Expected Questions and Answers From G20 Summit 2023

This year, CBSE has included the topic G20 Summit 2023 in the class X Economics curriculum. The purpose is to offer the students  a real-world perspective on Global economic governance. Understanding its significance is key for students navigating the complexities of modern economies. To prepare for this topic, students should focus on core concepts: the purpose and History of the G20, the participating nations, and the economic issues discussed. The topic G20 Summit 2023 is added in the fourth chapter of Economics i.e. Globalization and the Indian Economy.

In this blog article on G20 Summit 2023, we are providing the major highlights along with short questions to be asked in class X board exams this year. Analytical skills will be honed b exploring the summit’s impact on global economies and proposing informed solutions. Here, we are trying to provide you questions that range from basic factual information to more analytical and opinion-based inquiries, which will help develop a well-rounded understanding of the G20 Summit and its significance.

G20 SUMMIT 2023 – HIGHLIGHTS OF INDIA’S PRECIDENCY

INTRODUCTION:

• India assumed the presidency of the G20 grouping from Indonesia, on December 1, 2022, and will hold the post for a year.
• This offers a unique opportunity for India to contribute to the global agenda on pressing issues of international importance.

G20 COUNTRIES:

The G20 member countries are

1. Argentina
2. Australia
3. Brazil
4. Canada
5. China
6. France
7. Germany
8. India
9. Indonesia
10. Italy
11. Japan
12. Mexico
13. Republic of Korea
14. Republic of South Africa
15. Russia
16. Saudi Arabia
17. Turkey
18. United Kingdom
19. S.A.
20. European Union

Theme of G20 summit organized by India.

“वसुधैव कुटुंबकम” or ‘One Earth-One Family-One Future’

Logo of G20 Earth Summit 2023

• The G20 Logo draws inspiration from the vibrant colours of India’s national flag – saffron, white and green, and blue.
• The Earth reflects India’s pro-planet approach to life, one in perfect harmony with nature.

G20 SUMMIT 2023 – HIGHLIGHTS OF INDIA’S PRECIDENCY

Benefits of organizing G20 summit:

This offers a unique opportunity for India to contribute to the global agenda on pressing issues of international importance such as Macro economy, trade, overall development, climate change and energy, health, counter-terrorism, as well as migration and refugees.

The G20 has sought to realize an inclusive and sustainable world through its contributions towards resolving these global issues.

What does the term “LiFE” indicate?

Lifestyle For Environment (LiFE) both at the level of individual lifestyles as well as national development, leading to globally transformative actions resulting in a cleaner, greener and bluer future.

The “Amrit Kaal” period

The 25-year period beginning from the 75th anniversary of its independence on 15 August 2022, leading up to the centenary of its independence, towards a futuristic, prosperous, inclusive and developed society, distinguished by a human-centric approach at its core.

G20 SUMMIT 2023 – HIGHLIGHTS OF INDIA’S PRECIDENCY

Significance of India’s G20 Presidency: 

• G20 is the premier forum for international economic cooperation representing around 85% of the global GDP, over 75% of the global trade, and about two-thirds of the world population.
• During the course of its G20 Presidency, India will host about 200 meetings in 32 different sectors in multiple locations across India.
• During India’s Presidency, Indonesia and Brazil along with India would form the G20 Troika.

• This would be the first time when the Troika would consist of three developing countries and emerging economies.
• The G-20 Presidency presents a great opportunity for India to correct the long-standing anomalies that go against developing countries, especially in the domain of agriculture and food subsidies.

Previous Country to host G20 Summit in 2022

The G20 summit, the group’s first post-pandemic summit, recently took place in Bali, Indonesia

Next Country to hold G20 Summit in 2024

Rio de Janeiro in Brazil.

Challenges For G20 Countries

• Rising Geopolitical Rifts
• Slow Down of Major Economies
• Expected Recession
• Persistent High Inflation
• Impact of Russia’s Invasion of Ukraine
• Impact of Rising Inflation

Questions and Answers To Be Prepared For Class X 2023-24

Q1. When was G20 established?

A) 1973

B) 1986

C) 1999

D) 2004

Ans. G20 was established in the year 1999. The aim was to bring and provide the finance ministers and the governors of Banks of the developed and developing nations  together on a global platform.

Q2. Which one of the following statements about G20 Summit is not correct?

A) G20 Summit is held every year.

B) India has never organized G20 summit before 2023.

C) The Governors and Finance ministers of the developed and developing countries are invited.

D) The main purpose of G20 is to eliminate poverty from the world.

Ans. The main purpose of G20 is to eliminate poverty from the world. The major purpose of G20 Summit is Financial stability and Sustainable growth.

Q3. In which city was the G20 summit in 2023 held.

A) New Delhi

B) Gurgaon

C) Hyderabad

D) Bangalore

Ans. New Delhi

Q4. What is the theme of G20 Summit 2023?

A) Serving the Human better.

B) One Earth, One Family, One Future

C) Fighting poverty with Rigidity.

D) Working together for sustainable development.

Ans. One Earth, One Family, One Future ( Vasudhaiv Kutumbkam)

Q5. Which one of the following statements about G20 Summit is not correct?

A) G20 is the premier forum for international economic cooperation representing around 85% of the global GDP

B) It contributes over 75% of the global trade.

C) It covers 40 percent of the world’s population.

D) India is organizing G20 summit for the first time.

Ans. It covers 40 percent of the world’s population.

Questions and Answers To Be Prepared For Class X 2023-24

Q6. Where was the first G20 Summit organized?

A) Tokyo

B) Washington

C) Rio de Janeiro

D) Paris

Ans. Washington. The first G20 Summit was organized in 2008 in Washington DC (USA)

Q7. Till date, how many G20 summits have been held?

A) 11

B) 14

C) 18

D) 21

Ans. 18. Before 2023, 17 G20 summits were held. In India, this time 18th summit was held.

Q9. Which one of the following statements about G20 Summit is correct?

A. The G20 Presidency was with China in 2015

B. Australia is a member country of G20.

C. G20 Presidency changes every two years.

D. G20 has a common secretariat in Brazil.

Ans. B. Australia is a member country of G20

Q9. Who is the current President of G20.

A. Narendra Modi

B. Vladimir Putin

C. Emuel Macron

D. Joe Biden

Ans. A. Narendra Modi

Q10. Apart from 20 countries, how man more countries were invited for the G20 summit 2023?

A. 4

B. 5

C. 7

D. 9

Ans. D – 9. Nine more countries were invited for the G20 summit 2023.

Conclusion

The purpose of establishing G20 is to create an atmosphere that supports equitable global growth and development. They bring together the most powerful economies in the world, both developed and emerging, to talk about global financial and economic stability. CBSE intends that students must know about the G20 Summit 2023 held in India. Ever student from class VI TO XII must be aware and feel proud about G20 summit 2023. The prestigious G20 summit 2023 will take India at different level.