For the first time, India will host the annual G-20 summit in 2022, coinciding with the country's 75th anniversary of Independence.
Prime Minister Narendra Modi made the announcement at the closing ceremony of the 13th G-20 summit here in the Argentinian capital on Saturday.
He thanked Italy for allowing India to play the host. Italy was to host the international forum of the world's top 20 economies in 2022. The 14th edition will be held in Japan while Saudi Arabia will host the 15th.
"In 2022 India completes 75 years since Independence. In that special year, India looks forward to welcoming the world to the G-20 Summit! Come to India, the world's fastest growing large economy! Know India's rich history and diversity, and experience the warm Indian hospitality," Modi tweeted after making the announcement.
G-20 members comprise Argentina, Australia, Brazil, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the UK and the US.
Collectively, the G-20 economies account for nearly 90 per cent of the gross world product, 80 per cent of world trade, two-thirds of the world population, and approximately half of the world land area.
During the G-20 summit, Prime Minister Modi noted that the grouping has completed 10 years and highlighted the cooperation among the members that restored growth and revival of growth post 2008 economic meltdown.
The prime minister also spoke about the role of the G-20 in carrying through the 14th General Quota Review of the IMF; the role which the G-20 played in operationalising the BEPS (Base Erosion and Profit Shifting) which is related to international taxation and also the automatic exchange of information on tax matters, Indian Sherpa, Shaktikanta Das said.
The Prime Minister also highlighted the current challenges which the global economy, especially the emerging economies face. He highlighted on the threat of increasing financial vulnerabilities mainly arising from the monetary policies of advance economies, oil price volatility, Das, the former economic affairs secretary, said while briefing reporters.
The prime minister also spoke about the unsynchronised policies of advanced economies and the uneven pace of the revival of the economies of various countries. He talked about the escalating trade tensions and the collateral damage it causes to the least developed countries and other emerging economies, Das said, referring mainly to the ongoing US-China trade war.
Prime Minister also talked about various multilateral institutions and stressed that there is a need to adopt the policy of a proactive and reformed multilateralism basically to activate the various multilateral, Das said.
Modi also highlighted and stressed the price stability of crude oil because any instability in crude prices causes a lot of pressure, especially on domestic economies to adapt their economic policies because of price fluctuations.
He pointed out that such price fluctuations affect and put a big pressure on the budgetary resources and the domestic finances of the emerging economies.
Another important point which the prime minister highlighted is the need for carrying out reforms in the World Trade Organisation (WTO).
He stressed that reforming the WTO is very important and said it is not only important but it is also necessary to carry forward the dialogue on trade, in services and promoting the global value chain in the agricultural sector.
The Prime Minister also highlighted was the need to adopt the nine point action plan on economic fugitives, Das said.
India has already enacted a law on fugitive economic offenders keeping in mind the need for their early repatriation back into India along with their illegally acquired assets.
During the previous G-20 summit in Hamburg, Germany, Das noted that an 11-point agenda on terrorism was adopted at India's initiative.
Prime Minister Modi, during the Buenos Aires summit, stressed that it is time to fully implement and fully operationalise the various aspects of the 11 point agenda against terrorism which was issued last year as a part of Hamburg Declaration as a standalone statement.