Page 18 - NIS English January 16-31,2023

Cover Story India's G20 Presidency

GROUP OF TWENTY (G-20)

Establishment of the G-20

Following the Asian financial Cooperation," elevating it to the
crisis in 1999, the G-20 was level of the head of government.
formed as a forum of finance Initially, the G-20 was primarily
ministers and central bank concerned with macroeconomic
It is a major forum
for international governors to discuss global issues. However, it later
economic and financial issues in
broadened its mandate to
economic cooperation. collaboration with developed and include trade, climate change,
This forum plays developing economies. After the sustainable development,
an important role global economic and financial health, agriculture, energy, the
in globalising and crisis of 2007 and 2009, it was environment, anti-corruption, and
strengthening all renamed the "Principal Forum other issues.
international economic for International Economic
issues. From December
1, 2022 to November Spain is the group's only permanent invitee. The country
hosting the G-20 invites one or more countries to attend as
30, 2023, India will guests, and India has invited Bangladesh. Guest countries
have the honour of Guest Countries include Egypt, Mauritius, Singapore, the United Arab Emirates,
hosting this important the Netherlands, Nigeria, and Oman.
forum.

come before the country in the Amrit Kaal
G-20 Summit is not of independence, which is a matter of pride

just a diplomatic event, for every Indian and a matter of increasing
their pride.
but it is an opportunity With great optimism, the world today looks
to showcase India's to collective leadership. Whether it is the G-7,
the G-77, or the UN. In this context, India's
potential to the world. role as G-20 Chair is important. On the one
hand, India maintains close relations with the
-Narendra Modi, developed countries while also understanding
and articulating the developing countries'
Prime Minister point of view very well. On this basis, India
will frame its G-20 presidency with all those
friends of the "Global South" who have been
India's development partners for decades.

16 New India Samachar January 16-31, 2023