Webinar on strong, sustainable, balanced and inclusive growth highlights India's G20 Presidency achievements

New Delhi [India], November 6 : The "Strong, Sustainable, Balanced, and Inclusive Growth" webinar held on November 6 at Chanakya Hall, Sushma Swaraj Bhavan, showcased the achievements during India's G20 Presidency under the visionary leadership of Prime Minister Narendra Modi. The event was graced by an inaugural address from Finance Minister Nirmala Sitharaman.
As India assumed the G20 Presidency on December 1, 2022, it embarked on a mission to foster a fundamental shift in mindset that would benefit humanity at large.
Sitharaman said, "Concerted efforts were taken by India's G20 Presidency to mainstream the concerns and aspirations of the Global South, to explore how technology can be leveraged for the benefit of development for all, and to develop solutions for enabling multilateral institutions to become more effective in addressing the complex development financing landscape of the 21st century".
This mission was encapsulated in the Prime Minister's call to explore how technology can drive global development and make multilateral institutions more effective in the 21st century.
"The G20 New Delhi Leaders Declaration (NDLD), unanimously agreed to by all G20 countries, addresses some of the pressing challenges confronting the global economy and also provides policy guidance for a future built on people-focused principles and trust-based partnerships", said Sitharaman.
The G20 New Delhi Leaders Declaration (NDLD), unanimously agreed upon by all G20 countries, has set a course for a future anchored in people-focused principles and trust-based partnerships.
Sitharaman said, "Even though by the end of this month, our role as G20 Presidency comes to an end, momentum must be maintained on the policy guidance in the New Delhi Leaders' Declaration. Not only should we engage with G20 partners to take forward the outcomes, but we should also explore how best we can integrate these outcomes into India's domestic policy-making process so that we can lead by example".
In her address, Nirmala Sitharaman emphasised the importance of carrying forward the momentum and policy guidance outlined in the NDLD, even as India's role as the G20 Presidency draws to a close.
"Policy coordination, both global and domestic, is critical to ensuring that growth comes back on track and remains strong, sustainable, balanced and inclusive. To this effect, the New Delhi Leaders' Declaration underscores the urgency of implementing well-calibrated macroeconomic and structural policies to bolster equitable growth and enhance macroeconomic and financial stability", said Sitharaman.
It is crucial not only to engage with G20 partners to implement the outcomes but also to integrate these into India's domestic policymaking process.
The Finance Minister provided insights into the NDLD's theme of strong, sustainable, balanced, and inclusive growth.
"Under the theme of Strong, Sustainable, Balanced and Inclusive Growth, the Declaration focuses on trade, the future of work and financial inclusion. All three are pivotal for stimulating global growth. I am sure the ensuing panel discussion will elicit valuable perspectives and insights" Sitharaman stated.
While the global economy is recovering from the adverse impacts of multiple crises, the pace of growth remains slow and uneven.
The NDLD underscores the urgency of implementing well-calibrated macroeconomic and structural policies to promote equitable growth and enhance stability.
The Declaration particularly focuses on trade, the future of work, and financial inclusion as essential elements to stimulate global growth.
It highlights the importance of addressing skill gaps globally and provides comprehensive policy guidance in this regard.
Sitharaman said, "Under our presidency, the G20 placed close attention to integrating MSMEs into international trade. MSMEs account for 90% of businesses, 60 to 70% of employment and 50% of GDP worldwide.[1] They play a key role in sustaining livelihoods, in particular among the working poor, women, youth, and groups in vulnerable situations. However, MSMEs, particularly in developing nations, often struggle with limited access to information, hindering their international trade involvement. To help address this challenge, the NDLD welcomed the Jaipur Call for Action, which aims at promoting the MSME sector as well as bridging information gaps for MSMEs to help them expand their business and trade".
The webinar also recognised India's efforts to integrate micro, small, and medium enterprises (MSMEs) into international trade.
The Jaipur Call for Action, which aims to promote the MSME sector and bridge information gaps for MSMEs, was welcomed by the NDLD.
India pledged to continue working on these actions through the G20 and the World Trade Organisation (WTO).
"The New Delhi Leaders' Declaration (NDLD) recognises that well-integrated and adequately skilled workers benefit origin and destination countries alike. It also emphasises the importance of addressing skill gaps globally and provides comprehensive policy guidance in this respect. G20 policy priorities for addressing skill gaps globally, facilitating cross-country comparability and mutual recognition of skills and qualifications and comprehensive tool kits for upskilling and reskilling are areas that the NDLD has addressed", said Sitharaman.
Furthermore, the webinar emphasised the role of technology in fostering social transformation and economic empowerment, notably in the realm of financial inclusion.
India's successful implementation of the Digital Public Infrastructure (DPI) was lauded as a global example. DPIs have played a crucial role in enhancing access to and usage of financial inclusion, with over 50 crore Jan Dhan bank accounts opened and a monthly transaction volume of over 10 billion through the Unified Payments Interface (UPI).
Drawing inspiration from India's achievements, the G20 Policy Recommendations for Advancing Financial Inclusion through DPI were endorsed in the NDLD.
Sitharaman said, "The New Delhi Leaders' Declaration (NDLD) recognises that well-integrated and adequately skilled workers benefit origin and destination countries alike. It also emphasises the importance of addressing skill gaps globally and provides comprehensive policy guidance in this respect. G20 policy priorities for addressing skill gaps globally, facilitating cross-country comparability and mutual recognition of skills and qualifications and comprehensive tool kits for upskilling and reskilling are areas that the NDLD has addressed".
These recommendations guide the development of well-structured DPIs, regulatory frameworks, strong governance, and ensuring their accessibility to all.
As the G20 virtual summit approaches, the insights gathered during the webinar will contribute to advancing the vision outlined in the NDLD in collaboration with future G20 presidencies.
Sitharaman said, "I look forward to valuable perspectives from today's discussions, which can contribute to our preparations for the upcoming virtual G20 Summit. These insights will also help us carry forward the vision of the NDLD in collaboration with succeeding G20 presidencies. I extend my best wishes for a successful seminar".
The event symbolised India's commitment to a more equitable and prosperous global future, echoing the Prime Minister's call for a fundamental mindset shift to benefit all of humanity.
The focus on strong, sustainable, balanced, and inclusive growth encapsulates the essence of India's G20 Presidency and sets the stage for meaningful and impactful global initiatives.