SITHARAMAN URGES G20 POLICY MATCH AMID GLOBAL HEADWINDS

Importantly, she underlined policy coordination, both global as well as domestic, as a critical factor to ensure that growth comes back on track and remains strong, sustainable, balanced and inclusive.

Even as India’s role as G20 Presidency concludes, by the end of November, on a successful mobilisation of opinion on mainstreaming concerns and aspirations of the Global South and greater effectiveness of multilateral institutions, Finance Minister Nirmala Sitharaman on Monday called for sustaining the dialogue with G20 partners to take forward the outcomes and keeping the momentum intact on the policy guidance in the New Delhi Leaders’ Declaration (NDLD). “We should also explore how best we can integrate these outcomes into India’s domestic policymaking process so that we can lead by example,” Sitharaman said, addressing a seminar on Seminar on ‘Strong, Sustainable, Balanced and Inclusive Growth in the Capital.

Sitharaman reflected that since the pandemic, the global economy has been grappling with multiple crises, adversely affecting global growth, and that even amidst the ongoing recovery, it remained slow and uneven. “The current pace of global growth remains quite weak, well below the 3.8 percent average in the two decades before the pandemic and looking ahead over the medium term, growth prospects have weakened further,” the Finance Minister said. Importantly, she underlined policy coordination, both global as well as domestic, as a critical factor to ensure that growth comes back on track and remains strong, sustainable, balanced and inclusive.