India, as the fastest-growing economy among the G20 countries, will play an important role in converting uncertainties into opportunities. India’s presidency will be effective in bringing stability to the most critical of geopolitical developments, high inflation, and slow economic growth.
It is a matter of pride for Indians as a country to assume the presidency of G20 on 1 December 2022. Indonesia handed over the G20 chairmanship to India on 16 November 2022 at the closing ceremony of the Bali summit. The G20 was formed in 1999 following the global international economic and financial stability situation of 1947. The growth and development of many economies after the 2008 Lehman crisis covers issues ranging from economic and financial markets to development and related issues.
Leadership Summits So Far:
| YEAR | Evolution of the Leaders’ Summit |
| 1975 | First G6 summit with UK, US, France, Germany, Japan, and Italy |
| 1976 | The G7 was formed when Canada joined the group. |
| 1997 | Russia joined the group, the formation of the G8. |
| 1999 | The first meeting of Finance Ministers of G-20 countries in which Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, UK, US, and European Union participated |
| 2005 | UK, USA, France, Germany, Japan, Italy, Canada, Russia plus brazil, china, India, Mexico, and South Africa including 8+5 |
| 2007 | G8 plus 5 formula was institutionalized at the G8 summit in Germany |
| 2008 | First G20 summit held in Washington DC US |
| 2011 | G20 is held once a year since 2011 after 2 meetings in 2010 |
Hon’ble Prime Minister Shri Narendra Modi along with the team of Vasudhaiva Kutumbakam or One Earth One Family One Future highlighted India’s achievements at the G-20 Summit and unwavering commitment to collectively address global challenges that promote growth and development with dignity for all. Outlines the message of the shared future.
In today’s economic environment, the G-20 has emerged as a driving force connecting the world’s major emerging and developing economies. G20 is considered a major force in shaping global socio-economic trends. Now in the post-Covid-19 period and political developments At a time when the global economy is facing uncertainty and volatility, the role of the G-20 assumes great importance in creating a conducive environment for turning uncertainty into opportunities. And represents a significant portion of the business.
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