New Delhi: India will assume the presidency of the G20 grouping for the next year on Thursday. The Group of 20 (G20) is a forum comprising 19 of the world’s largest advanced and developing economies, as well as the European Union, which meets every year to discuss their most pressing global issues.
First formed after the Asian financial crisis in the late 1990s as a forum for finance ministers and central bank governors, it evolved into a leaders’ summit, involving heads of states and governments, after the 2008-09 global financial crisis.
India’s first presidency will see a year-long series of meetings, culminating in a summit in New Delhi in September 2023. The year is likely to be marked by economic slowdown in most G20 economies.