Nirmala Sitharaman Urges India To Lead In Implementing G20 Policies For Inclusive Growth

FM Nirmala Sitharaman advocated India's leadership in implementing G20 policies for inclusive growth and emphasised technology's transformative role in a recent seminar held at the national capital
Nirmala Sitharaman
Nirmala Sitharaman

Finance Minister Nirmala Sitharaman, during a seminar on 'Strong, Sustainable, Balanced, and Inclusive Growth,' urged India to lead in implementing G20 policies. She emphasized sustaining the impetus from the New Delhi Leaders' Declaration and its call for carefully crafted structural policies to promote equitable growth and financial stability. She also noted the slow and uneven global economic recovery and the need for coordinated efforts at both global and domestic levels to ensure an accelerated economic turnaround.

The seminar, titled "Strong, Sustainable, Balanced, and Inclusive Growth," was collaboratively organized by the Ministry of Finance in conjunction with the Ministry of Commerce and Industry, as well as the Ministry of Labour and Employment. This event took place on November 6 at Chanakya Hall, Sushma Swaraj Bhavan.

FM highlighted that the global economic recovery remains sluggish and uneven, with medium-term growth prospects further deteriorating. Amidst the uncertainty, India's G20 presidency has effectively addressed the concerns and aspirations of the Global South.

Sitharaman emphasized technology's role in social and economic transformation, citing the G20 Declaration's policy guidance for maximizing its benefits. She talked about India's success, with 500 million Jan Dhan bank accounts, and illustrated how digital public infrastructure (DPIs) has improved access and the quality of financial inclusion.

The webinar also took note of India's endeavors to integrate micro, small, and medium enterprises (MSMEs) into the sphere of international trade.

“Under our presidency, the G20 placed close attention to integrating MSMEs into international trade. MSMEs account for 90 per cent of businesses, 60 to 70 per cent of employment and 50 per cent of GDP worldwide. They play a key role in sustaining livelihoods, in particular among the working poor, women, youth, and groups in vulnerable situations," Sitharaman said.

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