Finance Minister Nirmala Sitharaman said today that India’s macroeconomic fundamentals are relatively strong compared to other economies.
In connection with India’s G20 presidency at an event in New Delhi, Sitharaman also mentioned that financing mechanisms for sustainable development in emerging economies, a push for reform of multilateral institutions, debt distress in middle-low-income countries and collateral macro-spills Overs in the multipolar world, climate finance and energy transition are among some of the ideas likely to be debated during India’s upcoming G20 presidency.
The achievements of the Indian digital economy will also be presented at the G20 and the interoperability of cross-border systems will be examined. From December this year, India will take over the G20 presidency for one year.
“We are probably in a very comfortable phase compared to the other economies. Our macroeconomic fundamentals are fine in a relative sense,” Sitharaman said at ICRIER’s 14th annual G-20 international conference.
Sitharaman pointed out that with the emerging geopolitical situations and changing dynamics of the idea of nonalignment in a multipolar world, India is in a “unique” situation and will continue to voice the concerns of emerging markets as well as the US and low-income countries middle income.
“India is in a very unique position having very cautiously taken an independent position in today’s global geopolitical situation. It’s not just the traditional non-aligned movement, where there were two poles. In the multipolar world, this center is among several poles. India is confidently asserting its position and championing emerging markets and low- and middle-income countries. It is trying to ensure that all voices are heard, especially at a time when we are also facing side effects that are unintended but side effects nonetheless,” Sitharaman said, adding that this also includes upcoming reforms in the global multilateral institutions will be included during India’s G20 presidency.
The G20 includes the European Union and 19 other countries (US, UK, Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Turkey, and South Africa Saudi Arabia). Interestingly, during India’s G20 presidency, for the first time the troika (current, future and past presidencies) will include three developing countries – India, Indonesia and Brazil.
