The G-20 is a group of the world’s most powerful economic forces, consisting of 19 countries plus the European Union (EU), whose main goal is to strengthen global economic and financial cooperation and decision-making.
The G-20 has grown into one of the most influential international organizations, representing 85 percent of global GDP, 75 percent of global trade, and roughly two-thirds of the world’s population. The G-20 was formed in 1999 when the Finance Ministers and Central Bank Governors of 20 major countries met to examine the repercussions of the Asian Financial Crisis.
The inaugural G-20 meeting took place in Washington, DC in 2008. Since then, the G-20 has grown in importance, and in 2009, world leaders announced that the G-20 will be expanded.G-8 should be replaced as the most powerful organization of wealthy nations.
‘An Innovative, Invigorated, Interconnected, and Inclusive World Economy’ was the topic of the 2016 G20 summit, which took place on September 4-5 in Hangzhou, China. India, as the world’s fastest-expanding major economy, will play a critical role in bringing the summit’s theme to life.
The following are some of the significant takeaways that are beneficial to India’s interests:
Because of their nonbinding character, these promises tend to be heavy on formality and poor on implementation, despite the fact that they signal that each country has a road map for economic revival. The G20’s lack of enforcement mechanisms, as well as local political opposition to reforms in individual member countries, have rendered even the best intentions ineffective.
The G20, as an institution founded on the principles of consensus and non-hierarchical decision-making, can only make small steps in order to avoid upsetting any single member state. The Action Plan, on the other hand, will be on the record and can be subjected to the G20’s soft monitoring and evaluation mechanisms for tracking progress inside each country.
One concrete takeaway from Brisbane, which took place over the weekend
India has also agreed to the G20’s “strong approach” to combating obvious tax avoidance by big corporations. With India’s call for the recovery of black money resounding, a G20-level information-sharing network to reveal shell corporations and tax havens might help us clean up our act.
Despite the fact that some critics denigrate G20 gatherings as “talkfests,” the unexpected payoff is a worldwide impetus of values and standards that can positively propel domes.
This incredible achievement in the fight against the global pandemic has been aided by a budget allocation of INR 35,000 crores (approximately $ 4.7 billion) in the Union Budget 2021-22 for vaccine development and manufacturing, resulting in a whopping 137 percent increase in total healthcare spending in FY 2021-22.
The G20 is a group of twenty of the world's top economies that meets on a regular basis to coordinate global policy on trade, health, climate change, and other issues. It was founded in 1999. The 2008 financial crisis, Iran's nuclear programme, and how to respond to the Syrian civil war have all been discussed at previous summits.
This incredible achievement in the fight against the global pandemic has been aided by a budget allocation of INR 35,000 crores (approximately $ 4.7 billion) in the Union Budget 2021-22 for vaccine development and manufacturing, resulting in a whopping 137 percent increase in total healthcare spending in FY 2021-22.
The G20 is a group of twenty of the world's top economies that meets on a regular basis to coordinate global policy on trade, health, climate change, and other issues. It was founded in 1999. The 2008 financial crisis, Iran's nuclear programme, and how to respond to the Syrian civil war have all been discussed at previous summits.
The G20 summit plays a crucial role in shaping global economic policies by bringing together the world's largest economies to discuss and coordinate measures on international trade, fiscal policy, and economic growth. The collective decisions and agreements made during the summit help stabilize financial markets, promote sustainable development, and address economic disparities, making it a key platform for global economic governance.