Economy

‘India’s decision to postpone G20 presidency by a year based on consultation with members’

Amiti Sen New Delhi | Updated on November 23, 2020 Published on November 23, 2020

The decision for India to postpone taking over the G20 presidency by a year and host the summit of the high-profile grouping in 2023 instead of 2022 was based on consultations with other member countries and mutual convenience, according to a source close to the development.

“The order of the rotating presidency is decided among Member States on the basis of consultations and mutual convenience. India looks forward to taking forward the G20 agenda in 2023 after the Italian and Indonesian presidencies,” the source told BusinessLine.

Postponing the presidency by a year will also give more time to India to emerge from the disruptions caused by the COVID-19 pandemic and prepare better for the summit, another source from a think-tank said.

The G20 includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US and the European Union.

Saudi Arabia, which held the presidency of the group in 2020, concluded the two-day virtual G20 summit on Sunday.

‘Self-Reliant India’

In his speech at the summit, Prime Minister Narendra Modi said that for inclusive, resilient and sustainable recovery in a post-Covid world, effective global governance is required and reformed multilateralism through improvement in character, governance and processes of multilateral institutions is the need of the hour.

With the changing situation in the wake of the Covid-19 pandemic, Modi said that India has adopted a ‘Self-Reliant India’ initiative. “Following this vision, based on its competence and dependability, India will become an important and reliable pillar of World Economy and Global Supply Chains,” according to an official release.

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Published on November 23, 2020
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