G20 Summit in India: A Big Moment on the World Stage

G20 or Group of 20 is an international group of the World’s 20 biggest economies. Founded in 1999, G20 was originally G7 and consisted of seven nations wherein the other countries were added later in the same year.

Till 2008 the summits were attended by Finance Ministers and Central Bank Governors of the countries. In 2008, it was decided that the Heads of State/Governments of the countries would be leading the summits.

Now, the G20 Summits are held annually under the leadership of a rotating Presidency.

Currently, the members of G20 are the nations of Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union.

The member nations of the G20 represent around 85% of the global GDP, over 75% of the global trade, and about two-thirds of the world population.

The agenda of G20 is to increase economic cooperation amongst the member nations to strengthen the global economy, to monitor the international economic issues and to find solutions to such arising issues.

The presidency of 2023’s summit, that is the 18th G20 summit is in the hands of India. India was given the presidency of the summit from December 1, 2022, to November 30, 2023.

The previous country which possessed the presidency of the summit was Indonesia and the next to do is Brazil.

These events will be remarkable for the developing nations as this will be the first time in history that the summits will be organised by the developing countries three times in a row.

The theme of the 18th summit organised by India is ‘"Vasudhaiva Kutumbakam" meaning oneness or more specifically ‘One Earth, One Family and One Future’.

The theme brings out the value and interconnection of the earth and its creations. The theme also brings the focus towards the environment, and its sustainability on an individual as well as national scale.

The nation’s capital, New Delhi and various other cities are gearing up for the preparations of the summit.

The objective of G20’s 18th summit for the country will be to increase the country's GDP and to build a path for a well-constructed economy.

The summit will witness the participation of many government officials who will present the year's data and statistics.

Functioning for more than a decade, the G20 summits are an excellent way for any country to showcase their strengths and potential.

India is using this opportunity to show off its uniqueness; culture and hospitality.

The nation will be proudly showing off its achievements and will be ready to find solutions to major international economic problems in collaboration with the other nations.