India hosts G20 meeting focused on economy and global tension

India hosts G20 meeting focused on economy and global tension
G20 summit or meeting concept. Row from flags of members of G20 Group of Twenty and list of countries in a conference room. 3d illustration

The G20 finance and central bank delegate meetings kicked off on Wednesday (22.02.2023) in the Indian city of Bangalore, with India aiming to boost collective efforts to address economic vulnerabilities and geopolitical tensions.

“The G20 financial discussions will include strengthening bilateral development banks to face the shared global challenges of the 21st century, financing the cities of tomorrow and advancing the international tax agenda, among others,” he said at the opening of the working session the Indian Minister of Information and Telecommunications, Anurag Thakur.

Today’s meetings are the second meeting of the group’s finance representatives, before reaching a climax on Friday and Saturday, when the main sessions of finance ministers and central bank governors are held, also at the southern city of Bangalore.

Over the next few days, the top twenty developed and emerging economies will review mechanisms for “collaborative efforts to address global challenges, (as) the global economy faces the effects of the pandemic, food and energy insecurity, inflation, vulnerabilities and geopolitical tensions”, Thakur highlighted when referring to the objectives of the G20 Presidency, in the hands of India.

India took over the G20 Presidency last December, picking up the baton from Indonesia, and aims to host more than 200 G20 meetings throughout the year.

The Asian country hopes to receive various ministers and government representatives in the coming days, including the US Treasury Secretary, Janet Yellen; the Vice President of the Government of Spain, Nadia Calviño; the French Finance Minister, Bruno Le Maire; or the Argentine Minister of Economy, Sergio Massa.

The theme chosen by India for its Presidency was “Vasudhaiva Kutumbakam” or “One Earth, One Family, One Future”, with ideas based on the pacifist messages of Buddha and the Indian independence leader “mahatma” (great soul) Gandhi, in the current moment of immense global instability.

The highlight will be the Summit of Heads of State and Government, which is scheduled to take place on September 9-10 in New Delhi.