Skip to main content

Quick Overview on G20 - 2023 India

  The 2023 G20 summit was held in New Delhi, India, on September 9-10, 2023. The main venue was the Pragati Maidan, a large exhibition complex in central Delhi. The summit was also held at other venues in New Delhi, including the Hyderabad House, the Prime Minister's residence, and the India International Centre. The 2023 G20 summit was attended by the leaders of the 20 member countries of the G20, as well as the leaders of several invited countries, including Argentina, Indonesia, Senegal, South Africa, and Turkey. The summit was also attended by the heads of international organizations, such as the United Nations, the World Bank, and the International Monetary Fund. The G20 Delhi Declaration was the outcome document of the 2023 G20 summit. It was a 38-paragraph document that covered a wide range of issues, including: The global economy and finance: The declaration called for continued efforts to strengthen the global economy and financial system. It also emphasized the importance...

Quick Overview on G20 - 2023 India

 


The 2023 G20 summit was held in New Delhi, India, on September 9-10, 2023. The main venue was the Pragati Maidan, a large exhibition complex in central Delhi. The summit was also held at other venues in New Delhi, including the Hyderabad House, the Prime Minister's residence, and the India International Centre.


The 2023 G20 summit was attended by the leaders of the 20 member countries of the G20, as well as the leaders of several invited countries, including Argentina, Indonesia, Senegal, South Africa, and Turkey. The summit was also attended by the heads of international organizations, such as the United Nations, the World Bank, and the International Monetary Fund.


The G20 Delhi Declaration was the outcome document of the 2023 G20 summit. It was a 38-paragraph document that covered a wide range of issues, including:


The global economy and finance: The declaration called for continued efforts to strengthen the global economy and financial system. It also emphasized the importance of sustainable and inclusive growth.

Climate change and energy: The declaration called for ambitious action to combat climate change. It also committed to phasing out coal-fired power plants and investing in renewable energy.

Health and food security: The declaration called for increased cooperation to address global health challenges, such as COVID-19 and the monkeypox outbreak. It also committed to ensuring food security for all.

Digitalization and the future of work: The declaration called for the development of an inclusive digital economy that benefits everyone. It also committed to promoting the right to work and decent work for all.

Peace and security: The declaration called for a peaceful and secure world. It also condemned terrorism and violent extremism.

The G20 Delhi Declaration was a significant achievement for India, which hosted the summit for the first time. The declaration reflected India's commitment to global cooperation and its leadership on a range of important issues.


G20 Delhi Declaration:


The global economy and finance: The declaration called for continued efforts to strengthen the global economy and financial system. It also emphasized the importance of sustainable and inclusive growth.

Climate change and energy: The declaration called for ambitious action to combat climate change. It also committed to phasing out coal-fired power plants and investing in renewable energy.

Health and food security: The declaration called for increased cooperation to address global health challenges, such as COVID-19 and the monkeypox outbreak. It also committed to ensuring food security for all.

Digitalization and the future of work: The declaration called for the development of an inclusive digital economy that benefits everyone. It also committed to promoting the right to work and decent work for all.

Peace and security: The declaration called for a peaceful and secure world. It also condemned terrorism and violent extremism.

Here are some other specific points from the declaration:


On the war in Ukraine: The declaration called for an immediate end to the war and a peaceful resolution. It also called for the protection of civilians and the respect for international humanitarian law.

On climate change: The declaration committed to achieving net-zero emissions by 2050. It also called for a global price on carbon and for increased investment in renewable energy.

On food security: The declaration called for the removal of export restrictions on food and fertilizer. It also committed to providing financial assistance to developing countries to address food insecurity.

On digitalization: The declaration called for the development of an inclusive digital economy that benefits everyone. It also committed to promoting the right to privacy and the free flow of data.

On peace and security: The declaration called for a peaceful and secure world. It also condemned terrorism and violent extremism.

The G20 Delhi Declaration was a significant achievement for India, which hosted the summit for the first time. The declaration reflected India's commitment to global cooperation and its leadership on a range of important issues.


Here are some of the challenges that the G20 countries will need to address in order to implement the commitments made in the declaration:


The war in Ukraine: The war in Ukraine is a major obstacle to global economic recovery. The G20 countries will need to work together to end the war and to mitigate its impact on the global economy.

Climate change: Climate change is a major threat to the global economy and to the planet. The G20 countries will need to take ambitious action to reduce greenhouse gas emissions and to adapt to the impacts of climate change.

Food security: The war in Ukraine and the COVID-19 pandemic have disrupted global food supply chains. The G20 countries will need to work together to ensure food security for all.

Digitalization: Digitalization is a major driver of economic growth and development. The G20 countries will need to ensure that the benefits of digitalization are shared by everyone, and that the risks of digitalization are managed.

Peace and security: The G20 countries will need to work together to promote peace and security around the world. They will need to address the root causes of conflict, such as poverty, inequality, and climate change.

The G20 Delhi Declaration is a roadmap for global cooperation in the years to come. The G20 countries will need to work together to address the challenges of the 21st century and to build a more sustainable and inclusive world.


Comments

Popular posts from this blog

Merger or Amalgamation of a foreign company with a Company and vice versa

Ministry of Corporate Affairs has notified another Section, namely section 234 of Companies Act, 2013 and issued rules thereunder, thereby enabling merger and amalgamation of a foreign company. “S.O. _____(E).— In exercise of the powers conferred by sub­section (3) of section 1 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints the 13th day of April, 2017 as the date on which the provisions of section 234 of the said Act shall come into force.” Further the newly inserted Rule 25A Merger or Amalgamation of a foreign company with a Company and vice versa provides that:  (1) A foreign company incorporated outside India may merge with an Indian company after obtaining prior approval of Reserve Bank of India and after complying with the provisions of sections 230 to 232 of the Act and these rules. (2) (a) A company may merge with a foreign company incorporated in any of the jurisdictions specified in Annexure B after obtaining prior appr...

Recent Updates in Indian Taxation

  recent updates in Indian taxation: Introduction of two income tax regimes: The Finance Act, 2023 introduced two income tax regimes, the new tax regime and the old tax regime. The new tax regime has a simplified structure with five tax slabs, while the old tax regime has seven tax slabs. The taxpayer can choose the regime that gives them the most benefit. Increase in basic exemption limit: The basic exemption limit under the new tax regime has been increased from ₹2.5 lakh to ₹3 lakh. This means that taxpayers earning up to ₹3 lakh will not have to pay any income tax. Reduction in surcharge and cess: The surcharge and cess for taxpayers in the highest tax bracket have been reduced from 37% to 25%. This means that taxpayers earning more than ₹5 crore will now pay a tax of 39% instead of 42.74%. Introduction of tax deduction for leave encashment: A tax deduction of ₹25 lakh has been introduced for leave encashment for non-government employees. This means that tax...

Save Tax by Investing in Tax Saving Investments which can be claimed under Deduction

  Here are some popular tax-saving options along with explanations and real-life examples: Section 80C Deductions: Under Section 80C, you can claim deductions up to Rs. 1.5 lakh per financial year. Some popular investment options include: Employee Provident Fund (EPF) : Contributions made towards EPF are eligible for 80C deductions. For example, if your annual basic salary is Rs. 6 lakh, and you contribute 12% (Rs. 72,000) to EPF, you can claim a deduction of up to Rs. 72,000 under Section 80C. Public Provident Fund (PPF) : Investments in PPF also qualify for 80C deductions. The maximum annual contribution is Rs. 1.5 lakh. 5-year Fixed Deposits : Investments in certain 5-year fixed deposits with banks are eligible for deductions. Section 80D Deductions (Health Insurance Premium): You can claim deductions for premiums paid for health insurance policies for yourself, your spouse, children, and parents. For example, if you pay a health insurance premium of Rs. 20,000 for your family, ...