PIB Summary- 28th October, 2022 | PIB (Press Information Bureau) Summary - UPSC PDF Download

G20 Meet

Why in News?
Union Minister for Health and Family Welfare addressed the second G20 Health Ministers Meeting in Bali, Indonesia today. The purpose of the meeting was to discuss the progress and way forward on priorities in the healthcare sector.

About G20

• The G20 is an informal group of 19 countries and the European Union, with representatives of the International Monetary Fund and the World Bank.
• The G20 membership comprises a mix of the world’s largest advanced and emerging economies, representing about two-thirds of the world’s population, 85% of global gross domestic product, 80% of global investment, over 75% of global trade and roughly half the world’s land area.
• The members of the G20 are 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.
• Spain as a permanent, non-member invitee, also attends leader summits.
• India will hold the Presidency of the G20 from 1 December 2022 to 30 November 2023, culminating with the G20 Summit in India in 2023.

Structure and functioning of G20

• The G20 Presidency rotates annually according to a system that ensures a regional balance over time.
• For the selection of presidency, the 19 countries are divided into 5 groups, each having no more than 4 countries. The presidency rotates between each group.
• Every year the G20 selects a country from another group to be president.
• India is in Group 2 which also has Russia, South Africa and Turkey.
• The G20 does not have a permanent secretariat or Headquarters.
• The work of G20 is divided into two tracks:
  • The Finance track comprises all meetings with G20 finance ministers and central bank governors and their deputies. Meeting several times throughout the year they focus on monetary and fiscal issues, financial regulations, etc.
  • The Sherpa track focuses on broader issues such as political engagement, anti-corruption, development, energy, etc.
• Since 2008, the group convenes at least once a year, with the summits involving each member’s head of government.

NHAI’s InvIT

Why in News?
The round 2 of InvIT has been oversubscribed almost 5 times in 10% of the scheduled tenure. 

What is NHAI’s InvIT?

• NHAI InvIT is the infrastructure investment trust sponsored by the National Highways Authority of India (NHAI) to support the government’s National Monetisation Pipeline (NMP).
• NHAI’s InvIT is a Trust established by NHAI under the Indian Trusts Act, 1882 and SEBI (Security and Exchange Board of India) regulations.
• The Union Cabinet chaired by Prime Minister Narendra Modi had approved the NHAI’s Infrastructure Investment Trust (InvIT) in December 2019, and the company had started to meet investor groups the following year.

What are InvITs?

• Infrastructure investment trusts are institutions similar to mutual funds, which pool investments from various categories of investors and invest them into completed and revenue-generating infrastructure projects, thereby creating returns for the investor.
• The capital market regulator notified the SEBI (Infrastructure Investment Trusts) Regulations, 2014 on
• September 26, 2014, and these trusts are likely to help facilitate investment in the infrastructure sector.
• Structured like mutual funds, they have a trustee, sponsor(s), investment manager and project manager. While the trustee (certified by Sebi) has the responsibility of inspecting the performance of an InvIT, sponsor(s) are promoters of the company that set up the InvIT.
• In the case of Public-private partnership (PPP) projects, it refers to the infrastructure developer or a special purpose vehicle holding the concession.
• While the investment manager is entrusted with the task of supervising the assets and investments of the InvIT, the project manager is responsible for the execution of the project.