- The G20 Presidency provides India with a unique opportunity to contribute to the global agenda on pressing international issues. G20 Nations accounts for around 85% of global GDP and more than 75% of the global trade.
- India’s G20 Presidency will be from December 1, 2022 till next November
- For India, the G20 Presidency also marks the start of “Amritkaal,” a 25-year period
Prime Minister Narendra Modi today unveiled India’s G20 Presidency logo, theme, and website. The theme of India’s G20 presidency, “Vasudhaiva Kutumbakam,” or “One Earth, One Family, One Future,” is taken from the Maha Upanishad, an ancient Sanskrit text. The theme essentially affirms the value of all life – human, animal, plant, and microorganism – and their interconnectedness on Earth and in the universe.
PM said “India’s G20 Presidency is coming at a time of Crises and Chaos in the World”
The G20 Presidency provides India with a unique opportunity to contribute to the global agenda on pressing international issues. G20 Nations accounts for around 85% of global GDP and more than 75% of the global trade.
India’s G20 Presidency’s logo, theme, and website would reflect India’s message and overarching priorities to the world.
Earlier in February 2022, the Union Cabinet, chaired by Prime Minister Shri Narendra Modi, approved the establishment of a G20 Secretariat and its reporting structures, which will be in charge of implementing overall policy decisions and making the necessary arrangements for India’s G20 presidency.
India’s G20 Presidency will be from December 1, 2022 till next November followed by G20 Summit in India during 2023. The G20 is the premier forum for international economic cooperation, and it is crucial to global economic governance.
Following the Asian financial crisis, the G20 was established in 1999 as a forum for Finance Ministers and Central Bank Governors to discuss global economic and financial issues. The G20 Summit is held once a year and is led by a rotating Presidency.
The G20 initially concentrated on broad macroeconomic issues, but it has since broadened its agenda to include, among other things, trade, climate change, sustainable development, health, agriculture, energy, environment, climate change, and anti-corruption.
The G20 Finance Track meets Finance Ministers and Central Bank Governors, their Deputies, and various working group meetings to discuss global macroeconomic issues. The Finance Track addresses key issues such as global economic outlook and risk monitoring; reforms for a more stable and resilient global financial architecture; and international taxation.
Some of the key achievements of the Finance Track, particularly in the post-pandemic phase, include the Debt Service Suspension Initiative (DSSI), the Common Framework for debt treatments beyond DSSI, the G20 Sustainable Finance Roadmap, a two-pillar solution to tax challenges arising from the digitalization of the economy, the G20 principles for quality infrastructure investment, the proposal to establish a Financial Intermediary Fund (FIF) for pandemic PPR, and so on.
For India, the G20 Presidency also marks the start of “Amritkaal,” a 25-year period beginning with its 75th anniversary of independence on 15 August 2022 and leading up to its centennial of independence, towards a futuristic, prosperous, inclusive, and developed society distinguished by a human-centric approach at its core.
The vibrant colours of India’s national flag – saffron, white and green, and blue – inspired the G20 logo. It contrasts the planet with the lotus, India’s national flower that represents growth in the face of adversity. The Earth reflects India’s pro-planet lifestyle, which is in perfect harmony with nature. The word “Bharat” is written in Devanagari script beneath the G20 logo.
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