India will host the G20 summit in 2022 for the first time and Rs 100 crore is allocated for hosting the G-20 Summit, finance minister said while tabling the budget.
Founded in 1999 as a forum for finance ministers to consider responses to—and ways to prevent—global economic crises, the G20 brings together major economic powers and key developing countries.
The G20 plays a critical role in creating an enabling environment for inclusive global growth and development. Its work on ensuring financial stability, promoting growth and avoiding and managing crises is critical in supporting the opportunities and facing challenges for LIDCs.
India has become the fifth-largest economy by overtaking the United Kingdom and France recently.