PM Modi calls for providing “stability, confidence and growth to the global economy”

Prime Minister Narendra Modi Friday called for providing “stability, confidence and growth to the global economy” as the world grapples with geo-political tensions, disruptions in global supply chains, rising food prices and rising debt levels in some economies.

Addressing the G20 finance ministers and central bank governors at their first meeting under India’s presidency here, he said the grouping must focus on the world's most vulnerable with an inclusive agenda to win back the confidence of the world.

Highlighting the vibrancy of the Indian economy, Modi said Indian consumers and producers are optimistic and confident about the future.

"We hope that you will be able to transmit the same positive spirit to the global economy," he said inaugurating the first G20 finance ministers and central bank governors meeting under India’s presidency here.

Noting that the COVID pandemic delivered a once-in-a-century blow to the global economy, he said many countries, especially developing economies, were still coping with its after-effects.

“We are also witnessing rising geo-political tensions in different parts of the world. There are disruptions in global supply chains. Many societies are suffering due to rising prices, he said, adding that food and energy security have become major concerns across the world.

He said even the financial viability of many countries was threatened by unsustainable debt levels.

“It is now up to you - the custodians of the leading economies and monetary systems of the world to bring back stability, confidence and growth to the global economy. It is not an easy task,” he said.

In his video address, Modi made a case for strengthening multilateral development banks to meet the challenges facing the world, especially climate change.

India took over the presidency of G20 in December last year.

The prime minister said even as the world population has crossed 8 billion, progress on Sustainable Development Goals seems to be slowing down.

"We need to collectively work to strengthen multilateral development banks for meeting global challenges like climate change and high debt levels," he said.

Finance minister Nirmala Sitharaman said the G20 discussions will focus on exploring holistic solutions to the most pressing global challenge.

“G20 can transforms lives around the globe by leveraging the complimentary strength of its members while respecting the country's needs and circumstances,” she said, adding that it can be a global prime mover and incubator of new ideas, a force for collective good and a forum to listen to voices of global south.

She said supporting the countries most in-need and reflecting the concerns and aspirations of developing countries will be central to India’s efforts. “We will work closely with a troika – G20 members, international organization and guest countries to carry forward the exemplary work of the G20 presidency before us,” she said.