The whole world is going to be under the grip of a severe price hike next year. India is not immune from its influence. From now on, international leaders have to buckle down to deal with it. Union Finance Minister Nirmala Sitharaman and former head of Niti Aayog and G-20 Sherpa Amitabh Kanth gave this warning yesterday at a discussion meeting representing the G-20 group of countries.
Statement of experts
According to them, India is going to take over the presidency of G20 at a time (one year from December 1) when the whole world is facing various difficult challenges. In Kanth’s words, “not just dry statements, G20 leaders must seek solutions through discussion among themselves on the humanitarian role.” Also, Nirmala feels, “India is going to take over the G20 at a turbulent time. But compared to other countries, India will probably be in a slightly more comfortable position.”
In his speech yesterday, Amitabh Kanth said, “India is taking over the G20 at a time when the world is fragmented. Debt burdens are rising, and fears of hyperinflation are rising. The international economy is in shambles, and Europe is in conflict. Now is the time to face the challenge.” Bringing multilateralism to the center of policy-making. It is time to think about the steps that will bring results.
Role of India
India is taking over the G20 from Indonesia in December. A year later that would be Brazil and then South Africa. According to diplomatic experts, the issue is significant. Because Indonesia, India, Brazil, and South Africa are all four developing economies. Kanth’s statement, “In the next year, we have to move forward with a clear and transparent goal. The G20 should be used as a vehicle for international economic growth.”
International average domestic production fell to 2.7 percent. War in Ukraine, food crisis, rising inflation. The economies of America, China, and the European bloc are slowing down. However, the worst is yet to come. Many economic experts believe that the situation will be dire in 2023.” He said that the G20 must send a very strong message in this situation.
Also, in the same event, the Union Finance Minister said, “what is happening at the international level is certainly affecting middle-income countries like India. We will try to keep the international policy and tax policy in such a way that a consensus can be created on debt-burdened countries. The G20 has the power to build that consensus. They are not fully utilizing the resources that the multilateral lending institutions have.”
Wrapping up
In the words of Nirmala, “States should help these organizations with the necessary money for development. But it should be done in such a way that the countries are not trapped while taking loans.” In her words, “Discussions on how to regulate cryptocurrencies are going to take priority at the G-20 meeting. No single country can do it alone. International organizations like the IMF should also think about this.”