NEW DELHI: Chief Economic Advisor V. Anantha Nageswaran said on Tuesday that India will endeavour to make a difference while serving as the G20's president and that the organisation is a forum for developing countries.
Nageswaran stated that one of India's priorities will be to ensure short-term financial support to low-income countries during his address to the 14th annual international G20 conference of the ICRIER.
Another area of focus for India, according to Nageswaran, would be providing climate financing to these countries.
The G20 will be led by India from December 1, 2022, to November 20, 2023. Indonesia is the current president.
Anantha Nageswaran, India would also address other concerns including money flows, cross-border remittances, and regulation of virtual assets.
One of the needs to guarantee that we do a good job the president is to be able to improvise and be adaptable as conditions occur in the global economic and political environment, Nageswaran continued. "We know the circumstances under which India would assume the Presidency of the G-20.
G20 in Global Economy: The G20 succeeded in stabilising the financial system during the 2008 Global Financial Crisis by utilising a coordinated fiscal and monetary apparatus, establishing itself as a prominent global economic governance authority. By the year 2020, the pandemic had driven millions into abject poverty. To lessen the effects, many nations, both developed and developing, launched macroeconomic fiscal packages. Following it, the world economy is grappling with a number of issues, including an uneven economic recovery, rising inflationary pressures, the potential for a sovereign debt crisis, and supply chain disruptions that have been made worse by Russia's invasion of Ukraine.
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