G20 - IndiaGlobal

Why is India's G20 Presidency Significant?

G20 accounts for 85% of global GDP, 75% of international trade and two-thirds of the world population. The data explains the magnitude and scale of economic machinery at work. Both, G20 and India have played, and will play, a substantial role in the global economy, international trade, human resource development, and much more. India has become the fifth-largest economy and is set to be the third-largest economy by 2029. India’s overall exports (Merchandise and Services combined) in April-December 2021 were estimated at USD 479.07 bn.

India’s overall imports in April-December 2021 period were estimated at USD 547.12 bn. As per the provisional GDP estimates, Real GDP growth in FY 2021-22 stands at 8.7%, indicate a post-pandemic recovery. With a third-largest unicorn base in the world, there are more than 100 unicorns, in India, that are valued at USD 332.7 bn. Indian exports are expected to reach USD 1 trillion by 2030. An Apex Committee headed by the Prime Minister, and comprising Finance Minister, Home Minister, External Affairs Minister, and G20 Sherpa (Commerce & Industry, Textiles, Consumer Affairs, Food and Public Distribution Minister) will guide the G20 Secretariat. This reveals cooperation across various ministries and departments.