India assumed the Presidency of G20 (the Group of 20 countries comprising 19 large economies and the European Union) for 2023 from Indonesia on 1st December, 2022. While accepting this responsibility, PM Narendra Modi said that India’s G20 presidency will be “inclusive, ambitious, decisive and action-oriented.’’
India’s assumption of the G20 presidency has decisively signaled its emergence as a significant player on the global stage. While most countries in the world, both developed and developing, have found it difficult to effectively handle the challenges thrown up by the Covid-19 pandemic and the Russia-Ukraine conflict, India, through its bold leadership and prudent policies, has been able to successfully navigate the headwinds it has encountered over the last three years.
What is the G20?
The G20 is an international forum which represents the world’s biggest economies encompassing both industrialized and developing nations. Its core mandate is to address the major challenges related to the global economy, developmental issues and financial architecture, such as international financial stability, climate change mitigation, sustainable development etc.