Profile
Settings
Refer your friends
Sign out
G20 consists of 19 countries and a European Union. G20 was started in 1999, following the Asian financial crisis, as a forum for finance ministers and central bank governors to resolve global financial issues. Representatives of each nation, including the President and the Prime Minister, meet at the summit to discuss the world economic situation. The summit lasts for two days. According to G20 estimates, the group of nations that comprise the G20 account for 80% of worldwide economic production and 60% of the global population. However, some of the world’s most marginalised populations are not represented in the group’s deliberations. The 2019 G20 summit is of particular importance to India as it played a significant role in taking a stand for all developing nations and bringing their issues to the forum. Before discussing India’s role, let’s try and understand a bit more about the G20 Summit.
Why do G20 Countries Hold a Strong Place in the World?
G20 countries hold the majority in most world segments – from having some of the largest populations to world trade. About 65% of the world population comes under G-20 countries. These countries also hold over 79% of the weightage in world trade and 84% of the world economy. Around 79% of carbon emissions in the world also come from these countries.
What are G20 Sherpas?
Sherpa is a frequently used term in the Himalayan range as they are used to guide tourists. Similarly, the G20 Sherpa are participating leaders who guide their country’s representatives and develop a few conclusive points that need to be discussed at the G20 summit. For example, from India, Piyush Goel, Union Minister of India, was the Sherpa who guided Prime Minister Narendra Modi in the 2019 summit.
India’s Stand at the G-20 Osaka Summit, 2019
At the G-20 Osaka summit, India participated in two trilaterals – marine cooperation with Japan and the US and trade with Russia and China. It indicated New Delhi’s renewed confidence in pursuing issue-based alliances. India’s capacity to manage treacherous terrain was tested at the summit as tensions between major nations mounted, and the Trump administration stayed resolute on trade. India asserted its global influence by focusing on essential concerns such as terrorism and commerce and demonstrating dynamic strategic balance. PM Modi spoke on the need to combat protectionism, address unilateralism in global financial bodies like the WTO, and secure energy security. He also visited a community gathering where he spoke and mingled with Indians residing in Japan. India emerged as a winner in the G20 summit 2019 for bringing leaders of different developing nations together, all of which hold an influential part in the world’s GDP. The country took a stand for itself on the issue of the digital economy. It even proposed AI in the form of 5 ‘I’s – Innovation, Investment in Infrastructure, International cooperation, Inclusion, and Indigenization.
Conclusion
G-20 countries hold the majority in most world segments. It was formed to discuss and resolve crucial issues pertaining to the world economy and climate change. The Osaka Summit of 2019 was of particular importance to India as the country took a stand not only for itself but for all developing nations. India emerged as a hero for developing nations by highlighting some of their critical issues. It discussed issues like terrorism, and the economic disadvantages developing countries face and even proposed ideas to combat these issues.
