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Introduction

• The G20 is a yearly gathering of leaders from the world's largest and fastest-growing economies, comprising countries that account for 85% of the world's GDP and two-thirds of its population. Initially, the group was established as the G20 Finance Ministers and Central Bank Governors in 1999 after the Asian Financial Crisis in 1997-1998, following the recognition that the participation of major emerging market countries was necessary for discussions on the international financial system.
• The G20 Summit, also known as the “Summit on Financial Markets and the World Economy”, has no permanent staff and is presided over by a G20 country from a rotating region. The first G20 meeting was held in Berlin in 1999. Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States, and the European Union are the full members of the G20, and the presiding country can invite non-member nations as guests.

In what ways can the G20 contribute to achieving these goals?

The G20 has the potential to enact effective regulations and policies, establish centers of knowledge and best practices, create funding and implementation mechanisms, advocate for change, and implement impactful programs on the ground, both individually and collectively, to benefit developing nations.

Advantages of G20 Presidency:

• The 17th G20 Summit was held in Bali, and India will take over as the G20 president from December 2022 to November 2023 after Indonesia. This presents India with an opportunity to propose and shape the global agenda and conversation, as the G20 represents over 80% of the world's GDP and plays a key role in ensuring global economic growth and prosperity.
• India's capacity for leadership and diplomatic foresight in organizing such a large event and achieving meaningful outcomes will be put to the test.

Its significance in evolving times:

• As globalization continues and different issues become more interconnected, recent G20 summits have shifted their focus beyond macroeconomics and trade to address a broad range of global concerns that greatly impact the global economy.
• These issues include development, climate change and energy, health, counter-terrorism, migration, and refugees. The G20 aims to create an inclusive and sustainable world by contributing to resolving these global issues. The G20 has also facilitated the involvement of emerging countries in global issues, reformed international financial institutions, monitored national financial institutions, improved regulations of the economies that led to the crisis, and created safety nets to prevent future problems.
• Additionally, the G20 provided emergency funding during the 2008 crisis and plays a crucial role in financing for development.

Way Forward

• Given the intellectual and analytical resources available to G20 leaders, it would be beneficial to examine past mistakes and explore ways to rectify and prevent them in the future. It would also be advantageous to dedicate a full session of the G20 to the issue of terrorism.
• It is pointless to focus solely on economic growth when disparities across the globe and power politics pose significant and long-lasting threats to global human security.