In News: Prime Minister of India unveiled the logo, theme and website of India’s G20 presidency.
- The logo bears a lotus and the message of ‘Vasudhaiva Kutumbakam — One Earth, One Family, One Future’.
Significance of the G20 logo
- The lotus is a symbol of hope.
- The logo reflects our idea of Vasudhaiva Kutumbakam (the whole earth is a family), because of which India has always believed in global harmony.
- The lotus flower symbolises our Puranic heritage, our aastha (belief) and boddhikta (intellectualism).
- The G20 was formed in 1999 in the backdrop of the financial crisis of the late 1990s that hit East Asia and Southeast Asia in particular.
- Its aim was to secure global financial stability by involving middle-income countries.
- Its prominent members are: Australia, Brazil, China, France, Germany, India, Japan, Republic of Korea, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US, and the EU. Spain is invited as a permanent guest.
- It represents around 85 per cent of the global GDP, over 75 per cent of the global trade, and about two-thirds of the world population.
How does the G20 work?
- The G20 has no permanent secretariat.
- The agenda and work are coordinated by representatives of the G20 countries, known as ‘Sherpas’, who work together with the finance ministers and governors of the central banks.
- The first G20 Summit took place in 2008 in Washington DC, US.
- In addition to Summits, the Sherpa meetings (that help in negotiations and building consensus), and other events are also organised throughout the year. Each year, the presidency invites guest countries.
- India will assume the presidency of the powerful G20 grouping from the current chair, Indonesia, on December 1, and hold the post for a year.
- The G20 Leaders’ Summit at the level of Heads of State/Government is scheduled to be held on September 2023.
- The presidency of the G20 rotates every year among members, and the country holding the presidency, together with the previous and next presidency-holder, forms the ‘Troika’ to ensure continuity of the G20 agenda.
- During India’s presidency, India, Indonesia and Brazil will form the troika.
- This would be the first time when the troika would consist of three developing countries and emerging economies.
- During the course of its G20 Presidency, India will be holding about 200 meetings in 32 different sectors in multiple locations across India.
Source: Indian Express
Previous Year Question
Q.1) With reference to the “G20 Common Framework”, consider the following statements: (2022)
- It is an initiative endorsed by the G20 together with the Paris Club.
- It is an initiative to support Low Income Countries with unsustainable debt.
Which of the statements given above is/are correct?
- 1 only
- 2 only
- Both 1 and 2
- Neither 1 nor 2
Q.2) In which one of the following groups are all the four countries members of G20? (2020)
- Argentina, Mexico, South Africa and Turkey
- Australia, Canada, Malaysia and New Zealand
- Brazil, Saudi Arabia and Vietnam
- Indonesia, Japan, Singapore and South Korea