Prime Minister Narendra Modi today unveiled the logo, theme and website of India’s G20 presidency in an online event and said that this is a moment of pride and great opportunity for India.
“It is a matter of pride for all Indians; it will bring greater glory for all Indians,” PM Modi said.
He also added that the logo, theme and website of India's G20 presidency reflects country's “message and overarching priorities” to the world.
India will assume the presidency of the powerful G20 grouping from the current chair Indonesia on December 1.
Highlighting the 75th year of Indian independence on which the government is celebrating Azadi ka Amrit Mahotshab the PM added that all governments and people have contributed to the developmental trajectory of the country since independence.
Notably, it is very rare occasion when PM Modi referred to the contribution of the earlier governments in the development of India. The common refrain among the right wing is India won freedom in 2014 when Modi came to power.
In reference to democratic traditions of the country he mentioned that India has the capacity to show the world how democracy as a culture reduces the scope of conflicts.
He emphasised on sustainable environment and said that development and the environment (Pragati and Prakriti) can walk together while emphasising sustainable development.
However, what is G20? How did India become its president? Does it have anything to do with the power of the country? What is G20 Troika? Here is all you need to know.
What is G20?
The G20 or Group of 20 is an intergovernmental forum of the world's major developed and developing economies.
The G20 comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US and the European Union (EU).
The G20 summit is taking place on November 15 and 16 in Bali and along with several top leaders PM Modi is also scheduled to attend it.
This group is the premier forum for international economic cooperation representing 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 did India become G20 President?
As per the convention of G20, there is no permanent secretariat. Rather, the member countries by consensus select a president for a singular term of one year.
Interestingly, the rotation covers all the member countries giving equal value to it.
It has notably nothing to do with the economic prowess or performance of that particular country.
What is G20 Troika?
G20 Troika is the significant group among the countries that consists the last, firthcoming and current president. India is now a party to it along with the last president Italy, current president Indonesia.
When India will take over the presidency India will have Indonesia and Brazil as the part of Troika. This is for the first time since the formation of the group in 1999 that two developing economies of the world will be part of Troika.
