Blog-post

As India prepares to host global leaders representing the diverse nations forming the Group of Twenty (G20) in just a few days, let’s delve into the history of G20 and India’s presidency theme.

The G20 was established in the aftermath of the Asian financial crisis in 1999, initially serving as a platform for Finance Ministers and Central Bank Governors to engage in discussions pertaining to global economic and financial issues.

Comprising 19 countries, including Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, and the United States, along with the European Union, the G20 collectively represents a staggering 85% of the global GDP, over 75% of global trade, and approximately two-thirds of the world’s population. This formidable composition renders the G20 an immensely influential decision-making body on the global stage.

Guest countries are typically invited to attend the annual meeting based on the theme and their relevance to it. Spain, in recent years, has earned a permanent guest status on the list.

Every year, the premier annual fiscal gathering operates under the presidency of one of its member states. In the current year, India holds the prestigious role of host and presidency. The chosen theme, “Vasudhaiva Kutumbakam,” which translates to “One Earth • One Family • One Future,” embodies the fundamental concept guiding the decision-making processes during this critical event.

With this theme as the compass, the G20 summit under India’s presidency is poised to address and shape global economic and financial policies for a more interconnected and sustainable world.

Understanding the emotions behind “Vasudhaiva Kutumbakam”

The theme, “One Earth • One Family • One Future,” is beautifully encapsulated in the logo of G20-2023. Notably, the ‘Zero’ in G20 has undergone a transformation, now featuring the Earth nestled gracefully atop the national flower of India, the lotus. This artistic choice symbolizes India’s profound commitment to an environmentally sustainable approach to policymaking.

Beneath the logo, the term ‘Bharat’ is elegantly inscribed in the ancient Devanagari script, an ancient Indian writing system. This inclusion carries a deep significance, highlighting India’s dedication to preserving its rich traditions even as it forges ahead into the future.
The chosen theme serves as a powerful vehicle to instill in people the concept of LiFE (Lifestyle for Environment) through astute policymaking. LiFE emphasizes the pivotal role of responsible, sustainable changes in both national and global development, aligning seamlessly with the G20-2023’s vision of a harmonious and interconnected world.

B20 R.A.I.S.E. Responsible, Accelerated, Innovative, Sustainable and Equitable Businesses

Preceding the significant events of the G20 summit are the pivotal B20 meetings, representing the business forum of the G20. Established in 2010, this forum serves as a vital gathering ground for diverse businesses united by a common goal: fostering a community that can advocate for policies driving inclusive and sustainable economic growth.

In the current year, the B20 summit has been chaired by India, bearing the theme R.A.I.S.E., which stands for Responsible, Accelerated, Innovative, Sustainable, and Equitable Businesses. This theme forms the bedrock of the B20’s mission, guiding its efforts to shape policies that align with these principles.
The recommendations generated during the B20 meetings hold substantial weight as they are communicated to the G20 committees through the B20 Communique. The Communique encompasses a comprehensive document outlining policy recommendations across nine priority areas this year. These include inclusive global value chains for bolstering resilient trade and investment, the future of work, skills, and mobility, the ever-evolving landscape of digital transformation, financial mechanisms for global economic recovery, the critical aspect of financial inclusion, energy, and climate change, resource efficiency, the pivotal domains of technology, innovation, and R&D, the integration of ESG principles in business practices, and the crucial matter of Africa’s economic integration.

Preceding the significant events of the G20 summit are the pivotal B20 meetings, representing the business forum of the G20. Established in 2010, this forum serves as a vital gathering ground for diverse businesses united by a common goal: fostering a community that can advocate for policies driving inclusive and sustainable economic growth.

These recommendations serve as a compass, guiding the G20 towards policies that address some of the most pressing global challenges while fostering sustainable, inclusive, and equitable economic growth on a global scale.

On a concluding note:

As the city of Delhi adorns itself to host the 18th G20 summit, a historic event gracing Indian soil for the very first time on September 9th and 10th, anticipations run high. This gathering promises pivotal policy deliberations and casts a spotlight on the so-called ‘Third World Country’ in a manner never seen before. It’s a moment to showcase India’s remarkable technological prowess and vigilant governance, attributes that have enabled the nation to weather the storm of the global financial recession.

With the global spotlight shifting towards India, other nations are gearing up to assume the mantle of G20 leadership in the coming years. Brazil is poised to take the reins for the G20 presidency in 2024, followed by South Africa in 2025. These transitions mark a significant chapter in the ongoing global dialogue on economic cooperation and sustainable development.

The 18th G20 summit in Delhi is not just a milestone for India but also an opportunity for the world to witness the country’s strategic influence on the global stage. It serves as a testament to India’s emergence as a key player in shaping the economic landscape and fostering cooperation among nations.

BLS International extends its best wishes to its homeland, India, as the country prepares to host the historic 18th G20 summit on its grounds. It’s a momentous occasion that carries the aspirations of not just a nation but the hopes of a better, more connected world for all.