Know about G-20

Know About G-20:

The Group of Twenty (also known as the G-20 or G20) is an international forum for the governments and central bank governors from 20 major economies. The members include 19 individual countries—Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom and the United States—along with the European Union (EU). The G-20 was founded in 1999 with the aim of studying, reviewing, and promoting high-level discussion of policy issues pertaining to the promotion of international financial stability. It seeks to address issues that go beyond the responsibilities of any one organization. Collectively, the G-20 economies account for around 85% of the gross world product (GWP), 80% of world trade (or, if excluding EU intra-trade, 75%), and two-thirds of the world population. The G-20 heads of government or heads of state have periodically conferred at summits since their initial meeting in 2008, and the group also hosts separate meetings of finance ministers and central bank governors.

G-20 2015

Citing[sIt(mentioning,उल्लेख)] the government’s “bold economic and governance reforms,” Prime Minister Narendra Modi on Sunday called for “close coordination on preventing corruption and cooperation on freezing of unaccounted money hoarded[hord(save up,जमा)] abroad and its repatriation[ree,pey-tree'ey-shun(return to country,वतन वापसी)]”.

Making a lead intervention at the G-20 leaders’ meeting, Modi said: in the area of global finance, G20 should focus on certain steps, which included, “implementation of the decisions to restructure global economic institutions”, “greater collaboration between multilateral and regional financial institutions”, “enhanced long term finance for infrastructure in developing countries, developing next generation, climate resilient infrastructure”, lower the cost of global remittances well before 2030, and “close coordination on forestall[for'stol(preventing,रोकना)] corruption and cooperation on freezing of unaccounted money hoarded abroad and its repatriation”.

In his lead intervention at G20 Working Lunch on Development and Climate Change, Modi also said India has the world’s largest financial inclusion programme and has “definite target dates” for meeting people’s basic needs. He said that India is promoting growth and investing in skills to create employment for the youth. The country is also increasing the pace and quality of infrastructure expansion, and investing in making the country far more productive and resilient.

Modi said India’s development goals are aligned with the Sustainable Development Goals. The SDGs are comprehensive set of goals that places complete elimination of poverty in the world by 2030 as its top goal. And, it creates the right balance between growth, development, human welfare and environment, he added.

Antalya: Ahead of the COP-21 conference in Paris on climate change in November end, Prime Minister Narendra Modi said that India looks forward to a concrete outcome within the framework of the UN Convention on climate change, and the framework should have a “appropriate balance of collective action”.

“At G 20, we can play an trenchant[tren-chunt(effective,प्रभावी)] role in supporting the multilateral goals of increasing research and development to develop affordable renewable energy. We should also ensure that finance and technology is available to meet the universal global aspiration for clean energy. We must meet the target of $100 billion goal per year by 2020,” he said, making a pitch for funding. He pledged[plejd(committed,वादा)] to quadruple[kwó'droo-pul(four times,चौगुना)] India’s renewable power capacity to 175 gigawatt by 2022 and cut fossil fuel subsidies.

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