Presenting the Budget 2020 in Lok Sabha, Finance Minister Nirmala Sitharaman on Saturday said India will host G-20 presidency in the year 2022 and Rs 100 crores have been allocated for preparation. The G20 is an international forum for the governments and central bank governors from 19 countries and the European Union.
For India, the G20 is a unique global institution, where developed and developing countries have equal stature.
The G20 has a rotating presidency and secretariat, ensuring that no country dominates the agenda. Instead, the G20 host sets the agenda for the year, wielding vast direct and indirect influence. Managing this process from inception to fruition showcases a country’s talent and administrative ability.
This holds both opportunities and challenges for India: the opportunity to set the global economic governance agenda and make it inclusive, and the challenge of taking on the massive task as G20 President in 2022.
Modi had earlier requested Italy if it can host the summit in 2021 and allow India to host the G-20 countries for their annual summit in 2022.
Founded in 1999 with the aim to discuss policy pertaining to the promotion of international financial stability, the G20 has expanded its agenda since 2008 and heads of government or heads of state, as well as finance ministers and foreign ministers, have periodically conferred at summits ever since. It seeks to address issues that go beyond the responsibilities of any one organization.