India is assuming its G20 presidency for a year which is a significant development for India.
G20 comprises 20 of the world’s largest economies, which represent around 85 per cent of the global GDP, over 75 per cent of international trade, and about two-thirds of the world population. India will join a small group of developing nations, which includes Mexico, China, Argentina, Saudi Arabia and Indonesia, that have assumed presidency of the group since the G20 started its annual apex-level summit after the 2008 global financial crisis.
For the first time, the ‘Troika’ will comprise only developing nations.
What is G20 Troika:
At the G20, the member holding the rotatory presidency every year, works together with its predecessor and successor and is together known as Troika.
Aim: to ensure continuity of the agenda of G20.Currently Italy, Indonesia, and India are the Troika countries (all developing nations). India’s successor will be Brazil.