Presenting the Budget for 2020-21, Finance Minister Nirmala Sitharaman announced that Rs 100 crore has been allocated towards India hosting the G-20 presidency in the year 2022. For the first time, India will host the annual G-20 summit in 2022, coinciding with the country's 75th anniversary of Independence.
Netizens hailed the move and called it a great initiative as it brings both geopolitical and economic benefits to the country. 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.
India will host #G20 Presidency in 2022, 100 crore rupees to be allocated for making preparations for this historic occasion, where India will drive global economic agenda— PIB India (@PIB_India) February 1, 2020
- FM @nsitharaman
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This year's Budget assumes tremendous significance as the Indian economy is facing multiple challenges such as a rise in inflation, unemployment, farmer distress and a dip in GDP growth. While beginning her Budget speech, the Finance Minister had said that the focus would be on increasing incomes and elevating purchasing power. She had outlined its three themes - 'Aspirational India, Economic Development for all, and that India shall be a caring society.'
In the Economic Survey 2019-20 tabled on the floor of the Parliament on Friday, the GDP growth for the next fiscal year has been pegged at 6-6.5%. This is much more than the IMF estimate. In her budget speech, Nirmala Sitharaman pegged the nominal GDP growth for 2020-21 at 10%.