G20 (Syllabus: GS Paper 2 – IR)

Context: The Prime Minister of India recently expressed confidence that the New Delhi G20 Summit will chart a new path in the human-centric and inclusive development. He emphasized that India’s G20 Presidency has been inclusive, ambitious, decisive, and action-oriented where the developmental concerns of the Global South have been actively voiced. 

G20

• Origin: Formed in 1999 in the backdrop of the financial crisis of the late 1990s that hit East Asia and Southeast Asia in particular.
• Aim and objective: To secure global financial stability by involving middle-income countries.
• Members: 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 EU.
• Presidency: The presidency of the G20 rotates every year among members, and the country holding the presidency, together with the previous and next presidency-holder, forms the ‘Troika’ to ensure continuity of the G20 agenda.
• No permanent secretariat/Headquarter: The incumbent chair establishes a temporary secretariat for the duration of its term.

Inclusive growth:

• According to UNDP: The process and the outcome where all groups of people have participated in growth and have benefited equitably from it. OECD: It is economic growth that is distributed fairly across society and creates opportunities for all. World Bank: It refers both to the pace and pattern of growth, which are interlinked and must be addressed together.