Integrate G20 outcomes into policymaking: Sitharaman

  • Sitharaman said momentum should be maintained on the policy guidance provided by the New Delhi Leaders’ Declaration.

Gulveen Aulakh
Published6 Nov 2023, 08:49 PM IST
Union Finance Minister Nirmala Sitharaman . (ANI Photo)
Union Finance Minister Nirmala Sitharaman . (ANI Photo)(Ministry of Finance-X)

New Delhi: Finance minister Nirmala Sitharaman on Monday said India should take the lead to integrate the outcomes of the G20 Presidency into its policymaking, and that momentum should be maintained on the policy guidance provided by the New Delhi Leaders’ Declaration.

“As 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,” she said at the Strong, Sustainable, Balanced and Inclusive Growth event organised by the department of economic affairs.

The minister noted that the Declaration underscored the urgency to implement well-calibrated macroeconomic and structural policies, at a time when the pace of global recovery remained well below the 3.8% average in the two decades before the pandemic, and crises were affecting global growth, weakening future growth prospects.

“Policy coordination, both global as well as domestic, is critical to ensure 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,” she said.

She added that India's G20 Presidency has provided a clear policy direction for addressing the needs of the majority of the global population whose voices are often unheard in multilateral forums.

"I believe we have delivered a G20 Presidency that has provided clear policy directions for addressing the needs of the majority of the global population whose voices are often unheard in global multilateral forums. However, we still have work left to do," Sitharaman said.

She added that the role of technology as a tool for social transformation and economic empowerment was most evident in the financial inclusion landscape and the Declaration provided concrete policy guidance on leveraging the benefits and minimising the downsides. 

She noted that with over 50 crore Jan Dhan bank accounts opened, India’s example vividly illustrates how digital public infrastructure or DPIs have enhanced not just access but also the usage and quality of financial inclusion. 

“With India now the co-chair of the Global Partnership for Financial Inclusion, which is tasked with the implementation of the Action Plan, we will have a key role in building on the foundational work done during the Presidency year,” she said.

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First Published:6 Nov 2023, 08:49 PM IST
HomeNewsIndiaIntegrate G20 outcomes into policymaking: Sitharaman

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