For the first time, India will host the annual G-20 summit in 2022, coinciding with the country's 75th anniversary of Independence.
Prime Minister Narendra Modi made the announcement at the closing ceremony of the 13th G-20 summit in the Argentinian capital on Saturday.
He thanked Italy for allowing India to play the host. Italy was to host the international forum of the world's top 20 economies in 2022.
The 14th edition will be held in Japan while Saudi Arabia will host the 15th.
"In 2022 India completes 75 years since Independence. In that special year, India looks forward to welcoming the world to the G-20 Summit! Come to India, the world's fastest growing large economy! Know India's rich history and diversity, and experience the warm Indian hospitality," Modi tweeted after making the announcement.
G-20 members comprise Argentina, Australia, Brazil, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the UK and the US.
Collectively, the G-20 economies account for nearly 90 per cent of the gross world product, 80 per cent of world trade, two-thirds of the world population, and approximately half of the world land area.