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The clock is ticking. In about three months, India will assume for the first time the Group of 20 (G20) year-long presidency from December 1, 2022, to November 30, 2023, culminating with the G20 Summit in India in 2023. The subsequent months will witness India hosting over 200 meetings with hundreds of ministers, officials, diplomats, businessmen, non-governmental organizations, working groups, and engagement groups of the G20 composed of 19 powerful economies and the European Union (EU). India has hosted large international conferences such as the Non-Aligned Movement (NAM) summit in 1983 and the Third India-Africa Forum summit in 2015. But nothing compares with hosting the G20. It is the world’s informal steering directorate on global economic issues; it entails the responsibility of shaping decision-making on key challenges facing the world today, and its summit is preceded by a large quantum of preparatory deliberations that feed into the final outcome.

It is essential to neither overstress nor underestimate the significance of the G20’s work. The G20 membership represents nearly 90% of the world’s GDP, 80% of global trade, and 67% of the planet’s population. It is an advisory body, not a treaty-based forum and, therefore, its decisions are recommendations to its own members. The weight of this powerful membership carries enormous political and economic influence. The representation of the United Nations, the World Bank, the International Monetary Fund, the World Trade Organization, the World Health Organization, and other multilateral institutions in it makes the G20 an incomparable body.

The G20 has played a vital role in addressing financial and economic challenges such as the global financial crisis of 2008-09 and the Eurozone crisis of 2010. The forum was elevated from the finance ministers to the heads of government/state in 2008. This was the era of the G8 (up to 2014 when Russia was suspended), of the major powers — the United States, the EU, Russia, and also China, but they needed to work together with the emerging economies in defining global challenges and crafting their solutions.