PM urges G20 leaders to focus on inclusivity

NEW DELHI: Prime Minister Narendra Modi on Friday urged G20 finance ministers to focus on an “inclusive agenda” as the first ministerial meeting under India’s presidency of the group of largest economies began in Bengaluru under the shadow of the Ukraine conflict.

The G20 finance ministers and central bank governors (FMCBG) began their two-day meet on the first anniversary of Russia’s invasion of Ukraine. The Indian side has sought to keep the focus of its G20 presidency on the economic and geopolitical impact of the war, especially on the Global South, while working to bridge differences within the group over the Ukraine crisis.

The PM, in his remarks in English to the FMCBG meeting, made no direct reference to the Ukraine crisis but acknowledged challenges confronting the finance ministers.

“Your meeting marks the first and food and energy security — and cautioned that the “financial viability of many countries is threatened by unsustainable debt levels”.

Trust in international financial institutions has eroded because they were slow to reform themselves, he noted. “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.

Modi urged the top finance officials of the G20 to draw inspiration from the “vibrancy of the Indian economy”. He added: “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.”

Progress on the Sustainable Development Goals (SDGs) has slowed as the world population crossed eight billion, and collective efforts are needed to