Context
Recently, India joined the G20 Troika. The G20 Troika is made of Indonesia, India and Italy.
What is Troika?
- It refers to the top grouping within the G20 that consists of the current, previous and the incoming presidencies — Indonesia, Italy and India.
- Troika means ‘a group of three people working together’. It is an English word. The Troika ensures continuity and provides presidency support.
- As a Troika member, India will work closely with Indonesia and Italy to ensure consistency and continuity of the G20’s agenda.
- The following countries formed the Troika in G20
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- 2020: Japan, Italy and Indonesia
- 2021: Italy, Indonesia and India
- 2022: Indonesia, India and Brazil
About G20
- It is an informal group of 19 countries and the European Union (EU), with representatives of the International Monetary Fund and the World Bank.
- It does not have a permanent secretariat or Headquarters.
- The membership comprises a mix of the world’s largest advanced and emerging economies, representing about two-thirds of the world’s population, 85% of global Gross Domestic Product (GDP), 80% of global investment and over 75% of global trade.
- Members: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the EU.
- The current presidency of G20 was assumed by Indonesia recently.
- It is to hold the chair till October 2022 under the theme “Recover Together Recover Stronger”. Then India will take over for the first time.
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