India’s leadership as the G20 president has been praised by the International Monetary Fund (IMF), highlighting the country’s successful engagement with other global powers to tackle issues such as the pandemic and the economy. The IMF has applauded India for its effective leadership, noting its proactive approach and commitment to promoting inclusive and sustainable growth. This article discusses further the impressive performance of India as the G20 president and the positive impact it has had on the international community.
The International Monetary Fund (IMF) Managing Director Kristalina Georgieva commended India for its leadership as the G-20 President, saying that the country is doing an excellent job in focusing on critical global issues. India took over the presidency of the G-20 in December 2020 and is set to host a leaders’ summit in New Delhi in September. The G-20 is a forum of the world’s 20 most significant developed and emerging economies.
Georgieva noted that India is doing an exceptional job of driving the G-20’s work toward policy actions that through complex challenges. She argued that the focus of the forum was to re-energize global growth and commended India for bringing its impressive track record of digitalisation to bear in the discussions. By using digitalisation, India sought to take advantage of the opportunities offered by the technological revolution to boost economies and enhance prosperity.
In response to a question on India’s G-20 presidency, Georgieva also praised Finance Minister Nirmala Sitharaman’s very active engagement in making the global sovereign debt roundtable a success. Additionally, she noted the country’s efforts in debt restructuring where India took on an essential leadership role, as in the case of Sri Lanka.
She expressed her hope to continue working with the Indian presidency, underscoring the importance of the G-20’s contribution to the global community’s economic well-being. The IMF managing director said that the forum represents a critical opportunity for policymakers to share best practices and develop solutions to complex policy challenges.
India’s efforts in the G-20’s presidency have been focused on a wide range of issues, from economic recovery and sustainable growth to climate change and debt restructuring. This dynamic, solutions-focused alliance has proven extremely valuable to the global financial community, helping to promote stability and growth in the wake of the Covid-19 pandemic.
Some of India’s key priorities for the G-20 presidency are:
1. Building a resilient and sustainable post-Covid-19 world
India’s presidency will focus on fostering international cooperation to improve pandemic preparedness, pandemic response and vaccination access. India has invited all G-20 countries and global leaders to participate in this discussion to develop comprehensive, integrated responses to the crisis.
2. Promoting inclusive and sustainable economic growth
India aims at promoting greater cooperation among G-20 members to promote growth through trade, investment, and employment generation. As a part of this effort, the country is also emphasizing the importance of investing in human capital, particularly in women and marginalized communities.
3. Addressing climate change
India’s presidency is also focusing on measures to mitigate the impact of climate change and environmental degradation. This includes investments in renewable energy, conservation of natural resources and the transition to low-carbon economies.
In conclusion, India’s leadership as G-20 president is garnering notable recognition from the international community for its efforts to focus on addressing global policy challenges impacting nations in areas such as digitalisation, economic growth, and sustainable development. The IMF’s endorsement of India’s leadership underlines the significance of G-20 contributions in promoting the global economy’s overall well-being. Through its presidency, India is advocating for a more sustainable, prosperous, and inclusive future for all nations.
