Based on the passage, what is the significance of the recently concluded G20 summit?

The Group of Twenty, or G20, has of late emerged as a premier forum for international cooperation. Its significance arises from the fact that its members are the world's advanced and emerging economies. The G20 members together represent about 85% of global GDP, 80% of global trade and two-thirds of the world's population. The G20 originated to overcome the financial crisis that occurred in the 1990s in the emerging economies of Asia. The organization is broadly representative and inclusive, as the G20 chair has been made rotational annually and a member from a different regional grouping of countries is elected to its presidency. Since its beginning, India has actively participated in the G20 process and is a major stakeholder interested in the stability of the world economy. India's support during the Seoul summit led to development being included as an agenda item, and the Seoul Development Consensus emerged. India's successful organization of the G20 summit in New Delhi has again ignited hopes for a framework for strong, sustainable and balanced growth and an alternative world order.