In news– Prime Minister of India recently unveiled the logo, theme and website of India’s G20 presidency.
- The logo bears a lotus and the message of ‘Vasudhaiva Kutumbakam — One Earth, One Family, One Future’.
- Elaborating, the Prime Minister said that the logo reflects our idea of Vasudhaiva Kutumbakam (the whole earth is a family), because of which India has always believed in global harmony.
- He also said that the lotus flower symbolises our Puranic heritage, our aastha (belief) and boddhikta (intellectualism).
- India will assume the presidency of the powerful G20 grouping from the current chair, Indonesia, on December 1, and hold the post for a year.
- The G20 Leaders’ Summit at the level of Heads of State/Government is scheduled to be held on September 9 and 10, 2023 in New Delhi.
- During the course of its G20 Presidency, India will be holding about 200 meetings in 32 different sectors in multiple locations across India.
- The G20 Summit to be held next year, would be one of the highest profile international gatherings to be hosted by India.
- The presidency of the G20 rotates every year among members, and the country holding the presidency, together with the previous and next presidency-holder, forms the ‘Troika’ to ensure continuity of the G20 agenda.
- During India’s presidency, India, Indonesia and Brazil will form the troika. This would be the first time when the troika would consist of three developing countries and emerging economies.
What is G20?
- G20 is the premier forum for international economic cooperation representing around 85 per cent of the global GDP, over 75 per cent of the global trade, and about two-thirds of the world population.
- It was formed in 1999 in the backdrop of the financial crisis of the late 1990s that hit East Asia and Southeast Asia in particular.
- Its aim was to secure global financial stability by involving middle-income countries.
- Its prominent members are: Australia, Brazil, China, France, Germany, India, Japan, Republic of Korea, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US, and the EU. Spain is invited as a permanent guest.
- The G20 has no permanent secretariat.
- The agenda and work are coordinated by representatives of the G20 countries, known as ‘Sherpas’, who work together with the finance ministers and governors of the central banks.
- On the advice of the G7 Finance Ministers, the G20 Finance Ministers and Central Bank Governors began holding meetings to discuss the response to the global financial crisis that occurred.
- Since 1999, an annual meeting of finance ministers has taken place.
- The first G20 Summit took place in 2008 in Washington DC, US.
- In addition to Summits, the Sherpa meetings (that help in negotiations and building consensus), and other events are also organised throughout the year. Each year, the presidency invites guest countries.