India to host the G-20 summit in 2022

India will host the G-20 summit in 2022.

PM Modi made the announcement at the closing ceremony of the 13th G-20 summit in Buenos Aires, Argentina.

G-20 or group of twenty is an international forum that comprises G-7 nations, 11 EMS and smaller industrialised countries and the European Union.

G-20 accounts for 85% of world GDP and two-thirds of the population.

USA, UK, Canada, France, Germany, Italy, Japan, Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey and the EU.

The idea of G-20 is to promote global economic growth, trade and financial market regulation. The members of G-20 meet normally meet once a year.

The meeting is attended by government heads and central bank governors.

EU is represented by rotating council presidency and European Central Bank.

The next G-20 summit will be held in Osaka, Japan.