Leaders from the G20 countries are set to gather in New Delhi for the highly anticipated two-day G20 Summit. This marks a significant moment for India as it hosts the event for the first time. The G20 consists of 20 major countries that together account for a significant portion of global GDP and trade. The agenda for the summit focuses on several critical issues, including providing loans to developing nations, restructuring international debt systems, regulating cryptocurrency, and analyzing the effects of geopolitical uncertainties on food and energy security. The theme of this year’s summit is ‘Vasudhaiva Kutumbakam’ (The World is One Family).
The G20, also known as the Group of Twenty, was established in 1999 following the Asian financial crisis. It was created in recognition of the fact that economic crises can no longer be contained within national borders, necessitating increased international cooperation. The G20 currently includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union as its members. Initially, only treasury chiefs met, but after the 2008 financial crisis, heads of state and government began attending the annual leaders’ summit.
Under India’s presidency, the discussions at the G20 have revolved around various critical topics. These include providing loans to developing nations through multilateral institutions, restructuring the international debt architecture, establishing regulations for cryptocurrency, and studying the effects of geopolitical uncertainties on food and energy security. However, reaching a consensus on some issues has proven challenging this year, particularly regarding the Ukrainian conflict. While Russia and China hesitate to blame Moscow for the conflict, Western nations like the United States, France, and Canada believe strong condemnation is necessary for a unified statement.
India has chosen ‘Vasudhaiva Kutumbakam’ as the theme for its G20 presidency. This phrase, derived from Sanskrit, conveys the idea that the world is one family. After India’s presidency ends, Brazil will assume the G20 presidency on December 1, marking the conclusion of this significant global summit.
