The recent news stories are abuzz with India integrating into the G20 Troika. This is a significant step in global economics and politics, as it means India has started the process of assuming the G20 presidency next year.
Troika: A Key Segment of the G20
A pivotal part within the G20 is the ‘Troika’. This term refers to the trio of nations that hold the present, past, and upcoming presidencies. Currently, these countries are Indonesia, Italy, and India respectively. As a new addition to the Troika, India will be cooperating closely with its Indonesian and Italian counterparts. The goal of this collaboration is to ensure the agenda of the G20 maintains its consistency and continues without interruption.
India is scheduled to take over the G20 presidency from Indonesia on December 1, 2022. In 2023, India will host the G20 Leaders’ Summit for the inaugural time.
Previous and Upcoming G20 Summits
Italy had the honor of hosting the G20 summit on October 30-31, 2021. At the summit, India brought up concerns about Afghanistan’s future following the Taliban’s takeover. From December 1, 2021, Indonesia assumed the G20 presidency. Over the coming months, Indonesia will facilitate several discussions among G20 members, leading up to the G20 Leaders’ Summit that is scheduled for October 30-31, 2022. The comprehensive theme for the next year’s summit is “Recover Together, Recover Stronger”.
The G20: An Overview
The Group of Twenty (G20) is an informal gathering of 19 countries and the European Union (EU), along with representatives from the International Monetary Fund and the World Bank. The G20 doesn’t possess a permanent secretariat or Headquarters. The group comprises an assortment of the world’s most significant advanced and growing economies. These countries collectively represent about two-thirds of the global population, 85% of the worldwide Gross Domestic Product (GDP), 80% of international investment and over 75% of global trade.
Members and Mandate of G20
The members of the G20 are a collection of nations from several continents, including Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the EU.
The G20 is considered the premier forum for international economic cooperation. This prestigious status stems from a shared understanding that global prosperity is interdependent, and economic opportunities and challenges are interconnected. Countries under the G20 alliance unite to prepare better for future economic scenarios.
India and the G20: Opportunities and Challenges
As a founding member of the G20, India has utilized this platform to voice issues of critical importance, impacting the world’s most vulnerable. The G20 presidency in 2022 presents both a challenge and opportunity for India to strengthen its international presence. However, tackling domestic issues such as high unemployment rates and poverty could pose a potential obstacle in assuming the presidency effectively.