Essay on G20 Summit 2023 in English for School Students

Essay on G20 Summit Delhi: The G20 Summit 2023 is being held in New Delhi, India. Students must understand how important this is for our nation. Check this English essay on G20 Summit 2023 and amaze your teachers and friends with your knowledge!

Essay on G20 Summit 2023: The G20 Summit is an annual gathering of leaders from 19 of the world’s largest economies and the European Union. The Group of Twenty (G20) was established in 1999 and serves as the premium forum for global economic cooperation and shaping. The G20 Summit significantly contributes to molding and enhancing the global framework and governance concerning critical international economic matters. During the summit, leaders discuss various issues, including economic growth, trade, climate change, and geopolitical stability. They can have a significant impact on global economic and political developments. 

About G20 Summit 2023

The 18th G20 Summit is the high point of a year filled with G20 activities. The G20 Summit 2023 is being held in Delhi, India from September 9 and September 10, 2023.

These activities involve ministers, important officials, and people from civil society. When this summit ends, the leaders of the G20 countries will release a statement to show that they are still committed to the important topics they talked about and agreed upon during their meetings throughout the year.

Who are G20 Members?

The G20 is made up of 19 countries (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, and the United States), along with the European Union. 

When did India join the G20?

The G20 was founded in 1999 after the Asian financial crisis as a forum for Finance Ministers and Central Bank Governors to discuss global economic and financial issues. India is a founding member of the G20.

What is the theme of the 2023 G20 Summit Delhi?

The theme of G20 Summit 2023 in Delhi is “Vasudhaiva Kutumbakam” or “One Earth, One Family, One Future”.

Which country will host the G20 presidency in 2024?

Brazil will host the 2024 G20 Summit from July 12 to July 14, 2023. Brazil will take over the presidency of the G20 summit from India on December 1, 2023.

200 Words Essay on G20 Summit 2023

The G20 Summit stands as a pivotal international gathering where the leaders and central bank governors from 20 of the world’s most influential economies come together to deliberate on matters of global economic significance. Established in 1999, this summit was conceived to facilitate discussions surrounding policy issues concerning international economic cooperation and development.

The G20 member nations collectively wield tremendous economic power, representing a staggering 85% of the world’s Gross Domestic Product (GDP) and a majority of the global population. These member countries include Argentina, Australia, Brazil, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, Russia, Mexico, Saudi Arabia, South Africa, Turkey, the United Kingdom, and the United States.

For India, the 2023 G20 is of paramount importance. It serves as a platform through which the nation can engage with the world’s foremost economic players, advocating for its economic interests and addressing pressing global concerns. India, with its rapidly growing economy and substantial population, seeks to leverage this forum to not only safeguard its own interests but also to contribute to the resolution of critical global challenges, such as climate change, trade, and economic stability.

Thus, the G20 Summit is not just a meeting of nations but a convergence of economic giants aimed at shaping the global economic landscape and fostering cooperation on a scale corresponding with their mass, collective influence.

Importance of the G20 Summit

Together, the G20 members account for approximately 85% of the world’s total economic output (GDP), more than 75% of worldwide trade, and nearly two-thirds of the global population, making it a vital forum for international economic cooperation. The G20 Summit is important as it serves as a platform for the leaders of the world’s largest economies to collaborate on pressing global matters. 

At the G20 Summit, leaders exchange ideas, deliberate on policy solutions, and coordinate efforts to tackle various global challenges, encompassing economic issues like recessions, trade, and investments, as well as social concerns like poverty, inequality, and climate change.

Furthermore, the G20 Summit is relevant for enabling collective action. Leaders can work together to implement policies and initiatives with a significant impact on the global economy and society, such as responding to the 2008 global financial crisis and coordinating the global response to the COVID-19 pandemic.

Importance of India’s G20 Summit Presidency 2023

G20 is the premier forum for international economic cooperation representing around 85% of the global GDP, over 75% of the global trade, and about two-thirds of the world population.

During the course of its G20 Presidency, India will host about 200 meetings in 32 different sectors in multiple locations across India.

The G20 Leaders’ Summit at the level of Heads of State/Government is scheduled to be held on September 9 and 10, 2023 in New Delhi.

• According to Prime Minister Modi, this term can be an opportunity for India to share its expertise with the world in areas of women empowerment, democracy and digital technologies.
• As a country with core democratic values, India can show the world that the scope of conflict can come to an end when democracy becomes a culture. This gains significance amidst the ongoing Russia-Ukraine conflict.
• India’s foreign policy is focusing on the ‘global common good’. Through its G20 leadership, India hopes to extend this principle towards finding sustainable solutions to some of the key global challenges emerging out of the interconnectedness of the world, such as climate change, new and emerging technologies, food and energy security, etc.
• This would be the first time when the Troika would consist of three developing countries and emerging economies.
• It is hoped that as a result there would be a shift in the balance of power within the G20 favouring emerging economies to have a greater share in decision-making at this grouping.
• The G-20 Presidency presents a great opportunity for India to correct the long-standing anomalies that go against developing countries, especially in the domain of agriculture and food subsidies.