First G20 Finance and Central Bank Deputies (FCBD) meeting begins under India’s G20 Presidency

India’s G20 Presidency UPSC Relevance

India’s G20 Presidency: 1st Finance & Central Bank Deputies Meeting under the G20 Presidency of India is being held in Bengaluru. G20 Presidency of India is important for UPSC Prelims Exam (International Organizations) and UPSC Mains Exam (International Relations).

G20 Finance and Central Bank Deputies (FCBD) Meeting in News

• The first G20 Finance and Central Bank Deputies (FCBD) meeting is scheduled to be held during 13-15 December 2022 in Bengaluru.

India’s G20 Presidency, What will India Offer During its Presidency of the G20?

G20 Finance and Central Bank Deputies (FCBD) Meeting 2022

• About: 1^st G20 Finance and Central Bank Deputies (FCBD) meeting 2022 will mark the start of discussions on the Finance Track agenda under the Indian G20 Presidency.
• Host: G20 Finance and Central Bank Deputies (FCBD) Meeting 2022 will be hosted jointly by the Ministry of Finance and the Reserve Bank of India.
• Venue: The First Finance Ministers and Central Bank Governors Meeting will be held during 23-25 February 2023 in Bengaluru.
• Participation: Approximately 40 meetings of the Finance Track will be held in several locations in India, which include meetings of G20 Finance Ministers and Central Bank Governors.
• Mandate: The G20 Finance Track, led by Finance Ministers and Central Bank Governors of G20 countries, focuses on economic and financial issues.
  • It provides an effective forum for global economic discourse and policy coordination.
• Significance: The Indian G20 Presidency’s theme of ‘One Earth One Family, One Future’ will guide the G0 Finance Track discussions.
  • The discussions in the G20 Finance Track will ultimately be reflected in the G20 Leaders’ Declaration.

G20 Summit 2023- India’s G20 Presidency & Tourism Opportunities for N-E States

India’s Financial Track Agenda for It’s G20 Presidency

• Background: The Indian PM at Bali G20 Summit said that the need todayis that the benefits of development are universal and all-inclusive.
  • Ministry of Finance has imbibed this idea in the  G20 Finance Track agenda.
  • He has also given us a vision that India will strive to ensure that the G20 acts as a global “prime mover” to envision new ideas and accelerate collective action over the next one year.
• Key Agendas: Discussions will focus on the agenda for the Finance Track under the Indian G20 Presidency. This includes-
  • Reorienting international financial institutions to meet the shared global challenges of the 21^stcentury,
  • Financing cities of tomorrow,
  • Managing global debt vulnerabilities,
  • Advancing financial inclusion and productivity gains,
  • Financing for climate action and SDGs,
  • A globally coordinated approach to unbacked crypto assets and
  • Advancing the international taxation agenda.
• On the sidelines of the meeting, a panel discussion will be held on ‘Strengthening Multilateral Development Banks to Address Shared Global Challenges of the 21st Century’.
• A seminar on the ‘Role of Central Banks in Green Financing’ will also be held.

The 17th G20 Summit in Bali: To Focus on Food and Energy Security

India’s G20 Presidency

• G20 Presidency: The G20 Summit is held annually under a rotating presidency, which rests with India for 2023.
• Secretariat: The G20 group does not have a permanent secretariat, and the presidency is supported by the previous, current, and future holders of the post, together called the troika.
• G20 Troika: Along with India, 2023’s troika includes Indonesia and Brazil.
• G20 Summit 2023: As the President-nation, India will host the 18th G20 Heads of State and Government Summit in December 2023 in New Delhi.

The Editorial Analysis- India’s G20 Presidency and Food Security

FAQs on India’s G20 Presidency 

1. Who is India G20 Sherpa?

Ans. Ex-NITI Aayog CEO Amitabh Kant is the India’s G20 Sherpa.

1. Where is the 1^st Sherpa Meeting of India’s G20 Presidency being held?

Ans. 1^st Sherpa Meeting of India’s G20 Presidency is being held in Udaipur Rajasthan.

1. Which Country have the G20 Presidency for 2023?

Ans. India currently holds the G20 Presidency. India assumed for the first time the Group of 20 (G20) year-long presidency from December 1, 2022 to November 30, 2023, culminating with the G20 Summit in India in 2023.

4. what is the theme of G20 during India’s G20 Presidency?

Ans. India’s G20 Presidency Theme is “Vasudhaiva Kutumba-kam” or “One Earth One Family One Future”.

5. Who will host G20 Finance and Central Bank Deputies (FCBD) Meeting 2022?

Ans. G20 Finance and Central Bank Deputies (FCBD) Meeting 2022 will be hosted jointly by the Ministry of Finance and the Reserve Bank of India.

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