G20 Summit concludes in New Delhi, to be held in Brazil next year

PM Modi proposed a virtual G20 Session in November before the Presidency officially goes to Brazil

Prime Minister Narendra Modi on Sunday announced the end of the G20 Summit in New Delhi. This came after he marked the ceremonial transfer of the G20 Presidency by handing over the gavel to Brazilian President Luiz Incio Lula da Silva.

Lula hailed India for giving voice to topics of interest of emerging economies.

At the concluding session, Modi handed over the gavel and offered best wishes to Brazil for the Presidency. Brazil will officially take over the Presidency of the grouping on December 1 this year.

Speaking at the session, Modi proposed a virtual G20 Session in November before the Presidency goes to Brazil.

"As you all know India has the responsibility of G20 Presidency till November 2023. In these two days, all of you gave a lot of 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," he said.

"I propose that at the end of November, we hold a virtual session of G20. We can review the topics decided in this Summit, in that virtual session...I hope you all will connect in the virtual session...With this, I declare the conclusion of G20 Summit."

Speaking on the occasion, Lula da Silva congratulated PM Modi and thanked India for its efforts to give voice to the topics of interest to emerging economies.

Lula da Silva also listed social inclusion, the fight against hunger, energy transition and sustainable development as G20 priorities.

He said the UN Security Council needs new developing countries as permanent, non-permanent members to regain political strength.

"We want greater representation for emerging countries at the World Bank and the IMF," he said.

India would be holding the Presidency until December before Brazil takes over. The term for rotational Presidency in the forum is from the first December 1 of the ongoing year to November 30 of the succeeding year.

(With agency inputs)