Why In news?

• Recently, India joined the G20 ‘Troika’ and with this India has started the procedure for taking over the G20 presidency next year.

About G20 ‘Troika’:

• Troika refers to the top grouping within the G20 that consists of the current, previous and the incoming presidencies — Indonesia, Italy and India.
• As a Troika member, India will work closely with Indonesia and Italy to ensure consistency and continuity of the G20’s agenda.
• India will assume the G20 presidency on 1st December 2022 from Indonesia, and will convene the G20 Leaders’ Summit for the first time in India in 2023.
• Italy hosted the G20 summit during October 30-31.
• Indonesia took over the G20 presidency from 1st December, 2021.

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.
• Member countries are 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.