Prime Minister Narendra Modi on Friday said it was up to G20 member countries -- the custodians of the leading economies and monetary systems of the world -- to bring back stability, confidence and growth to the global economy.
The Prime Minister also said it was not an easy task.
During the Prime Minister's inaugural speech in a video message at the first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting, he highlighted the trust in international financial institutions had eroded amidst the serious economic difficulties from the impact of the Covid pandemic and that this was partly because the international financial institutions had been slow to reform themselves.
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The Prime Minister added that many countries, especially developing economies, were still coping with its after-effects.
"We are also witnessing rising geo-political tensions in different parts of the world. There are disruptions in global supply chains," he said.
PM Modi said he hoped that G20 member countries would draw inspiration from the vibrancy of the Indian economy.
{{/usCountry}}PM Modi said he hoped that G20 member countries would draw inspiration from the vibrancy of the Indian economy.
{{/usCountry}}He highlighted that Indian consumers and producers are optimistic and confident about the future and hoped that member countries would be able to transmit the same positive spirit to the global economy.
The Prime Minister urged that the discussions should focus on the most vulnerable citizens of the world. Only by creating an inclusive agenda will the global economic leadership win back the confidence of the world. The theme of our G20 Presidency also promotes this inclusive vision 'One Earth, One Family, One Future'.
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Even as the world population has crossed 8 billion, PM Modi said the progress on Sustainable Development Goals seemed to be slowing down. "We need to collectively work to strengthen multilateral development banks for meeting global challenges like climate change and high debt levels," he added.
Prime Minister Modi explained that as members of G20 were meeting in Bengaluru -- the technology capital of India -- the delegates would have first-hand experience of how Indian consumers have embraced digital payments.
He also said that during the G20 Presidency, the government created a new system for G20 guests to use India's path-breaking digital payments platform, UPI.