• Source:JND
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AS THE world's largest economies are about to meet under the banner of the G-20, or Group of 20, in India, the preparation for the event is in full swing. The Mumbai Traffic Police have announced new traffic restrictions on several routes ahead of the meeting. The first G20 Finance and Central Bank Deputies Meeting is scheduled to be held in Bengaluru between December 13 and 15, and the Development Working Group meeting in Mumbai is scheduled between December 13 and 16, 2022.

What is G-20?

The G-20 is a reputed forum for international cooperation, focusing on the most important aspects of the international, economic, and financial agenda by bringing together the world's major and advanced economies on a platform. It was established in response to the financial crisis to assist countries that were underrepresented in global economic debate and governance.
It consists of Argentina, Australia, Brazil, Canada, China, the EU, France, and Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the UK, and the USA.

The main objectives of the group are policy coordination among the members to achieve global economic stability and sustainable growth. It is also a platform to create international financial architecture.

India's Presidency in G-20

India assumed the G20 presidency in December 2022 from Indonesia with a motive to bring the forum closer to the public and towards making it a "People's G20." Prime Minister Narendra Modi has called for international cooperation to deal with global issues and solve issues pertaining to climate change, terrorism, and panedmics". He also noted a need to "depoliticise the global supply of food, fertilizers, and medical products, so that geo-political tensions do not lead to humanitarian crises."

India has also been vocal about the challenges faced by developing countries, including finding a solid solution for the Russia-Ukraine crisis, which has led to rising costs and scarcity of fuel, food, and fertiliser.

The G20 has two separate tracks: first, the finance track, led by finance ministers, and the sherpa track, led by central bank governors. There are thematically oriented working groups under these tracks in which representatives from different ministries as well as invited guests from different countries will participate.

There are thirteen working groups in total, covering topics such as trade, energy, investment, tourism, agriculture, health education, and others.

While the trade and investment groups discuss resilient global value chains, the agriculture group talks about growing food scrutiny and nutrition, sustainable agriculture, and a climate-smart approach. Likewise, there are certain groups that discuss health emergencies, digital health, and improved service delivery.

G-20 and Modi

The G20 summit for Prime Minister Modi could help his already growing reputation as a leader of international stature. However, it will also be a challenge for India and Modi to deal with the current challenges and the international response.

Meanwhile, Congress General Secretary Jairam Ramesh had earlier said the group's meeting will be "milked by the world's greatest event manager" for the 2024 Lok Sabha polls.