Large Hadron Collider (LHC)

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G20 Dummit

<G 20 was formed in 1999 as a politico-economic alliance< in the backdrop of the financial crisis of the late 1990s that hit East Asia and Southeast Asia in particular.

<It brings together the world’s major advanced and emerging economies.

<The first G20 Summit <took place in 2008< in Washington DC, US.

Aim:< To secure global financial stability by involving middle-income countries.

Spain <attends the G20 Summits< as a permanent guest<.

<The Presidency can also invite representatives of regional organisations and guests to the G20 Summit.

Functioning of G20:

<The G20 has no Permanent Secretariat.

Setting the Agenda:< The G-20 agenda depends heavily on the guidance of Finance Ministers and Central Governors which is finalised by a unique system of ‘Sherpas’<, who are special envoys of G-20 leaders.

<Its summits are also attended by representatives of the International Monetary Fund (IMF) and the World Bank (WB).

Why does the G20 matter?

<Together, the G20 countries include 60 per cent of the world’s population, 80 per cent of global GDP,< and 75 per cent of global trade.

<These figures have remained relatively stable<. The corresponding rates for Group of Seven (G7) nations,< a smaller group of advanced democracies, have shrunk, as emerging markets take up a relatively greater share of the world’s economy.

G-20 Troika:

<Troika refers to the top grouping within the G20 <that consists of the current, previous and incoming presidencies< — Indonesia, Italy and India.
<India will assume the G20 presidency from Indonesia on December 1, 2022, and will convene the G20 Leaders’ Summit for the first time in India in 2023.
<As a Troika member, India will work closely with Indonesia and Italy to ensure consistency and continuity of the G20’s agenda.

Limitation:

No Follow up:< Since there is no G20 secretariat, no follow-up action can be expected on the issues discussed during the summit.

<The only hope is that the member states carry forward some of the decisions in their own national policies.

Legal Sanctity: <G -20 Declarations are based on consensus and thus not legally binding.

India & G20

<India’s participation in the G20 process signifies that as a major developing economy India has a vital stake in the stability of the international economic and financial system.

<India has been active in the G20 processes in the Sherpas and Finance Track.

<Its support for global cooperation, inclusive development, economic stability, and sustainable growth is in line with its national goals and the values espoused by other leaders of the G20.

Conclusion:

<The G20 cannot be a panacea for global problems. But over the decade, the G20 has emerged as an important forum for international cooperation.

<The G20 summits hold a special significance as they deal with the global political economy at a critical moment in the wake of post-pandemic recovery.