Prime Minister Narendra Modi has unveiled the logo, theme and website of India’s G-20 Presidency. The G20 Leaders’ Summit at the level of Heads of State/Government is scheduled to be held on September 9 and 10, 2023 in New Delhi.
Key highlights –
- The logo — Earth juxtaposed with the lotus,
- Theme — “Vasudhaiva Kutumba-kam” or “One Earth One Family One Future”
- The logo reflects India’s idea of VasudhaivaKutumbakam (the whole earth is a family), because of which India has always believed in global harmony.
What is G20?
- G-20, a group of finance ministers and central bank governors from 19 individual countries and European Union, was established in 1999.
- G20 was elevated to a forum of Heads of State/Government in 2008 to effectively respond to the global financial crisis of 2008.
- G-20 is a forum, not a legislative body, its agreements and decisions have no legal impact, but they do influence countries’ policies and global cooperation.
Significance of G20 –
- Carries significant weight —
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- G20 members represent around 85% of global GDP, over 75% of global trade, and two-thirds of the world’s population.
- G20 members contribute 79% of the world carbon emissions and hence this platform assumes significance in shaping the discussion on climate change.
- Promotes Multilateralism —
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- Since 2011, the G20 summit has been held annually, under a rotating presidency.
- The practice of rotating the chair gives all the members a chance to shape the global agenda.
- A number of overarching themes —
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- Initially, the G20 focused on broad macroeconomic policy, but has since expanded its ambit to include trade, climate change, sustainable development, energy, environment, climate change, anti-corruption etc.
- Eg., 2021 summit decided to stop funding coal-fired power plants in poor countries by the end of 2021.
- It also committed to seek carbon neutrality “by or around mid-century”.
- 2021 summit endorsed the Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy.
- United Fight against COVID-19 Pandemic —
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- In March 2020, G20 leaders pledged to inject $5 trillion into the global economy to reduce the economic impact of the coronavirus pandemic.
- In addition to this, they also agreed to contribute to WHO’s COVID-19 Solidarity Response Fund on voluntary basis.
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