Union Finance Minister Nirmala Sitharaman has announced a budget allocation of Rs 100 crores for the preparations for the G-20 summit to be held in India in 2022.
This will be the first time that India will be hosting the critical G-20 summit.
It will be the year when the Presidency by rotation arrives at India’s doorstep. The nation will also be celebrating 75 years of its independence then.
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The G-20 summit preparations will involve various matters related to the venue, security, accommodations and other infrastructural issues amongst others.
G-20 is an informal grouping consisting of 19 nations and the European Union. It also consists of the financial partners such as the IMF and the world bank.
The grouping together represents globally: 85% of the GDP, 2/3 of the population and 75% of international trade.
The grouping has two main channels: the finance and the Sherpa channels.
The finance channels present an opportunity to discuss issues plaguing the global economy. Here issues such as digital technologies, global banking and financial systems and taxation issues amongst others are discussed.
The Sherpa channel, on the other hand is a forum where issues pertaining to various socio-economic issues are discussed.
Recently, issues pertaining to terrorism, cyber security and narcotics are also being discussed.
Italy will host the summit in 2021 before India does.