PM Modi concludes G20 Summit, hands over presidency gavel to Brazil

Prime Minister Narendra Modi on Sunday concluded the G20 Summit held in New Delhi and handed over the G20 presidency gavel to Brazil's President Luiz Inácio Lula da Silva. The next G20 summit will be held in Rio de Janeiro in November 2024.  

"I congratulate Brazilian President Lula da Silva and transfer the gavel of presidency to him," says PM Modi in a statement. Lula da Silva listed out three priorities—social inclusion and fight against hunger, energy transition and sustainable development and reform of global governance institutions—under its G20 presidency.

In his closing remarks, PM Modi proposed to hold a virtual session between G20 countries in November to review the suggestions made during the three-day summit. 

"As you all know India has G20 presidency till November 2023. In these two days, all of you gave suggestions and placed proposals. It is our duty that the suggestions we have received be reviewed once again so as to see how their progress can be sped up. I propose to hold a virtual session amongst G20 countries at the end of November 2023. In that session, we can review the topics decided during the summit," says PM Modi.

"I hope that you all will attend the virtual session. With this, I conclude the G20 Summit," he adds.

Ahead of the third and concluding session "One Future" at Bharat Mandapam, Modi and his G20 counterparts visited Rajghat to pay tributes to Mahatma Gandhi. Notably, on the third day of the G20 Summit, UK Prime Minister Rishi Sunak announced an investment of $2 billion in the green climate fund.

The three-day G20 summit witnessed the participation of leaders of G20 countries. On September 9, the leaders of the G20 countries adopted a unanimous G20 New Delhi Leaders Declaration which committed to accelerate strong, sustainable, balanced and inclusive growth. The consensus document is considered to be a major feat for India's G20 Presidency.

PM Modi also launched a Global Biofuel Alliance (GBA), with India, the United States, and Brazil as its founding members. PM Modi urged G20 countries and other nations to join the group and work together to take an initiative at a global level to take ethanol blending in petrol up to 20%.

Meanwhile, PM Modi and US President Joe Biden also announced the India-Middle East-Europe Economic Corridor (IMEC). IMEC aims at unlocking greater investment for infrastructure development and strengthening connectivity in its various dimensions between India, the Middle East and Europe.