G20 India: A Significant Step Towards ‘One Earth-One Family

Abstract

The Group of 20 (G20) stands as a global assembly dedicated to nurturing economic cooperation, convening annually under the guidance of a revolving leadership. The G20 represents the foremost assembly of the world’s largest economies, with its primary mission being the establishment of international benchmarks for addressing paramount global challenges. (Department of Economic Affairs, About G20) Within the panorama of the global economy, the ascent of the G20 bears profound significance. The G20’s inception in 1999 followed the aftermath of the Asian financial crisis, emerging as a platform for Finance Ministers and Central Bank Governors to engage in discussions concerning global economic and financial matters. The pivotal moment occurred in September 1999 when the finance ministers and central bank governors from the Group of Seven countries (the G-7) declared their intention to “expand the discourse on crucial economic and financial policy issues among systemically significant economies and foster collaboration for the attainment of stable and sustainable global economic growth that benefits all.” This declaration marked the formal establishment of what would later be recognized as the Group of Twenty countries (the G-20). (The group of twenty a History - University of Toronto) The inaugural summit convened in Washington DC in November 2008. In addition to the 20 member countries, the gathering saw the participation of leaders from the International Monetary Fund (IMF), the World Bank, and the United Nations. (OECD) The inaugural gathering in Washington established the framework for a comprehensive overhaul of global finance, marking the first such initiative in six decades. A notable outcome was the consensus on identifying