India, as G20 Presidency
India's presidency at G20 2023
India held a briefing for envoys from G20 nations in Swarajdeep, Andaman and Nicobar on 26th Nov 2022, as New Delhi prepares to assume the presidency of G20 from 1st December 2022. Earlier Prime Minister Narendra Modiji has been in the G20 dinner hosted by the Indonesian President Joko Widodo in Bali, Indonesia.
The G20 or the Group of 20 is an informal meeting of twenty of the world’s largest economies. It was born out of the G7 (Group of 7) in 1999. The main purpose of G7 was Global Financial Stability but as the years have gone by, G7 is now G20, and its agenda has become much broader. They discuss unemployment, corruption, climate change, digital technology, you name it.
The forum was initially confined to the finance ministers and the central bank governors of the 20 members. However, the heads of state did not get involved until nearly a decade later when another, bigger financial crisis came along. It was the global financial crises of 2008-2009.
The United States then invited all the leaders of the 20 countries to a meeting to discuss the financial crisis. In the the second leaders meeting in London, they came up with a Global Stimulus package that essentially save the world. Even China, which had not been very badly affected was prepared to commit $50 dollars to a $1 trillion global stimulus package.
G20 represents 60% of the world’s population as opposed to G7 which only represents 11% . While G20 may indeed be a more representative body than the G7, it doesn’t mean impactful solutions that emerge out of the summits come easily. Infact, much of the heavy lifting is done in the lead up to these meetings.
The G20 Presidency rotates each year among its members. In the absence of a permanent secretariat, a “Troika” which consists of the current, previous and incoming presidencies shape the agenda. India will officially assume the G20 Presidency from 1st December 2022.
India, as G20 Presidency, will be inviting Bangladesh, Egypt, Mauritius, Netherlands, Nigeria, Oman, Singapore, Spain and UAE as Guest countries. During the 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.
On November 8, 2022, Prime Minister Narendra Modi ji unveiled the India's G20 logo, theme and website of G20 2023.
“Notion of universal brotherhood is being reflected via the G-20 logo” The logo draws inspiration from the vibrant colours of India’s national flag – saffron, white and green, and blue. It compares planet Earth with the lotus, India’s national flower that reflects growth amid challenges.
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.
“G-20 will not be limited to Delhi or a few places. Every citizen, state government and political party should participate in it” Posted On: 08 NOV 2022 6:12PM by PIB Delhi
As per the IMF forecast, India is a shining star with a likely GDP growth of 6.8 per cent in 2022 and 6.1 per cent expected in 2023 and this is a perfect timing for India to take over the G20 presidency. It will be a big opportunity for India as the country will get a global center stage. As it would have national impact and open up avenues across sectors enabling exposure to international market, it is already perceived that India's G20 Administration Can be a Distinct advantage for the Travel Industry. India is scheduled to assume control over the G20 gathering of countries' administration for a year, starting on first December 2022 and finishing on 30th November 2023.
During this period, the nation is supposed to have more than 200 gatherings at 56 areas, across metropolitan urban communities like Delhi and Mumbai, and state capitals like Lucknow, and significant vacationer and verifiable locales like Udaipur, Agra, Varanasi, and Hampi, among others. Facilitating these G20 gatherings will put a focus on a few less popular the travel industry objections and legacy locales in the nation, carrying them to the bleeding edge of the worldwide the travel industry map.
Hence, taking the motive forward, each citizen should feel a part of G20 and a sense of responsibility towards our mother Earth.
Tie a TreeAndHumanKnot today to take the first step towards a new, sustainable India.
Emerging Venture Studio