🌐 Group of Twenty (G20)
📌 Overview
- Established: 1999, following the Asian financial crisis (1997–98)
- Type: Informal intergovernmental forum
- Membership: 19 countries + European Union
- Includes major advanced and emerging economies (e.g., India, China, USA, Brazil, Germany, South Africa)
- Headquarters: No permanent secretariat or headquarters
- Presidency: Rotates annually among members; supported by a “Troika” (past, present, and future presidencies)
🎯 Mandate and Vision
- Promote international financial stability and economic cooperation
- Address global challenges beyond the scope of any single institution
- Facilitate policy coordination on trade, investment, climate, health, and digital governance
- Strengthen inclusive growth, resilience, and sustainable development
🛠️ Core Functions
- Summit-Level Engagement: Annual meetings of Heads of State/Government
- Finance Track: Led by finance ministers and central bank governors; focuses on monetary policy, taxation, debt, and financial regulation
- Sherpa Track: Led by personal representatives of leaders; covers broader issues like climate, health, education, and gender equity
- Engagement Groups: Civil society platforms including:
- Business20 (B20)
- Youth20 (Y20)
- Women20 (W20)
- Labour20 (L20)
- Science20 (S20)
- Parliament20 (P20)
📊 Global Significance
- Represents:
- ~85% of global GDP
- ~75% of international trade
- ~60% of world population
- Influences global governance on:
- Climate action and energy transitions
- Pandemic preparedness and health equity
- Digital economy and cybersecurity
- Debt sustainability and multilateral reform
🇮🇳 India and the G20
- Member since inception
- Held the G20 Presidency from December 2022 to November 2023
- Key contributions:
- Advocated for Digital Public Infrastructure (DPI)
- Promoted LiFE (Lifestyle for Environment) movement
- Hosted inclusive summits across India, emphasizing Vasudhaiva Kutumbakam (“One Earth, One Family, One Future”)
- Strengthened South–South cooperation and Global South representation