Key Highlights of G20 Summit 2022

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November 18, 2022

Why in news?

Recently, the leaders of the world's Group of 20 (G20) wealthiest nations concluded a two-day summit on the Indonesian island of Bali.

What are the key takeaways from the G20 meeting in Bali?


  • Xi Jinping’s emergence - The G20 meeting in Bali signalled Xi Jinping’s emergence from three years of self-imposed pandemic isolation.
  • While the meeting Xi-Biden laid out major differences over Taiwan, trade restrictions and technology transfers, the two agreed to keep communications open and avoid confrontation.
  • Russia's aggression – The leaders adopted a declaration deploring Russia's aggression in Ukraine in the strongest terms and demanding its unconditional withdrawal.
  • Global economy - The emerging economies concern about the huge capital outflows if aggressive U.S. rate increases continue.
  • The G20 economies agreed to pace interest rate rises carefully to avoid spillovers and warned of increased volatility in currency moves.
  • Food security - The leaders promised to take coordinated action to address food security challenges and applauded the Black Sea grains initiative
  • However, civil society groups criticised for the absence of concrete steps on hunger.
  • Climate Change - G20 leaders agreed to pursue efforts to limit the global temperature increase to 1.5 degrees Celsius standing by the temperature goal from the 2015 Paris Agreement.
  • Russia and the West - The divide between Russia and the West was evident again for a few hours after news of the Russian-built missile landing in Poland broke.

What is the significance for India?

  • As India inherits the presidency of G20, with the US and European Union in one camp, Russia and China in another, it is faced with unique challenges and opportunities.
  • Opportunities - India’s biggest advantage lies in the fact that it has a foot in both camps.
  • India is about to take on the role of peace-maker on behalf of the South.
  • India is also readying to push for global consensus on maintaining stable supply chains for food and fertilisers to build food security globally, and for stable supplies of energy.
  • Another item on the agenda, might be to push the global North on its promise of climate finance and tech transfer to developing countries.
  • The digital divide in the developing world indicates another likely big idea during India’s presidency.
  • Challenges - The challenge lies in leveraging this middle ground over the next year.
  • As G-20 president, India’s challenge would lie in taking all members along in follow-up meetings.
  • India should build on its well-regarded position that ‘today’s era is not of war’ to nudge the world towards ending the war.



  1. The Indian Express│ Road to G20, Delhi 2023
  2. The Indian Express│ 5 takeaways from the summit in Bali
  3. The Hindu Businessline│ India needs to walk tightrope as G-20 helmsman
  4. Reuters│ Key takeaways from the G20 summit in Bali


Quick facts


  • The G20 is a strategic multilateral platform connecting the world’s major developed and emerging economies.
  • Starting in 1999 as a meeting for the finance minister and central bank governors, the G20 has evolved into a yearly summit involving the Head of State and Government.
  • The meetings are organised along two tracks, the “Finance Track” and the “Sherpa Track”.
  • There are the Engagement Groups such as the Think 20 and the Business 20.
  • Objective - To shore up the world’s economic and financial stability
  • The G20 has no permanent secretariat.
  • India is a member of the G20 and has assumed the current Presidency.
  • India theme for its presidency is “One Earth, One Family, One Future” along with the official symbol of the lotus.
  • Together, the G20 members represent more than 80% of world GDP, 75% of international trade and 60% of the world population.
  • Troika, which comprises the past, present, and future presidents now includes Indonesia, India, and Brazil.



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