X CBSE SOCIAL SCIENCE

G20

1. What is G-20?
A. The G20 or Group of 20 is an intergovernmental forum comprising 19 countries and the
European Union (EU). It works to address major issues related to the global economy, such as
international financial stability, climate change mitigation and sustainable development.
Members of G-20 : The Group of G20 (G20) comprises Argentina, Australia, Brazil, Canada,
China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia,
Saudi Arabia, South Africa, Turkey, United Kingdom, the United States and the European
Union.
In addition to these member countries, the G20 each year invites guest countries and international
organisations such as the United Nations, World Bank, IMF, OECD, ASEAN etc. to participate
in its meetings.
G-20 group was founded in 1999 after the Asian financial crisis (1997) as a forum for the
Finance Ministers and Central Bank Governors to discuss global economic and financial issues.
They focus on socio-economic issues such as agriculture, anti-corruption, climate, digital
economy, education, employment, energy, environment, health, tourism, trade and investment.
Objectives of G-20- Following are the objectives of G-20:
(a) Policy coordination between its members in order to achieve global economic stability,
sustainable growth
(b) Promote financial regulations that reduce risks and prevent future financial crises
(c) Create a new international financial architecture.
(d) Develop common vision to tackle challenges like climate change, environment
sustainability, corruption and energy crisis.
2. What is the motto of G20?
A. Indian Prime Minister Narendra Modi chose as his theme for the Group of 20 presidency a term
from Sanskrit scripture, “Vasudhaiva Kutumbakam,” emphasizing global unity. The phrase,
taken from the Hindu scripture the Maha Upanishad, means ‘The world is one family.
3. What is the significance of G20?
A. Those issues included overall development, climate change and energy, health, counter-
terrorism, as well as migration and refugees. The G20 has sought to realize an inclusive and
sustainable world through its contributions towards resolving these global issues.
Significance of G-20 presidency for India
India’s strategic importance: G20 presidency will provide a platform for India to engage with
other major powers including the United States, China, and Russia.
Becoming the voice of Global South: India has become the voice of the erstwhile side lined
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 Global South by holding the meeting of the Global South countries along with G20 meetings
and pushing for inclusion of African Union (AU).
India’s growing economic influence: It will help India further strengthen its economic ties
with other G20 members as India is the fastest growing economy of the world.
India’s leadership on climate change : As the world grapples with the challenge of climate
change, India’s presidency can help set the tone for global cooperation on this issue. E.g. India’s
Mission LiFE.
India’s focus on inclusive growth: India’s presidency will focus on issues such as infrastructure
development, job creation, and women’s empowerment which will have its spill over effect on
Indian inclusive development.
4. What is the significance of G20 in the light of India’s present role?
This year’s G20 can be seen as a ‘green summit’ as India promotes several climate policy
initiatives including an International Biofuels Alliance, ‘Mission LiFe’ (which advocates the
concept of a circular economy) and green hydrogen standards
5. What is Development Cooperation Under India’s G20 Presidency?
i) India assumed the G20 Presidency in December 2022, with the theme of ‘Vasudhaiv
Kutumbkam’ i.e. ‘One Earth · One Family · One Future’. India’s vision for the G20
Presidency was to promote green development, climate finance, and LiFE (Lifestyle for
Environment); accelerate inclusive and resilient growth; advance progress on Sustainable
Development Goals; foster technological transformation and digital public infrastructure;
reform multilateral institutions for the 21st century; and support women-led development.
ii) India also introduced new initiatives such as a Disaster Risk Reduction Working Group;
Startup 20 Engagement Group; Launch of Global Sovereign Debt Roundtable; and a
proposal for a global biofuel alliance.
iii) India’s G20 Presidency also showcased its development cooperation with Africa and
other developing regions. India has been a longstanding partner of Africa, sharing its
experience and expertise in various fields such as agriculture, health, education, energy,
infrastructure, digital technology, capacity building, and peacekeeping.
iv) India has extended concessional lines of credit worth USD 10.5 billion for 182 projects in
Africa through the Export-Import Bank of India. India has also launched several flagship
programs such as the Pan-African e-Network Project, Team-9 Initiative, India-Africa
Forum Summit, India-Africa Trade Council, India-Africa Health Sciences Platform, and
India-Africa Institute of Agriculture and Rural Development. India has also supported
Africa’s participation in multilateral platforms such as the International Solar Alliance,
Coalition for Disaster Resilient Infrastructure, and Nalanda University.

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