Why in the News?

Prime Minister Narendra Modi is attending the G20 Summit in Rio de Janeiro, focusing on India's positions on global issues and building on New Delhi Summit outcomes. Key discussions include sustainability, social inclusion, poverty, and governance reforms. Modi will also hold bilateral talks with global leaders. India, as part of the G20 Troika, highlights its leadership through initiatives like the African Union’s inclusion and advocacy for the Global South's priorities.

About G20

• In 1999, following the Asian Financial Crisis of the 1990s, G20 was established as a Forum for Finance Ministers and Central Bank Governors.
• Raised to the Summit level in 2008 to address the global financial and economic crisis of 2008.
• Aim: Secure global financial stability by involving world's largest advanced and emerging economies.
• Structure and Functioning of G20
  • The G20 Presidency rotates annually.
  • No permanent Secretariat or Headquarters
  • 19 countries are divided into 5 groups
• The presidency rotates between each group
  • Troika: It is a working association between the current presidency, past presidency and next presidency.
• Members: