India to host G20 summit in 2022, 75th year of Independence

PM Modi made the announcement at the closing ceremony of the two-day summit held here in Beunos Aires

Prime Minister Narendra Modi on Saturday announced that India will host the G20 summit in 2022, the year the country would celebrate the 75th anniversary of its Independence.The G20 is a grouping of the world’s 20 major economies. Modi made the announcement at the closing ceremony of the two-day summit held here in Argentina’s capital.
Italy was to host the international forum in 2022. Thanking Italy for allowing India to play the host, Modi invited G20 leaders to India in 2022, which also marks the 75th anniversary of India’s Independence.
“In 2022 India completes 75 years since Independence. In that special year, India looks forward to welcoming the world to the G20 Summit! Come to India, the world’s fastest growing large economy! Know India’s rich history and diversity, and experience the warm Indian hospitality,” the prime minister tweeted after making the announcement.
G20 members comprise Argentina, Australia, Brazil, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the UK and the US. Collectively, the G20 economies account for nearly 90% of the gross world product, 80% of world trade, two-thirds of the world population, and approximately half of the world land area. Spain is a permanent guest invitee.

What is the G20?

G20 represents two thirds of the world population, three quarters of world trade and about 80% of economic output

The Group of 20 (G20) leading industrialised and emerging powers hold annual summits on economic governance, with wars and crises often overtaking the official agenda.
Grouping the US and other G7 members with giants such as China, India and Russia, it represents two thirds of the world population, three quarters of world trade and about 80% of economic output.
The other members are Argentina, Australia, Brazil, Britain, Canada, France, Germany, Indonesia, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Turkey and the European Union.
The G20, with its ministerial-level beginnings in 1999, first met for a summit in 2008 in Washington to discuss ways to achieve balanced and sustainable world economic growth.
Critics charge that the “self-appointed” club undermines the role of the international bodies, such as the United Nations, International Monetary Fund (IMF) and World Bank.
The grouping has often been a magnet for protesters, including at this year’s meet in Hamburg, Germany.
At the 2010 summit in Toronto, thousands of anti-capitalist protesters clashed with Canadian police, leaving dozens injured on both sides and sparking mass arrests.
The list of G20 members does not strictly reflect the world’s 20 biggest economies. Some non-members such as Switzerland have bigger economies than, for example, member Argentina.
The leaders mostly meet behind closed doors and lack the power to enforce binding decisions or rules.
The heads of global and regional bodies are invited to the summits—among them the chiefs of the UN, IMF, World Bank, WTO, African Union, APEC and Southeast Asia’s ASEAN.
Rotating G20 summits also invite guest nations, including “permanent guest” Spain and, this year, partner countries the Netherlands, Norway and Singapore.