siliconindia | | DECEMBER 20228IN FOCUSThe G20 summit, which is taking place in Bangalore this year and is already underway, is well known for addressing the global concern such as reducing global warming, fostering sustainable development, and maintaining international financial stability. Under G20 oversight and jointly conducted by the Reserve Bank of India and Union Ministry of Finance, the discussion on the financial agenda would last for three days.The current meeting is headed by Ajay Seth, from the Dept. of Economic affairs and Michael D. Patra, Deputy Governor of RBI. India has invited contemporaries from G20 member nations and international organizations. All these are a part of the meeting now.G20 is into existence as a leading forum for global cooperation on the most relevant issues of the international economic and financial policies. It unites the world's growing economies to come together and discuss pressing issues.For the first time, in December 1999, in Berlin, Germany, the Finance Ministers and Central Bank Governors of developed and developing nations with systemic importance convened for an informal discussion on crucial concerns for global economic stability. Since then, a yearly meeting of central bank governors and finance ministers has been held. G20 finance ministers and governors of the central banks met in India in 2002. In order to deal with the 2008 global financial and economic crisis, G20 was elevated to the summit level. The European Union and 19 other countries make up the G20, an international forum.Nations Associated with G-20The participants of the G-20 consist of nations such as Argentina, Australia, Brazil, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Korea, South Africa, Turkey, the United Kingdom, and the United States of America. These nations constitute approximately 90 percent of global GDP, 80 percent of global trade and two thirds of the world's population. Their aim is to:· First, it coordinates member policies to advance prosperity, stability, and sustainable growth on a global scale.· Second, to advance financial regulations that minimize risk and avert future monetary issues.· Finally, to create a brand-new global financial system.Proceedings in IndiaSince the G20 summit is progressing in the metropolis of Mumbai, the traffic police have already initiated traffic restrictions from December 12 eve till 16th of Dec.IN FOCUSG20 SUMMIT: THE PLATFORM FOR IMPECCABLE GLOBAL CONCERNSBy Rejith P. R., Online Content Writer, Siliconindia
< Page 7 | Page 9 >