of global GDP, two-thirds of the world population, and 75% of international trade making it the premier forum for international economic cooperation.

India as G20 Presidency

The rotation of the G20 presidency occurs every year among the member nations. Troika is formed with the country holding the presidency along with the previous and next presidency-holder.

As India will assume the G20 presidency in December 2022, it will be the first time when the troika would comprise three developing countries and emerging economies, providing them a greater voice. As per the Government, G20 priorities are still in the process of being firmed up, however, the ongoing conversations revolving around inclusive, equitable, and sustainable growth, global food security, women’s empowerment, digital public infrastructure, energy security, and climate financing will still go on.  

What is G20?

  1. The Group of Twenty is an intergovernmental forum of the world’s major developing and developed economies. 
  2. G20 consists of 19 countries (Canada, France, Australia, Saudi Arabia, Italy, Republic of Korea, Saudi Arabia, UK, Argentina, Brazil, China, Germany, Indonesia, Japan, Russia, India, Mexico, USA, Turkey), and the European Union(EU).
  3. Presently India is a part of the G20 Troika (current, previous, and incoming G20 Presidencies) comprising Indonesia, Italy, and India. 
  4. The ministry says that during our Presidency, India, Indonesia, and Brazil would form the troika. 

What are the current components of G20?

  1. Sherpa Track with 12 workstreams including Anti-corruption, Culture, Digital Economy, Environment and Climate, Education, Agriculture, Development, Employment, Energy Transition, Trade and Investment, Health, and Tourism. 
  2. 10 Engagement Groups of private sector/civil society/independent bodies (Business 20, Labor 20, Science 20, Think 20, Women 20, Civil 20, Parliament 20, Supreme Audit Institutions 20, Youth 20, and Urban 20. 
  3. Finance Track with 8 workstreams including Global Macroeconomics Policies, International Finance Architecture, Financial Inclusion, International Taxation, Infrastructure Financing, Sustainable Finance, Health Finance, and Financial Sector Reforms.

India’s Presidency in G20: Who all will be invited?

According to the government, India as G20 Presidency will be inviting Bangladesh, Mauritius, Netherlands, Oman, Spain, UAE, Egypt, Nigeria, and Singapore as Guest countries. In addition to regular International Organisations (UN, World Bank, IMF, WHO, FSB, OECD, WTO, and ILO) and Chairs of Regional Organizations(AUDA-NEPAS, AU, and ASEAN), International Solar Alliance(ISA), Asian Development Bank(ADB), and Coalition for Disaster Resilient Infrastructure(CDRI) will also be invited as Guest IOs.

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