• Prime Minister Narendra Modi hosted a virtual G20 Leaders’ Summit prior to the conclusion of India’s G20 presidency.

• Addressing the virtual G20 meeting, PM Modi said it has to be ensured that the ongoing Israel-Hamas war does not take the shape of a regional conflict, a view backed by all G20 leaders with the focus not allowing the violence to spillover to beyond where it is.

• Minister of External Affairs S.Jaishankar said that all 21 members, including the African Union, nine guest countries and 11 international organisations participated in the meeting.

• India holds the G20 presidency until November 30, 2023. 

• Brazil will take over the mantle of the G20 presidency on December 1 and the next Summit is scheduled to be held at Rio de Janeiro in November 2024.

• The G20 Troika during the Brazilian G20 Presidency in 2024 will comprise India, Brazil, and South Africa. 

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). 

• The African Union has been included as a permanent member of G20. It was announced in the G20 Summit in New Delhi.

• 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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