“Global economy faces multiple challenges and it is our collective responsibility to prevent the risks from aggravating,” finance minister Nirmala Sitharaman said during the closing session of the G20 finance ministers and central bank governors meeting in Washington DC on Thursday.
India’s efforts will be to encourage conversations that recognise “our inter-dependencies, our shared wisdom, and our collective aspiration” for a safe, peaceful and prosperous world, she said.
The G20 meeting was held on the sidelines of the annual meetings of the International Monetary Fund (IMF) and the World Bank.
India will head the annual rotating presidency of the Group of 20 top developed and developing economies next year.
Sitharaman said India views the hosting of the G20 Presidency as an opportunity as well as a responsibility. “Rebuilding trust in multilateralism is at the core of India’s thinking.”
G20 finance ministers have always “come together in the harshest global situations, set aside their differences, and worked towards a common goal of prosperity for our people”, she told her G20 counterparts.
Digitisation and India Stack
The finance minister has exuded confidence that India will come out of the current global turmoil and move on the path of sustained recovery on the back of rapid digitisation and steps taken by the government.
Addressing students of Johns Hopkins School of Advanced International Studies during an interactive session, she said India has been able to set up a global benchmark in digitisation in areas of payment, healthcare, education, and regulatory compliances, and this is a confidence booster for the economy.
The economy and businesses are doing well because of steps taken by the government in the last two years, Sitharaman said.
“I would think that the economy’s revival is on a sustained path,” she said, adding that the government has taken on board the impact of the global turmoil on demand, exports, and the rupee’s exchange rate vis-a-vis the US dollar.
“There is a sense of confidence in India that we will go through this and we will be able to still perform. It’s because of the way in which technology has been used for the public good,” she said.
The finance minister said India’s public goods are available for countries that need them. “For example, because of CoWIN, Indians travelling abroad don’t need any paper to show they’re vaccinated. They can show it on the phone. Now, CoWIN app is available for any country which wants to use it,” she said.
Sitharaman said India has set a global benchmark in digitisation, and this has not only helped the country’s fight against Covid-19 and its economic fallout, but also has given a sense of confidence that India’s economic revival is sustainable in the long term, and despite global recession, Indian economy will be able to perform.
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