g20 DOC Main
g20 DOC Main
g20 DOC Main
Submitted By:
Bhadra Chauhan (22M61)
Bhautik Patel (22M62)
Dhruv Patel (22M63)
Dhruvil Patel (22M64)
Submitted to:
Dr Yogesh C. Joshi
Preface
As the world navigates through an era of unprecedented global challenges and opportunities, the role of
the Group of Twenty (G20) has become increasingly vital in shaping the course of international
economic cooperation. Within this dynamic landscape, India emerges as a significant force, contributing
manifold to the endeavours of the G20 and leaving an indelible mark on the global stage. This preface aims to
illuminate the multifaceted contributions of India to the G20 framework, highlighting its pivotal role in
advancing shared prosperity, sustainable development, and inclusive growth.
India, with its rich tapestry of culture, tradition, and diversity, stands as a beacon of resilience and innovation
amidst the complexities of the modern world. Its journey from a burgeoning economy to a global powerhouse is
a testament to its unwavering commitment to progress and prosperity for all. As a member of the G20, India
brings to the table a unique blend of economic dynamism, technological prowess, and a steadfast dedication to
the principles of equity and justice.
In the following chapters, we delve into the myriad ways in which India's contributions reverberate within the
corridors of the G20. From its robust economic growth to its pioneering efforts in sustainable
development, India's imprint on the global economic landscape is unmistakable. Through its vibrant
services sector, innovative spirit, and commitment to digital transformation, India charts a path towards a more
inclusive and resilient global economy.
Moreover, India's leadership in addressing pressing global challenges, including climate change, healthcare, and
financial inclusion, underscores its role as a responsible stakeholder in the international community. By actively
participating in G20 meetings, initiatives, and dialogues, India amplifies its voice on the world stage,
advocating for policies that promote shared prosperity and collective well-being.
As we embark on this exploration of India's contributions to the G20, let us recognize the significance
of cooperation, dialogue, and collaboration in addressing the complex challenges of our time. Through
collective action and shared commitment, we can build a future that is more equitable, sustainable, and
prosperous for generations to come.
With this preface as our guide, let us journey into the heart of India's engagement with the G20, uncovering the
transformative impact of its contributions on the global stage.
Acknowledgement
The completion of this report on the Group of 20 (G20) would not have been possible without the guidance and
support of several individuals. First and foremost, I express my deepest gratitude to Dr. Yogesh C.
Joshi, Professor of International Economic Organization at the Post Graduate Department of Business
Management, Sardar Patel University. His invaluable insights, meticulous guidance, and unwavering
encouragement throughout the research process were instrumental in shaping this report. His expertise
in the field of international organizations and his passion for tourism development provided me with a strong
foundation upon which to build my understanding of the G20.
I would also like to extend my sincere thanks to the researchers and students who generously shared
their knowledge and resources with me. Their willingness to provide assistance and answer my questions played
a crucial role in enriching my understanding of the G20's various initiatives and programs.
Additionally, I am grateful to the Post Graduate Department of Business Management at Sardar
Patel University for providing me with the resources and academic environment necessary to undertake this
research. I am particularly thankful for the access to research databases and the opportunity to discuss my
findings with faculty and fellow students.
Finally, I would like to acknowledge the valuable support of my family and friends, who provided
encouragement and motivation throughout the research and writing process.
1 INTRODUCTION
2 INTERNAL ASPECTS
OF G20
4 PURPOSE OF G20
5 IMPORTANCE OF G20
6 CHALLENGES FACED
BY G20
7 FINANCING OF G20
8 CONTRIBUTION OF
G20 TO SDG’S
9 CONTRIBUTION OF
G20 TO INDIAN
ECONOMY
10 CONTRIBUTION OF
INDIAN ECONOMY
TO G20
11 CONTRIBUTION OF
G20 TO WORLD’S
GDP
Chapter: 1 Introduction
The G20 or Group of 20 is an intergovernmental forum comprising 19 sovereign countries, the European Union
(EU), and the African Union (AU). It works to address major issues related to the global economy,
such as international financial stability, climate change mitigation and sustainable development.
The G20 is composed of most of the world's largest economies' finance ministries, including both industrialised
and developing countries; it accounts for around 80% of gross world product (GWP), 75% of
international trade, two-thirds of the global population, and 60% of the world's land area.
The G20 was founded in 1999 in response to several world economic crises. Since 2008, it has convened at least
once a year, with summits involving each member's head of government or state, finance minister, foreign
minister, and other high-ranking officials; the EU is represented by the European Commission and the European
Central Bank. Other countries, international organisations, and nongovernmental organisations are invited
to attend the summits, some permanently. In 2023, during its 2023 summit, the African Union joined as its 21st
member.
In its 2009 summit, the G20 declared itself the primary venue for international economic and financial
cooperation. The group's stature has risen during the subsequent decade, and analysts recognise it as exercising
considerable global influence; it is also criticised for its limited membership, lack of enforcement powers, and
the alleged undermining of existing international institutions. Summits are often met with protests, particularly
by anti-globalization groups.
The G20 is the latest in a series of post–World War II initiatives aimed at international coordination
of economic policy, which include institutions such as the "Bretton Woods twins", the International
Monetary Fund and the World Bank, and what is now the World Trade Organization.
The G20 was foreshadowed at the Cologne summit of the G7 in June 1999, and formally established at the G7
Finance Ministers' meeting on 26 September 1999 with an inaugural meeting on 15–16 December 1999
in Berlin. Canadian Finance Minister Paul Martin was chosen as the first chairman and German finance
minister Hans Eichel hosted the meeting.
A 2004 report by Colin I. Bradford and Johannes F. Linn of the Brookings Institution asserted the group was
founded primarily at the initiative of Eichel, the concurrent chair of the G7. However, Bradford later described
then-Finance Minister of Canada (and future Prime Minister of Canada) Paul Martin as "the crucial architect of
the formation of the G20 at finance minister level", and as the one who later "proposed that the G20 countries
move to leaders level summits". Canadian academic and journalistic sources have also identified the G20 as a
project initiated by Martin and his American counterpart then-Treasury Secretary Larry Summers. All
acknowledge, however, that Germany and the United States played a key role in bringing their vision
into reality.
Martin and Summers conceived of the G20 in response to the series of massive debt crises that had
spread across emerging markets in the late 1990s, beginning with the Mexican peso crisis and followed by the
1997 Asian financial crisis, the 1998 Russian financial crisis, and eventually impacting the United
States, most prominently in the form of the collapse of the prominent hedge fund Long-Term Capital
Management in the autumn of 1998. It illustrated to them that in a rapidly globalizing world, the G7, G8, and
the Bretton Woods system would be unable to provide financial stability, and they conceived of a new, broader
permanent group of major world economies that would give a voice and new responsibilities in providing it.
The G20 membership was decided by Eichel's deputy Caio Koch-Weser and Summers's deputy
Timothy Geithner. According to the political economist Robert Wade:
"Geithner and Koch-Weser went down the list of countries saying, Canada in, Portugal out, South Africa in,
Nigeria and Egypt out, and so on; they sent their list to the other G7 finance ministries; and the invitations to the
first meeting went out."
Early topics
The G20's primary focus has been governance of the global economy. Summit themes have varied from year to
year. The theme of the 2006 G20 ministerial meeting was "Building and Sustaining Prosperity". The
issues discussed included domestic reforms to achieve "sustained growth", global energy and resource
commodity markets, reform of the World Bank and IMF, and the impact of demographic changes.
In 2007, South Africa hosted the secretariat with Trevor A. Manuel, South African Minister of Finance
as chairperson of the G20.
In 2008, Guido Mantega, Brazil's Minister of Finance, was the G20 chairperson and proposed dialogue
on competition in financial markets, clean energy, economic development and fiscal elements of growth
and development.
On 11 October 2008 after a meeting of G8 finance ministers, US President George W. Bush stated that the next
meeting of the G20 would be important in finding solutions to the burgeoning economic crisis of 2008.
INDIA’S G20 PRESIDENCY: A SYNOPSIS
The New Delhi G20 Leaders’ Summit held on 9-10 September 2023
brought the deliberations under our G20 Presidency to a
successful culmination. With G20 including all P5 countries, and
accounting for 85% of global GDP, 75% of world trade and 2/3rd of world
population, it was the highest profile international gathering in the history
of independent India.
2. The theme of our G20 Presidency “One Earth, One Family, One Future”,
upon ourdrawing
age-old belief of "Vasudhaiva Kutumbakam", was endorsed by all. With over 200
meetings in 60 Indian cities in all our 28 States and 8 UTs, across 40 different mechanisms
including Sherpa and Finance Track Working Groups, as well as Engagement Groups,
the size, scale and scope of India’s G20 Presidency was unprecedented.
3. The substantive centre piece of the G20 Summit was the New Delhi G20
Leaders’ Declaration (NDLD), adopted unanimously by all G20 countries on the first
day of the Summit. An action-oriented, decisive, inclusive and ambitious Declaration, it
sets out the way forward on a wide range of prevailing global challenges. It is a
historic milestone in India’s journey to assume its rightful place in the comity of nations.
5. In-person participation during India’s G20 Presidency was among the largest ever.
Over 100,000 participants, from 135 nationalities, attended our G20, Engagement Group
and related meetings during our Presidency. This includes participation from G20
Members, 9invitee countries and 14international organizations. The G20 Leaders’
Summit was attended by 27 leaders at HOS/G-level, 4 representatives at Ministerial-level
and 11 Heads of International Organizations. Meetings were organized across the
length and breadth of India with the full support and participation of State
Governments and Union Territories. All 13 Sherpa Track Working Groups, 8 Finance
Track Workstreams, 11 Engagement Groups, 6 Initiatives and two standalone
Ministerial Meetings held substantive interactions. The 11 Engagement Groups
provided a platform for dialogue among the private sector, academia, civil society,
youth and women, as well as institutions including the Parliaments, audit authorities
and urban administrations.
6. Unique experiences showcasing India’s diversity, inclusive traditions and
richnesscultural
were also an integral part of the visiting delegates’ programme. Millet-based dishes
were incorporated in the menu, and a wide range of cultural performances and excursions
were organized. Over 300 cultural events, with the participation of over 18,000 artists,
showcasing local and national art forms, were held.
People’s G20 – ‘Jan Bhagidari’
7. Many ‘Jan Bhagidari’ activities were also simultaneously held with active public
participation in a whole-of-nation and whole-of-society approach, making India’s
G20 Presidency a “People’s G20”. These include G20 University Connect lecture
series, Model G20 meetings, Special G20 sessions in Schools/Universities, G20 Pavilions in
major festivals, Quiz contests, Selfie competitions, #G20India stories, workshops,
marathons, awareness rallies, cleanliness drives, Yuva Samvaad and hundreds of other
G20-theme events by the civil society and private sector. ‘Jan Bhagidari’ activities touched
more than 7 crore people. Civil 20 alone reached out to 45 lakh people.
Substantive deliberations
9. The substantive centrepiece of the G20 Summit was the New Delhi G20
Leaders’ Declaration, adopted unanimously by all G20 countries on the first day of the
Summit itself. An action-oriented, decisive, inclusive and ambitious Declaration, it sets out
the way forward on a wide range of prevailing global challenges. It is a historic milestone in
India’s journey to assume its rightful place in the comity of nations. All 83 paragraphs were
adopted unanimously. Its highlights were:
•Addressed the geopolitical issue of war in Ukraine in a consensual manner, consistent with
national positions.
•Championed voice of Global South and inducted African Union as a Member.
•Committed to implement the G20 2023 Action Plan to Accelerate Progress on SDGs.
•Endorsed LiFE, our concept for nudging pro-planet behavioural changes.
•Called to scale up development and climate finance from billions to trillions.
•Agreed to set an ambitious, transparent and trackable New Collective Quantified Goal
(NCQG) of Climate Finance in 2024, from a floor of USD 100 billion a year.
•Called for bigger, better, more effective and more representative MDBs.
•Defined Digital Public Infrastructure, finalised its framework and endorsed Digital
Public Infrastructure to deliver affordable services at scale.
•Agreed on integrated, balanced, environmentally sustainable and inclusive economic
growth - Green Development Pact.
•Agreed to triple renewable energy globally by 2030.
•Agreed to accelerate production of zero and low-emission hydrogen; and to develop
international standards and global markets for it.
•Agreed on women-led development, for their full, equal and effective participation as
decision makers and halving gender digital divide by 2030.
• Committed to enhance Global Food Security and endorsed the Millet Research Initiative.
• Endorsed a Global Initiative on Digital Health for Universal Health Coverage.
• Recognized role of traditional medicine, noted WHO’s Centre in Jamnagar.
• Condemned terrorism in all its forms and stressed denial of safe haven.
• Emphasized responsible AI with pro-innovation regulation/governance.
• Endorsed well-managed, regular and skills-based migration pathways.
13.India’s Presidency imparted a new dynamism and momentum to G20, and built
consensus on a wide range of issues among developing countries and advanced
economies. India brought multilateralism back to the centre stage and amplified the voice of
the Global South. India will continue to stay fully engaged in the G20 in future.
***
LIST OF MEETINGS AND VENUES
Number of
Meetings
Total Working Groups, Sherpa& Ministerials 106
Engagement Groups & Initiatives 47
Associated, parallel G20 Events 74
TOTAL 227
Venue Data
Number of cities covered 60
Number of unique excursion venues
covered
Chandigarh
21. Central Bank Digital Currencies, opportunities and challenges 30 January Chandigarh,
Chandigarh
22. 1st Education Working Group Meeting 31 January-2 February Chennai, Tamil Nadu
23. Role of Digital Technology in Education 31 January Chennai, Tamil Nadu
24. 1st Sustainable Finance Working Group Meeting 2 -3 February Guwahati, Assam
25. Capacity building of ecosystem of scaling up sustainable finance 2 February Guwahati,
Assam
26. 1st Employment Working Group Meeting 2 -4 February Jodhpur, Rajasthan
2 February
Jodhpur, Rajasthan
27. Exploring Strategies for global skills and
qualifications harmonization and developing a
framework for common skill taxonomies
28. 1st Energy Transitions Working Group Meeting 5 -7 February Bengaluru, Karnataka
29. Carbon Capture, Utilization and Storage ( CCU S) 5 February Bengaluru, Karnataka
30. Y o u t h 20 I n c e p t i o n M e e t i n g 6 - 8 F e b r u a r yG u w a h a t i ,
Assam
31. 1 st T ouris m Workin g Group Meeting 7 - 9 Februar y Rann of K utch, Guj arat
32. Rural Tourism for Community 7 February Rann of Kutch, Gujarat Empowerment & archaeological
tourism
33. R I I G I n c e p t i o n ( S E R B ) 8 - 9 F e b r u a r y K o l k a t a , West B e n g a l
34. U r b a n 20 I n c e p t i o n M e e t i n g 9 - 10 F e b r u a r y A h m e d a b a d , G u j a r a t
35. 1st Environment and Climate Sustainability 9-11 February Bengaluru, Karnataka Working Group Meeting
36. Restoration of Degraded Landscapes with 9 February Bengaluru, Karnataka Focus on Mining Affected
Areas
37. G20 EMPOWER Inception 11 - 12 F e b r u a r y
Agra, Uttar Pradesh
38. 1 st A gr i c u l t ur e D e p u t i e s M e e t i n g 13 - 15 F e b r u a r y In d o r e , M a d h ya P
radesh
39. Stock taking of G20 Initiatives in 13 February Indore, Madhya Pradesh A g r i c u l t u r e
40. 1st Digital Economy Working Group 13-15 February Lucknow, Uttar Pradesh Meeting
41. Digital Public Infrastructure & Digital 13 February Lucknow, Uttar Pradesh initiatives of UP
4 2 . B20 Event 17-18 February Imphal, Manipur
43. 2nd Finance & Central Bank Deputies 22-23 February Bengaluru, Karnataka Meeting
44. Policy Perspectives: Road to Policy Consensus on Crypto Assets 23 February Bengaluru,
Karnataka
45. 1 st Culture Working Group Meeting 23 - 25 February Khajuraho, Madhya Pradesh
4 6 . Khajuraho Exhibition 23 February Khajuraho, Madhya Pradesh
47. 1st Finance Ministers and Central Bank 24-25 February Bengaluru, Karnataka Governors Meeting
48. Combating Tax Evasion, Corruption and Money Laundering 23 February Bengaluru,
Karnataka
49. W o m e n 20 I n c e p t i o n M e e t i n g 27 - 28 F e b r u a r y
Aurangabad, Maharashtra
50. G20 Foreign Ministers Meeting 1 -2 March Delhi, Delhi
51. 1 st Anti-Corruption Working Group Meeting 1 -4 March Gurugram, Haryana
52. Leveraging ICT for combating corruption in Public Sector 1 March Gurugram, Haryana
5 3 . B 2 0 E v e n t 2 - 3 M a r c h A i z a w l , M i z o r a m
5 4 . RIIG event (CSIR) 2 -3 March Ranchi, Jharkhand
55. 2nd Meeting for the Global Partnership for 6-7 March Hyderabad, Telangana Financial Inclusion
56. Knowledge and Experience Exchange for 6 March Hyderabad, Telangana Emerging Economies on
advancing financial inclusion through DPI
57. S A I 20 I n c e p t i o n M e e t i n g 13 - 15 M a r c h G u w a h a t i , A s s a m
58. B 2 0 E v e n t 15 - 17 M a r c h G a n g t o k , S i k k i m
59. 2 nd E d u c a t i o n W o r k i n g G r o u p M e e t i n g 15- 17 M a r c h A m r i t s a r , P u n j a b
60. Research in Emerging and Disruptive 16 March Amritsar, Punjab Technologies
61. S t a r t U p 2 0 S i d e M e e t i n g 18 - 1 9 M a r c h G a n g t o k , S i k k i m
62. L a b o u r 20 I n c e p t i o n M e e t i n g 19 - 20 M a r c h A m r i t s a r ,
Punjab
63. 2 nd J o i n t Health-Finance Task Force 20 March Virtual Meeti
64. C i v i l 2 0 I n c e p t i o n M e e t i n 20 - 22 M a r c h N a g p u r , M
65. g
2 nd S u s t a i n a b l e F i n a n c e W o r k i n g G r o u p 21 - 23 M a r c h U d a i p u r , R
ajasth
66. N o n - p r i c i n g p o l i c y l e v e r s to s u p p o r t 21 M a r c h Udaipur, R
ajasthan sustainabl
67. . 2 nd F r a m e w o r k W o r k i n g G r o u p M e e t i n g 2 4 - 2 5 M a r c h C h e n n a i ,
68. G20 -COP28 event on macroeconomic 25 March Chennai, Tamil Nadu impact of climate chan
6 9 .
pathways R I I G ( D B T ) I
2 4 - 2 5 M a
r c h Dibrugarh,
70. 2 nd Environment and Climate Sustainability 27 - 29 March Gandhinagar, Gujarat Workin
Arunachal Pradesh
8A 7d .v e n t u r e T o u r i s m2 A D a r j e e l i n g / S i l i g u r i , W
p r i l
8 2 nd E n e r g y T r a n s i t i o n s W o r k i n g G r o u p M 2 - 4 GaA
8. eeting p r i l
8 G l o b a l g r e e n h y d r o g e n e c o s y s t e m 2 A p r i G a n d h i n a g
9 . 2 nd E m p l o y m e n t W o r k i n g G r o u p M e e t i n g l ar i l Gu
90 . S c i e n c e 2 0 e v e n t p r i l3 - A 5 g a r t a l a , T
1 . 3 - 4A 4 - 6 A p r i Ko
93. G 2 0 E M P O W E R M e e t i n g B5 - 6 A
9 2 . 2 pril A p
l Thiruvananthapuram, Kerala
0 E
v e
n t
94. 2nd Development Working Group Meeting 6-9 April Kumarakom, Kerala
95. Data for Development, Just Green 6 April Transitions & LiFE Kumarakom, Kerala
96. 2nd Finance Ministers and Central Bank 12-13 April Governors Meeting Washington DC, US
97. Roadmap for implementing 12 April recommendations of G20 independent Washington DC, US
review of MDBs; Macro financial
implications of crypto assets
108. Leveraging Digital Technologies for the Protection and Promotion of Culture 20 April
Virtual
109. 3 rd Education Working Group Meeting 26 -28 April Bhubaneswar, Odisha
110. E x h i b i t i o n on F u t u r e of W o r k 26 A p r Bhubaneswar, Odisha
111. Y o u t h 20 e v e n t 26 - 28 A p r i l Leh, Ladakh
112. S c i e n c e 20 e v e n t 1 - 2 M a y Kavaratti, Lakshadweep
113. 3rd Development Working Group Meeting 9-11 May Goa
114. Seminars on Data for Development & 9 - 11 May Goa
Maharashtra
121. Beach cleaning exercise 21-May Mumbai, Maharashtra
122. 3rd Tourism Working Group Meeting 22-24 May Srinagar, J&K
123. 3 r d T o u r i s m WG S i d e e v e n t 22 - 24 M a y Srinagar, J&K
124. 2nd Disaster Risk Reduction Working Group Meeting 23-25 May Mumbai, Maharashtra
n
125. 2 nd Disaster Risk Reduction Side event 23 -25 May Mumbai, Maharashtra
126. 2 nd T rade & In vest men t Working Gro up 23 -25 Ma y Be
1 2 7 . 2 n d T r a d e & I n v e s t m e n t :S i d e e v e n t 23 - 25 May
Be
128. 2 nd A n t i - C o r r u p t i o n W o r k i n g Group Meeting 25-27 May Ris
1 2 9 . 2 n d A n t i - C o r r u p t i o n S i d e E v e n 2 5 - 2 7 M a y Ris
130. 3 rt d E m p l o y m e n t Working Group Meeting 31 May-2 June Ge
131. 3rd Employment Working Group Meeting
31 May-2 June
1 3 3 rd Hea lth W or ki n g Gro u Hy
2 . p Meet in g sid e Ge 4 - 6 J u n e
133. 3rd International Financial Architecture 5-7 June Go
171. S e m i n a r on T r a d e i n f r a s t r u c t u r e 10 - 12 J u l y Kevadia,
Gujarat
172. 3r d Sherpa Meeting 13-16 J uly Hampi, Karnataka
173. Conference on Crime and Security in the 13-14 July Gurugram, Haryana
174. 3 rd Finance and Central Bank Deputies 14 -15 July Gandhinagar, Gujarat
175. 3 rd Finance Ministers and Central Bank 17 -18 July Gandhinagar, Gujarat
176. 4th Energy Transitions Working Group Meeting 19-20 July Goa
177. 4th Employment Working Group Meeting 19 -20 July Indore, Madhya Pradesh
178. Science 20 Summit 21-22 July Coimbatore, Tamil Nadu
179. Labour and Employment Ministers 21 J u l y Indore, Madhya Pradesh
180. Energy Ministers Meeting 22 July Goa
181. 3rd Disaster Risk Reduction Working Group 24-26 July Chennai, Tamil Nadu
182. DRR Side event 24-26 July Chennai, Tamil Nadu
183. 4th Environment and Climate Sustainability 26-27 July Chennai, Tamil Nadu
1 84 . E C SW G S ide e vent 26-27 J ul y Chennai, Tamil Nadu
185. Environment and Climate Sustainability 28 Jul Chennai, Tamil Nadu
186. C i v i l 20 S u m m i t 30 - 31 J u l y Jaipur, Rajasthan
187. G20 EMPOWER Summit 1-2 August Gandhinagar, Gujarat
188. G20 EMPOWER Side event 1-2 August Gandhinagar, Gujarat
189. T h i n k 20 S u m m i t 1 - 2 A u g u s t Mysuru, Karnataka
190. Ministerial Meeting on Women Empowerment 2-4 August Gandhinagar, Gujarat
191. 3rd Anti-Corruption Working Group Meeting 9-11 August Kolkata, West Bengal
192. Anti-Corruption Ministers Meeting 12 August Kolkata, West Bengal
193. 4 th Di gi t a l Econo my Wor kin g Group 16 - 18 Au g Bengaluru, Karnataka
194. Side event: Digital Innovation Alliance 16 -18 Aug Bengaluru, Karnataka
213. 4th Meeting for the Global Partnership for 14-16 September Mumbai, Maharashtra
215. 4th Framework Working Group Meeting 18-19 September Raipur, Chhattisgarh
216. 4th International Financial Architecture Working 20-22 September Seoul, Republic of Korea
Group Meeting
217. IFAWG Side event 20-22 September Seoul, Republic of Korea
218. 4th Infrastructure Working Group Meeting 21-22 September Khajuraho, Madhya Pradesh
222. 4th Finance and Central Bank Deputies Meeting 11 October Marrakesh, Morocco
223. 4th Finance Ministers and Central Bank 12-13 October Marrakesh
STATE-WISE MEETINGS
S h e r p a T r a c k F i n a n c e T r a c k
1. Agriculture Working Group 1. Framework Working Group
2. Anti-corruption Working Group 2. International Financial Architecture
3. Culture Working Group 3. Infrastructure Working Group
4. Digital Economy Working Group 4. Sustainable Finance Working Group
5. Disaster Risk Reduction Working Group 5. Global Partnership for Financial Inclusion
6. Development Working Group 6. 7. 8.
7. Education Working Group
Joint Finance & Health Task Force International
8. Employment Working Group Taxation agenda Financial Sector issues
9. Environment & Climate Sustainability
Working Group
10. Energy Transitions Working Group
11. Health Working Group
12. Trade & Investment Working Group
13. Tourism Working Group
Engagement Groups I n i t i a t i v e s
1. Business20 1. Research and Innovation Initiative
2. Civil20 Gathering (RIIG)
3. Labour20 2. Space Economy Leaders’ Meeting (SELM)
4. Parliament20 3. G20 EMPOWER
5. Science20 4. Chief Science Advisers’ Roundtable
6. SAI20 (CSAR)
7. Startup20 5. Meeting of Agricultural Chief Scientists
8. Think20 (MACS)
9. Urban20 6. G20 Conference on “Crime and
10. Women20 Security in the age of NFTs, AI and Metaverse"
11. Youth20
Africa (15): Ivory Coast, Cameroon, Mali, Ethiopia, Ghana, Kenya, Liberia, Uganda,
SierraLeone, Malawi, Central African Republic, Gambia, Senegal, Rwanda, Morocco
Asia Pacific (8): Philippines, Thailand, Fiji, Sri Lanka, Maldives, Bhutan, Vietnam, Nepal
Latin America (5): Colombia, Guatemala, Paraguay, Peru, Trinidad & Tobago
*32 additional countries were invited, over and above the 9 invitee
countries – Bangladesh, Egypt, Mauritius, Netherlands, Nigeria, Oman, Spain,
Singapore and UAE
Methodology
This study is been conducted using the secondary data available.
The research design used here is descriptive.
Chapter: 2 Internal Aspects of
G20
Management of G20:
The Group of Twenty (G20) is a premier forum for international economic cooperation that brings together the
world's major economies. Established in 1999, it comprises 19 individual countries and the European Union.
The G20 members represent around 85% of the global GDP and two-thirds of the world's population. The group
aims to address key issues affecting the global economy through dialogue and cooperation. The G20
holds annual summits where leaders discuss and coordinate economic policies. Key areas of focus include
financial stability, trade, investment, and sustainable development.
The G20 operates on a consensus-based decision-making process. Alongside summits, various working groups
and ministerial meetings are held throughout the year to address specific issues. The presidency of the
G20 rotates annually among its members. The host country sets the agenda for the year and leads the
discussions. The G20 played a crucial role in coordinating responses to the 2008 financial crisis, promoting
recovery efforts and financial regulation reforms. It continues to address ongoing challenges such as
economic inequality, climate change, and global health crises. The G20's decisions often influence
global economic policies and financial markets. Critics argue that the G20 lacks inclusivity and
representation, as it primarily consists of large economies, leaving out smaller and developing nations.
However, efforts are made to engage with non- member countries and international organizations to ensure
broader participation.
The G20's effectiveness in addressing global issues depends on the commitment and cooperation of its
members. Achieving consensus among diverse economies with differing interests can be challenging. Despite
its limitations, the G20 remains a vital platform for fostering dialogue and cooperation on pressing
global economic issues. Recent summits have focused on issues such as digitalization, infrastructure investment,
and the transition to a sustainable and inclusive economy. The COVID-19 pandemic has presented new
challenges for the G20, requiring coordinated responses to mitigate its economic and social impacts.
Efforts to ensure vaccine equity and support for vulnerable countries have been key priorities.
The G20 also plays a role in promoting international trade and reducing barriers to commerce.
Sustainable development goals are increasingly integrated into the G20's agenda, reflecting the importance of
addressing environmental and social issues alongside economic concerns. Overall, the G20 serves as a crucial
platform for advancing global economic cooperation and addressing the complex challenges of the 21st century.
The G20 operates on principles of inclusivity and consensus-building among its member countries.
Internal aspects of the G20 include its organizational structure, decision-making processes, and
mechanisms for cooperation. The group functions through various working groups, task forces, and
ministerial meetings that focus on specific areas such as finance, trade, energy, and employment. These
internal bodies facilitate discussions, research, and policy development on key economic issues.
The G20 presidency rotates annually among its members, with the host country responsible for setting
the agenda and guiding discussions throughout the year. Decision-making within the G20 is based on consensus,
meaning that all members must agree on proposed actions or initiatives. This consensus-based approach ensures
that decisions reflect the interests and perspectives of all member countries. The G20 Secretariat, based
in Geneva, Switzerland, provides administrative support and facilitates communication among member
countries. Additionally, the G20 holds regular meetings of finance ministers and central bank governors
to coordinate economic policies and financial regulation.
The group also engages with international organizations such as the International Monetary Fund (IMF), World
Bank, and World Trade Organization (WTO) to leverage expertise and resources. Transparency
and accountability are key principles within the G20, with member countries expected to report on progress
made towards agreed-upon goals and commitments. The G20 also fosters partnerships with non-member
countries, regional organizations, and civil society groups to broaden participation and perspectives.
Internal challenges facing the G20 include balancing the interests of diverse economies, addressing geopolitical
tensions, and ensuring the effective implementation of agreed-upon measures. Overcoming these
challenges requires sustained dialogue, cooperation, and leadership from member countries. The G20's internal
dynamics are influenced by geopolitical shifts, economic trends, and global events such as financial crises or
pandemics.
As the world's premier forum for international economic cooperation, the G20 plays a vital role in
shaping global economic governance and promoting stability and prosperity. Ongoing efforts to
enhance the effectiveness and legitimacy of the G20 involve reforms to its governance structure, transparency
measures, and engagement with stakeholders. Overall, the internal workings of the G20 reflect a
commitment to multilateralism, cooperation, and collective action in addressing complex global challenges.
Directorship of G20:
The directorship of the G20 also referred to as the presidency, rotates annually among its member countries.
Each presidency typically begins in December of the preceding year and lasts until the end of the calendar year.
The role of the G20 presidency is to set the agenda, organize meetings, and guide discussions on key economic
issues throughout the year.
1.Germany (1999):
-Germany hosted the inaugural meeting of the G20 in Berlin in 1999. At that time, the group consisted of
finance ministers and central bank governors.
2. Canada (2000):
-Canada assumed the presidency of the G20 in 2000 and continued to advance discussions on global
economic issues.
4. India (2002):
-India chaired the G20 in 2002, focusing on issues related to economic growth, trade, and development.
5. Mexico (2003):
-Mexico assumed the G20 presidency in 2003, emphasizing financial stability, regional cooperation,
and poverty reduction.
6. Brazil (2004):
- Brazil chaired the G20 in 2004, advocating for reforms in international financial institutions and promoting
inclusive growth.
7.Argentina (2005):
- Argentina took on the G20 presidency in 2005, focusing on enhancing dialogue among member countries and
fostering cooperation.
9. Australia (2007):
- Australia assumed the presidency of the G20 in 2007, advancing discussions on trade liberalization,
infrastructure investment, and innovation.
19.Germany (2017):
-Germany assumed the G20 presidency in 2017, focusing on issues such as digitalization, sustainable
development, and global health.
20.Argentina (2018):
-Argentina chaired the G20 in 2018, prioritizing issues such as financial resilience, trade tensions,
and climate change.
These directorships represent the rotating leadership of the G20, with each member country assuming
the presidency for one year and hosting the annual summit. Each presidency sets the agenda and priorities for
the G20, reflecting the evolving global economic landscape and the collective challenges faced by
member countries.
Structure of G20:
The Group of Twenty (G20) operates with a flexible and informal structure designed to facilitate dialogue and
cooperation among its member countries. Here is a detailed overview of the structure of the G20:
1.Members:
-The G20 consists of 19 individual countries and the European Union (EU). The member countries
are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico,
Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States.
-These countries are considered major economies, collectively representing around 85% of global GDP and
two-thirds of the world's population.
2.Presidency:
-The presidency of the G20 rotates annually among its member countries.
-The presidency is responsible for setting the agenda, organizing meetings, and guiding discussions
throughout the year.
-The host country typically holds the presidency from December of the preceding year until the end of the
calendar year.
3.Leaders' Summit:
-The G20 Leaders' Summit is the highest-level meeting of the group.
-It brings together heads of state or government from member countries to discuss key economic issues and
coordinate policy responses.
-The summit usually takes place annually, with the host country organizing and hosting the event.
4.Ministerial Meetings:
-The G20 holds ministerial meetings in various areas, including finance, trade, energy, labour, and health.
-These meetings provide opportunities for ministers to discuss specific issues within their respective
portfolios and coordinate policies.
6.Engagement Groups:
-The G20 engages with different stakeholders through engagement groups representing civil society,
the private sector, think tanks, and youth organizations.
-These groups provide input and recommendations to the G20 process, enhancing transparency and
inclusivity.
7.Secretariat:
-The G20 does not have a permanent secretariat. Instead, administrative support is provided by the
host country of the current presidency.
-The host country typically establishes a temporary secretariat to coordinate logistics and
communication among member countries.
Overall, the structure of the G20 is characterized by its flexibility, consensus-based decision-making,
and emphasis on dialogue and cooperation among major economies to address global economic challenges.
G20’s Ambassadors
The Group of Twenty (G20) does not have official ambassadors in the traditional diplomatic sense, as it is an
informal forum composed of member countries' heads of state or government, finance ministers, and central
bank governors. However, member countries may appoint representatives to engage with the G20 process and
advance their interests within the forum. These representatives often include diplomats, government officials, or
experts in relevant policy areas. Here is an overview of how member countries engage with the G20:
3. Sherpas:
-Sherpas are senior officials appointed by G20 leaders to coordinate preparations for the Leaders' Summit.
-They work closely with their counterparts from other member countries to develop agendas, draft
communiqués, and facilitate negotiations.
- Sherpas serve as key intermediaries between leaders and help ensure continuity and coherence in the G20
process from one presidency to the next.
While the G20 does not have official ambassadors, member countries' representatives play essential
roles in advancing their interests and contributing to the forum's deliberations and outcomes.
Purpose of G20
The Group of Twenty (G20) serves multiple purposes, reflecting its role as a premier forum for international
economic cooperation. Here is a detailed overview of the purposes of the G20:
1.Facilitating Economic Coordination: The primary purpose of the G20 is to facilitate dialogue and
coordination among the world's major economies on key economic issues. By bringing together leaders, finance
ministers, and central bank governors, the G20 aims to promote policy coherence and avoid harmful economic
spillovers.
2.Addressing Global Economic Challenges: The G20 provides a platform for addressing pressing global
economic challenges, such as financial stability, economic growth, trade imbalances, and currency volatility.
Through discussions and coordinated actions, member countries seek to mitigate risks and promote sustainable
and inclusive economic development.
3.Promoting Financial Stability: Following the 2008 global financial crisis, the G20 emerged as a key forum for
promoting financial stability and regulatory reform. Member countries coordinate efforts to strengthen
financial institutions, enhance transparency, and improve risk management to prevent future crises.
4.Fostering Trade and Investment: The G20 promotes open, fair, and rules-based international trade and
investment. Member countries seek to reduce trade barriers, address trade disputes, and promote a level playing
field for businesses to thrive in the global economy.
5.Supporting Sustainable Development: Sustainable development is a key priority for the G20. Member
countries collaborate on issues such as poverty reduction, climate change mitigation, environmental protection,
and social inclusion to achieve sustainable and resilient economies.
6.Addressing Global Imbalances: The G20 addresses global imbalances in trade, finance, and
development through dialogue and cooperation. Member countries work together to identify and address
structural factors contributing to imbalances, such as exchange rate policies, fiscal imbalances, and income
disparities.
7.Enhancing International Financial Architecture: The G20 plays a role in shaping international financial
architecture to better reflect the realities of the global economy. Member countries discuss reforms to
international financial institutions such as the International Monetary Fund (IMF) and the World Bank to ensure
they are effective, accountable, and responsive to the needs of all countries.
8.Promoting Innovation and Digitalization: With the rapid pace of technological change, the G20 addresses
challenges and opportunities arising from innovation and digitalization. Member countries discuss policies to
harness the benefits of technology while addressing issues such as digital divides, cybersecurity, and
data privacy.
9.Coordinating Responses to Global Crises: The G20 provides a forum for coordinating responses to global
crises, including financial crises, pandemics, natural disasters, and humanitarian emergencies.
Member countries share information, resources, and best practices to mitigate the impacts of crises and support
affected populations.
10.Strengthening Global Governance: As a forum for major economies, the G20 contributes to strengthening
global governance and multilateralism. Member countries reaffirm their commitment to
international cooperation, diplomacy, and the rule of law to address shared challenges and promote
peace and prosperity worldwide.
Overall, the G20 serves as a vital platform for promoting economic stability, sustainable development,
and international cooperation in an increasingly interconnected world. Through dialogue,
cooperation, and collective action, member countries seek to address complex global challenges and foster
inclusive and resilient economies for the benefit of all.
2.Financial Stability:
-Ensuring financial stability is a key focus of the G20, particularly in the aftermath of the 2008
global financial crisis.
-Member countries coordinate efforts to strengthen financial regulations, enhance supervision of
financial institutions, and address risks in the financial system.
4.Structural Reforms:
-Structural reforms are essential for boosting productivity, enhancing competitiveness, and promoting long-
term economic growth.
-The G20 discusses policies to improve labour market flexibility, streamline regulations, invest in
infrastructure, and foster innovation and entrepreneurship.
6. Sustainable Development:
-Sustainable development is a cross-cutting priority for the G20, encompassing economic, social, and
environmental dimensions.
- Member countries discuss policies to promote inclusive growth, reduce poverty and inequality, protect the
environment, and address climate change.
Overall, the G20's focus areas reflect its commitment to addressing complex global challenges and promoting
sustainable and inclusive economic development. By facilitating dialogue, cooperation, and collective action,
member countries aim to achieve shared prosperity and stability in the global economy.
Role of G20
The Group of Twenty (G20) plays a crucial role in shaping global economic governance and addressing key
challenges facing the world economy. Here is a detailed overview of the role of the G20:
2. Crisis Management:
-During times of crisis, such as financial crises or global pandemics, the G20 plays a central role in
coordinating international responses.
-Member countries collaborate to address immediate challenges, stabilize financial markets, and mitigate the
impact of crises on the global economy.
3. Policy Coordination:
-The G20 facilitates policy coordination among member countries to avoid harmful economic spillovers and
ensure consistency in macroeconomic policies.
-Through dialogue and peer review mechanisms, member countries share information, best practices,
and policy experiences to enhance policy effectiveness and coherence.
Overall, the G20 plays a critical role in fostering international cooperation, promoting economic stability and
prosperity, and addressing complex global challenges to achieve sustainable and inclusive development.
Through dialogue, cooperation, and collective action, member countries seek to build a stronger, more resilient,
and more equitable global economy.
NEW INITIATIVES
Here are some key areas where the G20 has been focusing on new initiatives:
1. COVID-19 Response and Recovery:
-The COVID-19 pandemic has prompted the G20 to launch various initiatives to address health, economic,
and social impacts.
-This includes efforts to accelerate vaccine distribution, enhance healthcare capacity, support
vulnerable populations, and promote economic recovery through fiscal and monetary measures.
4. Infrastructure Investment:
-Infrastructure investment is a key focus area for the G20 to support economic growth, productivity,
and connectivity.
-Initiatives aim to mobilize public and private investment in infrastructure projects, improve infrastructure
quality and resilience, and facilitate cross-border infrastructure connectivity.
These are some examples of the new initiatives and priorities of the G20. The group regularly updates
its agenda to address emerging challenges and opportunities in the global economy, reflecting the collective
efforts of its member countries to promote sustainable and inclusive development.
4.Global Imbalances:
-The G20 has addressed imbalances in global trade, finance, and development through dialogue and
cooperation.
-Initiatives include the Framework for Strong, Sustainable, and Balanced Growth, which aims to promote
policy coordination among G20 countries to reduce trade and financial imbalances.
6. Infrastructure Investment:
-Infrastructure investment has been a priority for the G20 to promote economic growth, productivity, and
connectivity.
-Initiatives include the G20 Infrastructure Investment Initiative, which aims to mobilize public and private
investment in infrastructure projects, improve project quality, and enhance financing mechanisms.
These are some examples of the past work done by the G20 across various economic and social domains. The
group continues to address emerging challenges and opportunities in the global economy, reflecting
its commitment to promoting sustainable and inclusive development.
History of G20
Year Event/Initiative
1999
Establishment of the G20 as a forum for finance ministers and central bank
governors
2008 G20 Leaders' Summit held in response to the global financial crisis
2009
Adoption of the Pittsburgh Summit Declaration, outlining key commitments and
actions
2010 G20 Toronto Summit focuses on fiscal consolidation and financial reform
2010
Adoption of the Seoul Action Plan to achieve strong, sustainable, and balanced
growth
2011
G20 Cannes Summit addresses global economic challenges, including sovereign
debt crises
2012 G20 Los Cabos Summit focuses on promoting growth and job creation
2013
G20 St. Petersburg Summit addresses issues such as financial regulation and tax
evasion
2014
G20 Brisbane Summit highlights economic growth, infrastructure investment,
and tax reform
2015
G20 Antalya Summit focuses on addressing global challenges, including
terrorism and refugee crises
2016
G20 Hangzhou Summit emphasizes innovation, inclusive growth, and structural
reforms
2017
G20 Hamburg Summit addresses issues such as climate change, trade, and
digitalization
2018
G20 Buenos Aires Summit discusses trade tensions, global economic risks, and
sustainable development
2019
G20 Osaka Summit focuses on trade, digitalization, and addressing global
economic risks
2020
G20 Riyadh Summit held virtually due to the COVID-19 pandemic, focusing on
pandemic response and economic recovery
2021
G20 Rome Summit emphasizes people, planet, and prosperity, addressing global
challenges and sustainable development
2022
G20 Bali Summit focuses on economic recovery, digitalization, and infrastructure
investment
History
The history of the Group of Twenty (G20) traces back to its establishment in 1999 as a forum for international
economic cooperation. Initially, it comprised finance ministers and central bank governors from 19 countries
and the European Union. The G20 emerged in response to the Asian financial crisis of the late 1990s,
highlighting the need for a more inclusive forum to address global economic issues. The inaugural meeting of
the G20 was held in Berlin, Germany, in December 1999. Since then, the G20 has held annual
meetings to discuss key economic challenges and opportunities facing the world economy.
The G20's membership includes major advanced and emerging economies, representing around 85% of global
GDP and two-thirds of the world's population. The group operates on the principles of consensus-
building, cooperation, and collective action. Over the years, the G20 has expanded its agenda beyond
financial and economic issues to address broader global challenges, including climate change, sustainable
development, and global health.
The G20 played a crucial role in coordinating responses to the 2008 global financial crisis, promoting recovery
efforts and financial regulation reforms. In subsequent years, the G20 continued to address ongoing economic
challenges, including trade tensions, geopolitical uncertainties, and structural reforms. The G20 holds annual
summits where leaders discuss and coordinate economic policies.
The presidency of the G20 rotates annually among its members. The host country sets the agenda for the year
and leads the discussions. The G20's decisions often influence global economic policies and financial markets.
Key areas of focus include financial stability, trade, investment, and sustainable development. Alongside
summits, various working groups and ministerial meetings are held throughout the year to address
specific issues.
The G20 operates on a consensus-based decision-making process. Critics argue that the G20 lacks inclusivity
and representation, as it primarily consists of large economies, leaving out smaller and developing
nations. However, efforts are made to engage with non-member countries and international organizations
to ensure broader participation. Recent summits have focused on issues such as digitalization, infrastructure
investment, and the transition to a sustainable and inclusive economy.
The COVID-19 pandemic presented new challenges for the G20, requiring coordinated responses to mitigate its
economic and social impacts. Efforts to ensure vaccine equity and support for vulnerable countries have been
key priorities. Sustainable development goals are increasingly integrated into the G20's agenda, reflecting the
importance of addressing environmental and social issues alongside economic concerns.
Overall, the G20 serves as a crucial platform for advancing global economic cooperation and addressing the
complex challenges of the 21st century.
Overall, the G20 serves as a vital platform for promoting economic stability, sustainable development,
and international cooperation in an increasingly interconnected world. Through dialogue,
cooperation, and collective action, member countries aim to address complex global challenges and foster
inclusive and resilient economies for the benefit of all.
Chapter: 05 Importance of G20
The Group of Twenty (G20) holds significant importance in the global landscape due to its role in addressing
key economic, financial, and social challenges. Here are 20 detailed importances of the G20:
2.Crisis Management:
-During times of crisis, such as financial crises or global pandemics, the G20 provides a platform for
coordinating international responses to mitigate economic impacts and restore confidence.
3.Policy Coordination:
-The G20 fosters policy coordination among member countries to avoid harmful economic spillovers and
ensure consistency in macroeconomic policies, contributing to global economic resilience.
6. International Cooperation:
- The G20 promotes international cooperation on a wide range of economic, financial, and social issues,
fostering trust, dialogue, and collaboration among member countries.
7. Policy Innovation:
- Through dialogue and peer learning, the G20 encourages policy innovation and best practices sharing,
enabling member countries to adopt effective policies and reforms to address shared challenges.
Overall, the G20's importance lies in its ability to foster dialogue, cooperation, and collective action among
major economies to address complex global challenges and promote sustainable and inclusive development in
the 21st century.
Chapter: 06 Challenges of G20
The Group of Twenty (G20) faces numerous challenges in its efforts to promote global economic cooperation
and address complex issues affecting the world economy. Here are 20 challenges faced by the G20 in detail:
3.Geopolitical Conflicts:
-Geopolitical conflicts, including territorial disputes, regional tensions, and military conflicts, present
challenges to global stability and security.
-The G20 aims to foster dialogue, cooperation, and conflict resolution to mitigate geopolitical risks
and promote peace and stability.
8. Cost-Sharing Arrangements:
-Member countries may enter into cost-sharing arrangements to distribute the financial burden of
hosting G20 meetings and events.
-Host countries may collaborate with regional partners or neighbouring countries to share costs and
resources, particularly for logistical arrangements and infrastructure investments.
9. Long-Term Sustainability:
4.Ensuring the long-term sustainability of G20 financing involves prudent financial management,
resource mobilization, and cost-effective planning.
5.Efforts are made to streamline processes, minimize expenses, and optimize the use of available resources to
maximize the impact of G20 activities.
Overall, the financing of the G20 relies on contributions from member countries, host countries,
voluntary sources, and in-kind support to sustain its operations and advance its objectives of promoting
international economic cooperation and addressing global challenges.
1.Policy Coordination:
-The G20 facilitates policy coordination among its member countries to address common challenges related
to sustainable development.
-Through dialogue and cooperation, the G20 promotes the adoption of policies and strategies that align with
the SDGs across various sectors, including economy, environment, social development, and governance.
Overall, the G20's contribution to the SDGs is multifaceted, encompassing economic, social, and environmental
dimensions. By promoting policy coherence, international cooperation, and sustainable practices, the G20 plays
a vital role in accelerating progress towards achieving the SDGs and building a more sustainable and equitable
world.
Chapter: 09 Contribution of G20
to Indian Economy
The Group of Twenty (G20) has made significant contributions to the Indian economy in various ways. Here's a
detailed overview of the contributions of the G20 to the Indian economy:
1.Policy Coordination:
-The G20 facilitates policy coordination among major economies, including India, to address global economic
challenges and promote stability.
-India actively participates in G20 discussions on macroeconomic policies, fiscal and monetary measures,
trade, and investment, contributing to coordinated responses to economic crises and challenges.
2.Financial Stability:
-The G20's focus on financial stability and regulatory reform has helped strengthen the resilience of the Indian
financial system.
-India has benefited from G20 initiatives to enhance financial regulation, improve supervision of financial
institutions, and address systemic risks, contributing to a more stable and secure financial environment.
4.Infrastructure Investment:
-The G20's focus on infrastructure investment has provided opportunities for India to attract financing and
expertise for its infrastructure development projects.
-India benefits from G20 initiatives to mobilize public and private investment in infrastructure, improve
project quality and resilience, and enhance connectivity, contributing to economic modernization and regional
integration.
9.Financial Inclusion:
-The G20's focus on financial inclusion has helped India expand access to financial services for underserved
populations, including through initiatives such as the Global Partnership for Financial Inclusion (GPFI).
-India has benefited from G20 efforts to promote inclusive finance, digital payments, and microfinance,
empowering individuals and small businesses to participate in the formal economy.
Overall, the G20's contributions to the Indian economy encompass a wide range of areas, including policy
coordination, financial stability, trade and investment, infrastructure development, digital economy and
innovation, climate change, global health governance, inclusive growth, and financial inclusion. India actively
engages in G20 discussions and initiatives to advance its economic interests, address development challenges,
and promote sustainable and inclusive growth on the global stage.
The Group of Twenty (G20) has made significant contributions to the Indian economy in various ways. Here's
a detailed overview of the contributions of the G20 to the Indian economy:
1. Policy Coordination:
-The G20 facilitates policy coordination among major economies, including India, to address global
economic challenges and promote stability.
-India actively participates in G20 discussions on macroeconomic policies, fiscal and monetary measures,
trade, and investment, contributing to coordinated responses to economic crises and challenges.
2. Financial Stability:
-The G20's focus on financial stability and regulatory reform has helped strengthen the resilience of the
Indian financial system.
-India has benefited from G20 initiatives to enhance financial regulation, improve supervision of financial
institutions, and address systemic risks, contributing to a more stable and secure financial environment.
4. Infrastructure Investment:
-The G20's focus on infrastructure investment has provided opportunities for India to attract financing and
expertise for its infrastructure development projects.
-India benefits from G20 initiatives to mobilize public and private investment in infrastructure, improve
project quality and resilience, and enhance connectivity, contributing to economic modernization and regional
integration.
9.Financial Inclusion:
-The G20's focus on financial inclusion has helped India expand access to financial services for underserved
populations, including through initiatives such as the Global Partnership for Financial Inclusion (GPFI).
-India has benefited from G20 efforts to promote inclusive finance, digital payments, and microfinance,
empowering individuals and small businesses to participate in the formal economy.
Overall, the G20's contributions to the Indian economy encompass a wide range of areas, including policy
coordination, financial stability, trade and investment, infrastructure development, digital economy and
innovation, climate change, global health governance, inclusive growth, and financial inclusion. India actively
engages in G20 discussions and initiatives to advance its economic interests, address development challenges,
and promote sustainable and inclusive growth on the global stage.
Chapter: 10 Contribution of the
Indian Economy to G20
India, as one of the largest and fastest-growing economies in the world, makes significant contributions to the
Group of Twenty (G20) in various aspects. Here's a detailed overview of the contribution of the Indian
economy to the G20:
1.Economic Growth:
-India's robust economic growth contributes to the overall expansion of the G20 economy.
-With a large and dynamic market, India's growing consumer base fuels demand for goods and services,
driving global economic activity.
4.Services Sector:
-India's services sector, including IT, software, business process outsourcing, and financial services, plays a
pivotal role in driving global services trade and innovation.
-India's expertise in services contributes to the competitiveness and productivity of the G20 economy.
Overall, India's growing economic influence, innovative capacity, demographic dividend, and commitment to
sustainable development make significant contributions to the G20, shaping its agenda and outcomes in
pursuit of shared prosperity and inclusive growth.
Chapter: 11 Contribution of G20
to World’s GDP
As of my last update in January 2022, the Group of Twenty (G20) represents a significant portion of the global
economy. Here's a detailed overview of the contribution of the G20 to the world's GDP:
1.Aggregate GDP:
-The G20 member countries collectively account for a substantial portion of the world's gross domestic
product (GDP).
-According to data from the International Monetary Fund (IMF) and the World Bank, the G20 countries
contribute approximately 80% to 85% of the world's GDP.
2.Major Economies:
-Within the G20, several major economies significantly influence global GDP figures.
-The United States, China, Japan, Germany, and India are among the largest economies within the G20,
contributing significantly to the group's aggregate GDP.
3.United States:
-The United States, as the world's largest economy, accounts for a substantial portion of the G20's GDP.
-In 2021, the United States GDP was approximately $22.7 trillion, representing around 16% to 18% of the
world's GDP.
4.China:
-China, the world's second-largest economy, is a key contributor to the G20's GDP.
- China's GDP exceeded $16.3 trillion in 2021, representing around 11% to 13% of the world's GDP.
7.Regional Contributions:
-The G20 includes countries from various regions, each making significant contributions to the group's
aggregate GDP.
-North America, Europe, Asia-Pacific, Latin America, and the Middle East are among the regions represented
within the G20, each contributing to global economic output.
9.Coordinated Responses:
-The G20 serves as a platform for coordinated responses to global economic challenges, including financial
crises, trade tensions, and pandemics.
-Through dialogue, cooperation, and policy coordination, the G20 aims to promote sustainable and inclusive
economic growth worldwide.
Overall, the G20's contribution to the world's GDP underscores its significance as a leading forum for
international economic cooperation and policy coordination. By leveraging the collective strengths of its
member countries, the G20 plays a crucial role in shaping the trajectory of the global economy and addressing
complex challenges in the 21st century
Conclusion
In conclusion, India's multifaceted contributions to the Group of Twenty (G20) underscore its pivotal role in
shaping the global economic landscape. Through its robust economic growth, India has emerged as a key driver
of global economic expansion, amplifying the G20's collective strength. With a sizable GDP and purchasing
power parity, India's economic prowess enhances the resilience and dynamism of the G20 economy.
India's active participation in global trade and investment flows fosters economic interconnectedness and
prosperity within the G20 framework. Moreover, India's services sector, innovation ecosystem, and
technological advancements bolster global competitiveness and productivity. The nation's
demographic dividend, characterized by a large and youthful population, enriches global labor markets
and skills development initiatives. India's steadfast commitment to the Sustainable Development Goals
(SDGs) and climate change mitigation aligns with the G20's agenda for sustainable development
and environmental stewardship. Additionally, India's contributions to infrastructure investment, healthcare,
and financial inclusion exemplify its dedication to fostering inclusive growth and resilience. By leveraging
its expertise in digital payments and technology, India exemplifies innovative solutions for enhancing
financial inclusion and driving digital transformation. Through active participation in G20 meetings and
initiatives, India amplifies dialogue, cooperation, and collaboration among member nations, forging a path
towards shared prosperity and collective advancement on the global stage. In essence, India's contributions
epitomize the spirit of cooperation and partnership inherent in the G20, heralding a future of sustainable
development, inclusive growth, and mutual prosperity for all.
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