India celebrated a key milestone in its G20 Presidency on April 17, with the hosting of its 100th G20 meeting, the Meeting of Agricultural Chief Scientists (MACS) in Varanasi. The second Health Working Group in Goa, the second Digital Economy Working Group in Hyderabad and the Space Economy Leaders’ Precursor Meeting in Shillong are also being held on April 17.

Following the handover of the G20 Presidency to Prime Minister Narendra Modi at the G20 Bali Summit on November 16, 2022, India’s year-long G20 Presidency commenced on December 1, 2022, and would continue until November 20, 2023. 

What is G20?

• The G20 or Group of 20 is an inter-governmental forum of the world’s major developed and developing economies.

• It is the international forum that brings together the world’s major economies.

• The members of G20 are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, South Korea, Russia, South Africa, Saudi Arabia, Turkey, the UK, the US and the European Union (EU). 

• Its members account for more than 85 per cent of world GDP, 75 per cent of global trade and about two-thirds of the world population.

• India has been a member of the G20 since its inception in 1999. 

• India formally assumed the G20 presidency on December 1, 2022.

Genesis of G20

• After the Asian Financial Crisis in 1997-1998, it was acknowledged that the participation of major emerging market countries is needed in discussions on the international financial system, and G-8 finance ministers agreed to establish the G20 finance ministers and central bank governors meeting in 1999.

• The G20 finance ministers and central bank governors meetings were centered on major economic and monetary policy issues amongst major countries in the global financial system and aimed at promoting cooperation toward achieving stable and sustainable global economic growth for the benefit of all countries. 

• The participating members in the meetings were the same as the current G20 members.

• Since then, finance ministers and central bank governors have met annually. 

• India hosted a meeting of G20 finance ministers and central bank governors in 2002.

• In November 2008, the inaugural G20 Summit was held in Washington, D.C. in response to the global financial crisis that occurred in the wake of the collapse of the Lehman Brothers. 

• The G20 meeting of finance ministers and central bank governors was upgraded to the head of state level, as a forum for leaders from major developed and emerging market countries. 

• In September 2009, the third summit was held in Pittsburgh where the leaders designated the G20 as the “premier forum for international economic cooperation”. 

• From thereon, the summit meetings were held semi-annually until 2010 and annually from 2011 onwards.

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