Finance Minister Niramala Sitharaman on Friday said the G20 discussions under India’s presidency will focus on exploring holistic solutions to most pressing global challenges.

Echoing the Finance Minister’s comments, RBI Governor Shaktikanta Das called upon G20 nations to resolutely address threats to financial stability and debt distress in the global economy.

Sitharaman and Das are chairing a two-day meeting of G20 Finance Ministers and Central Bank Governors (FMCBG) in the city. The meeting will conclude on Saturday with issuance of a communique.

Setting the tone for meeting during the inaugural session, Sitharaman said that based on the presidency theme of Vasudeva Kutumbkum (one earth, one family and one future), G20 discussions in 2023 will focus on exploring holistic solutions to the most pressing global challenge.

“G20 can transform lives around the globe by leveraging the complimentary strength of its members while respecting country’s needs and circumstances. It can be global prime mover and incubator of new ideas, a force for collective good and a forum to listen voices of ‘Global South’,” she said.

She emphasised that supporting the countries most in-need and reflecting the concerns and aspirations of developing countries will be central to efforts of G20.

“We will work closely with a troika—G20 members, international organisations and guest countries—to carry forward exemplary work of G20 presidency before us,” she said.

“It is Prime Minister’s vision that Indian G20 presidency will be presidency of healing, harmony and hope which shall usher in new paradigm of human centric globalisation,” she said.

Caution ahead

Later, Das said that despite an improvement in the global economy in recent months and a greater optimism that the world may avoid a deep recession and only experience slow growth or softer recession, ’uncertainties lie ahead of us.’

“Together, we must resolutely address the challenges that confront us, including those that are of medium- to long-term nature such as threats to financial stability, debt distress, climate finance, fractures in global trade and strains on global value chains. We must promote greater global economic cooperation and position the global economy on a trajectory of strong sustainable balanced and inclusive growth,” he said.

G20 FMCBG meeting

Meanwhile, the first session of G20 FMCBG meeting was jointly steered by Union Finance Minister and RBI Governor and focused on issues relating to international financial architecture, sustainable finance and infrastructure. The Finance Minister sought views of the Ministers and Governors on how Millennium Development Goals (MDBs) can be strengthened to address shared global challenges of the 21st century, while maintaining a focus on Sustainable Development Goals (SDGs) and poverty eradication.

Sitharaman highlighted the rising debt vulnerabilities in many countries and sought views of the G20 members on multilateral coordination on this issue. She also invited views of the G20 FMCBG on policy initiatives that can be instrumental in enabling financing for SDGs and ways for mobilisation of timely and adequate resources for climate finance.

She also sought the views of G20 FMCBG on domestic policy experiences with respect to financing inclusive, resilient and sustainable cities of tomorrow.