CURRENT AFFAIRS

Detailed explanation-1: -Active consultation with the Engagement Groups forms an integral part of India’s “inclusive ambitious, decisive, and action-oriented", G20 approach, as outlined by Prime Minister Narendra Modi in the Bali Summit this year. India holds the Presidency of the G20 from December 1, 2022 to November 30, 2023.

Detailed explanation-2: -The Group of Twenty (G20) is the premier forum for international economic cooperation. It plays an important role in shaping and strengthening global architecture and governance on all major international economic issues. India holds the Presidency of the G20 from 1 December 2022 to 30 November 2023.

Detailed explanation-3: -The G20 Presidency steers the G20 agenda for one year and hosts the Summit. The G20 consists of two parallel tracks: the Finance Track and the Sherpa Track. Finance Ministers and Central Bank Governors lead the Finance Track while Sherpas lead the Sherpa Track.

Detailed explanation-4: -The theme of India’s G20 Presidency – “Vasudhaiva Kutumbakam” or “One Earth One Family One Future” – is drawn from the ancient Sanskrit text of the Maha Upanishad.