Note4Students

From UPSC perspective, the following things are important :

Prelims level: G7, G12, G20

Mains level: India's presidentship of G20

g20

PM unveiled the logo, theme and website of India’s G20 presidency.

What is G20?

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.
The first G20 Summit took place in 2008 in Washington DC, US.
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.

Presidency of G20

The presidency of the G20 rotates every year among members.
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.

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.
On the advice of the G7 Finance Ministers, the G20 Finance Ministers and Central Bank Governors began holding meetings to discuss the response to the global financial crisis that occurred.
Since 1999, an annual meeting of finance ministers has taken place.

G20 is the premier forum for international economic cooperation representing around-

The logo bears a lotus and the message of ‘Vasudhaiva Kutumbakam — One Earth, One Family, One Future’.
The lotus flower symbolises our Puranic heritage, our aastha (belief) and boddhikta (intellectualism).