India joins G20’s Troika | 02 Dec 2021
Why in News
Recently, India joined the G20 ‘Troika’ and with this India has started the procedure for taking over the G20 presidency next year.
Key Points
- About ‘Troika’:
- It refers to the top grouping within the G20 that consists of the current, previous and the incoming presidencies — Indonesia, Italy and India.
- As a Troika member, India will work closely with Indonesia and Italy to ensure consistency and continuity of the G20’s agenda.
- India will assume the G20 presidency on 1st December 2022 from Indonesia, and will convene the G20 Leaders’ Summit for the first time in India in 2023.
- Italy hosted the G20 summit during October 30-31, 2021 where India had raised the issue of Afghanistan’s future following the takeover by the Taliban.
- Indonesia took over the G20 presidency from 1st December, 2021 and in the coming months, Indonesia will hold rounds of discussion at various levels among the members of the G20 before convening the G20 Leaders’ Summit scheduled for October 30-31, 2022.
- Next year’s summit will be organised along the overall theme of “Recover Together, Recover Stronger”.
- G20:
- About:
- It is an informal group of 19 countries and the European Union (EU), with representatives of the International Monetary Fund and the World Bank.
- It does not have a permanent secretariat or Headquarters.
- The membership comprises a mix of the world’s largest advanced and emerging economies, representing about two-thirds of the world’s population, 85% of global Gross Domestic Product (GDP), 80% of global investment and over 75% of global trade.
- It is an informal group of 19 countries and the European Union (EU), with representatives of the International Monetary Fund and the World Bank.
- Members:
- Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the EU.
- Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the EU.
- Mandate of the Grouping:
- The G20 is the premier forum for international economic cooperation, which reflects a recognition that global prosperity is interdependent and the economic opportunities and challenges are interlinked.
- G20 countries have come together to better prepare for the future.
- The primary mandate of the grouping is for International Economic cooperation with particular emphasis to prevent future financial crises across the world.
- It plays a significant role in shaping the global economic agenda.
- From 1999-2008 the forum exalted from a grouping of Central bank governors and finance ministers to Heads of states.
- About:
- India and G20:
- As a founding member of the G20, India has used the platform to raise issues of vital importance and those that impact on the most vulnerable around the world..
- The global economic agenda making forum is to be presided over by India in 2022, it's a challenge as well as an opportunity for India to foster its presence in the international arena.
- But due to the rising toll of unemployment rates and poverty in the domestic portion, it’s hard to take the lead effectively.