G20: Shaping Global Economic Policy and Cooperation

[Poddar College]

Prime Minister Shri Narendra Modi will inaugurate the 9th G20 Parliamentary Speakers' Summit (P20) on 13 October 2023 at Yashobhoomi, at New Delhi. The summit is being hosted by the Parliament of India under the broader framework of India’s G20 Presidency.
In line with the theme of India’s G20 Presidency, the theme of the 9th P20 Summit is “Parliaments for One Earth, One Family, One Future.” The event will be attended by Speakers of Parliaments of G20 members and invitee countries. The Pan-African Parliament will take part in the P20 Summit for the first time after the African Union became a member of G20 at the New Delhi G20 Leaders’ Summit on 9-10 September 2023.
The thematic sessions during this P20 Summit will focus on the following four subjects - Transformation in People’s Lives through Public Digital Platforms, Women-led development, Accelerating SDGs, and Sustainable Energy Transition.
A pre-summit Parliamentary Forum on LiFE (Lifestyle for Environment) will also be held on 12 October 2023 to deliberate upon initiatives towards a greener and sustainable future in harmony with nature.
The Group of Twenty, or G20, is a prominent and influential international forum that brings together leaders from the world's largest economies to discuss and coordinate global economic policy. Established in 1999, the G20 has grown to become a crucial platform for addressing pressing global economic challenges.
Comprising 19 individual countries and the European Union, the G20 represents over 80% of the world's economic output and two-thirds of its population. This diverse group of nations includes economic giants like the United States, China, Japan, Germany, and others, along with emerging economies and regional representatives.
The primary goal of the G20 is to promote international financial stability, foster sustainable economic growth, action against terrorism and facilitate cooperation in addressing global challenges. Here are some key aspects of the

While economic matters are at the core of the G20's agenda, it also addresses broader global issues such as climate change, sustainable development, and global health crises. In recent years, climate change and sustainable development have become increasingly significant topics of discussion.
The G20 played a pivotal role in developing international financial regulations after the 2008 global financial crisis. Measures such as the Basel III accords aimed to strengthen the global banking system, and efforts to combat tax evasion and money laundering have also been endorsed by the G20.
The group promotes open and fair trade, aiming to reduce trade barriers and resist protectionism. Trade ministers' meetings and discussions on trade-related topics are integral to its agenda.
The cluster has shown its ability to respond to crises by coordinating economic stimulus measures during the 2008 financial crisis and, more recently, by addressing the economic impacts of the COVID-19 pandemic.
In conclusion, the G20 is a crucial forum for promoting global economic stability, fostering cooperation on critical issues, and coordinating economic policies among the world's major economies.
The Poddar Group of Institutions (PGI) one of the leading colleges of India, also adheres to the objectives of G20 to encourage sustainable growth, for the betterment of the country. As an Educational organization, we also spread awareness among students and people about the 17 sustainable goals by conducting several activities such as plantation on Environment Day