Finance Minister Nirmala Sitharaman today said that India's macroeconomic fundamentals are fine in a relative sense when compared with the other economies.
Talking in the context of India’s G20 Presidency at an event in New Delhi, Sitharaman also mentioned that financing mechanisms for sustainable development in the emerging economies, a push for reforms of the multilateral institutions, debt distress in the middle, low-income countries, and collateral macro spill-overs in the multi-polar world, climate finance, and energy transition, among others, are some of the ideas which are likely to be deliberated during the upcoming G20 Presidency of India.
India’s digital economy achievements will also be showcased at the G20 and the interoperability of the cross-country systems will be explored. From December this year, India will take over the G20 Presidency for a period of one year.
“We are probably at a very comfortable stage in comparison with the other economies. Our macro-economic fundamentals are fine in the relative sense,” Sitharaman said at the ICRIER’s 14th Annual International G-20 Conference.
Sitharaman pointed out that with the emerging geo-political situations and changing dynamics of the idea of non-alignment in a multi-polar world, India is in a “unique” situation and will keep voicing the concerns of the emerging markets as well as the low and middle-income countries.
“India is in a very unique position having very carefully trodden on an independent position in today’s global geopolitical situation. It is not just the traditional non-alignment where there were two poles. In the multi-polar world, that middle is among several poles. India is confidently maintaining its position and voicing for the emerging markets, low and middle-income countries. It is trying to make sure that all the voices are heard, particularly at a time when we are also facing the collateral spillovers, which are unintended but are spillovers nevertheless,” Sitharaman said, adding that the pending reforms at the global multilateral institutions will also be taken up during the G20 Presidency of India.
G20 comprises the European Union and 19 other countries (USA, UK, Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Korean Republic, Mexico, Russia, Turkey, South Africa, and Saudi Arabia). Interestingly, during India’s G20 Presidency, the troika (current, incoming and previous presidencies) will comprise three developing nations for the first time – India, Indonesia and Brazil.