G-20 LOGO - INTERNATIONAL RELATIONS
News: PM Modi unveils logo, theme, website of G20 presidency
What's in the news?
● India's
upcoming presidency of the G20 grouping is a matter of pride and a great
opportunity for the country in its 75th year of Independence, Prime Minister
Narendra Modi said on November 8.
● Mr. Modi made the remarks after unveiling the logo, theme and website of India's G20 presidency during an online event.
Key takeaways:
● India will assume the
presidency of the powerful grouping from the current chair Indonesia on
December 1.
● The
G20 or Group of 20 is an intergovernmental
forum of the world's major developed and developing economies.
● He
also said that India can show the world that the scope of conflict can come to
an end when democracy becomes a culture.
● The
Prime Minister also said that development and the environment (Pragati and
Prakriti) can walk together while emphasising sustainable development.
● The G20 summit is taking place on November 15 and 16 in Bali and Mr. Modi is set to be among top leaders attending it.
Logo:
● The
logo bears a lotus and the message of ‘Vasudhaiva
Kutumbakam — One Earth, One Family, One Future’.
● The lotus flower symbolizes our Puranic heritage, our aastha (belief) and boddhikta (intellectualism).
G-20:
● 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.
● Its
aim was to secure global financial
stability by involving middle-income countries.
● Together, the G20 countries include 60 percent of the world’s population, 80 percent of global GDP, and 75 percent of global trade.
Members:
● Argentina,
Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy,
Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey,
the United Kingdom, the United States, and the European Union.
● Spain is invited as a permanent guest.
Other backdrops of G-20:
● 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.
● Italy, Indonesia, and
India are the Troika countries right now.
● The
first G20 Summit took place in 2008 in Washington DC, US. In addition to
Summits, the Sherpa meetings (that help in negotiations and building
consensus), and other events are also organized throughout the year.
● Each
year, the presidency invites guest countries.
● 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.
● India
recently appointed ex-NITI Aayog CEO Amitabh Kant as the G20 Sherpa after
Piyush Goyal.