India to host G20 summit in 2023

India is to host its first G20 leaders’ summit in New Delhi next September.

The country is also set to assume the presidency of the forum, which represents the world’s major economies.

New Delhi will take on this annual presidency from December this year to November 2023. According to the country's Foreign Ministry, India is expected to host more than 200 meetings across the nation, beginning in December.

The main G20 event will be held on September 9 and 10 in New Delhi, with the leaders of the group expected to attend this 18th summit.

Indian Prime Minister Narendra Modi attends an event about global supply chains during the 2021 G20 leaders' summit in Rome. AP

Indonesia currently leads the forum and is scheduled to host the 17th summit in Bali in November. The leaders of the US, China and Russia — Joe Biden, Xi Jinping and Vladimir Putin — are scheduled to attend.

The Group of Twenty was formed in 1999. It comprises 19 countries and the EU — collectively 85 per cent of global gross domestic product, 75 per cent of international trade and two thirds of the world population. This makes it the premier forum for international economic co-operation.

The group addresses major issues related to the global economy and financial stability as well as climate change and sustainable development.

New Delhi plans to invite the UAE, Egypt, Oman, Bangladesh, Mauritius, the Netherlands, Nigeria, Singapore and Spain to the summit as guest countries.

“During our Presidency, India, Indonesia and Brazil would form the troika. This would be the first time when the troika would consist of three developing countries and emerging economies, providing them a greater voice,” India's Foreign Ministry said on Tuesday.

The group will discuss inclusive, equitable and sustainable growth, women's empowerment, environmentally sustainable lifestyles, digital public infrastructure and tech-enabled development in areas including health, agriculture, education and commerce.

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Goalkeepers: Jordan Pickford, Nick Pope, Dean Henderson.
Defenders: Trent Alexander-Arnold, Kieran Trippier, Joe Gomez, John Stones, Harry Maguire, Tyrone Mings, Ben Chilwell, Fabian Delph.
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Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

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Man of the match Mohamed Salah (Liverpool)