India to host G20 summit in 2023 instead of 2022

India will now host the Group of 20 Summit in 2023, a year later than what was decided earlier, the grouping leaders announced on Sunday.

"We thank Saudi Arabia for hosting a successful Riyadh Summit and its contribution to the G20 process. We look forward to our next meetings in Italy in 2021, Indonesia in 2022, India in 2023 and Brazil in 2024," said a declaration of G20 Riyadh Summit leaders, issued at the conclusion of the two-day conference of the world's top 20 economies.

Prime Minister Narendra Modi, among other two dozens leaders, participated in the summit.

Sources said that India looks forward to taking forward the G20 agenda in 2023 after the Italian and Indonesian presidencies.

On India now hosting the summit in 2023 instead of 2022, a source said, "The order of rotating the presidency is decided among the member states on the basis of consultations and mutual convenience."

The focus of this year's summit, which took place mostly virtually, was the COVID-19 pandemic.

In the declaration, the leaders of the G20 vowed to address the vulnerabilities revealed by this crisis, take the necessary steps to recover stronger and work to ensure that future generations are safer than we have been.

The leaders said they are taking immediate and exceptional measures to address the COVID-19 pandemic and its intertwined health, social and economic impacts.

"We, the G20 leaders, meeting for the second time under the Saudi Presidency, stand united in our conviction that coordinated global action, solidarity, and multilateral cooperation are more necessary today than ever to overcome the current challenges and realise opportunities of the 21st century for all by empowering people, safeguarding the planet, and shaping new frontiers," the declaration said.

"We are committed to leading the world in shaping a strong, sustainable, balanced and inclusive post-COVID-19 era," they said in the declaration.

The leaders also extend support to the Anti-money Laundering (AML)/Counter-terrorist Financing (CFT) policy responses detailed in the Financial Action Task Force's (FATF) paper on the COVID-19.

They reaffirmed their support for the FATF, as the global standard-setting body for preventing and combating money laundering, terrorist financing and proliferation financing.