G20 presidency an opportunity to strengthen India's role globally, avers FM Sitharaman

As she laid out the Union Budget 2023-24, Union Finance Minister Nirmala Sitharaman on Wednesday, February 1 noted that as India assumed the G20 presidency on 1 December 2022, leading up to the summit in the fourth quarter of 2023, it will give the country a "unique opportunity" to strengthen its role in the world economic order.

New Delhi formally took over the G20 presidency from Indonesia. Under India's leadership, as many as 43 heads of delegations—the largest ever in the history of G20—will be participating in the final New Delhi Summit in September this year. The agenda of these G20 meetings have been drafted on the lines of the vision of Prime Minister Narendra Modi. Presenting the 'Amrit Kaal Budget', FM Sitharaman emphasized on New Delhi's integral role as incorporated in the G20 Finance Track priorities for 2023. 

#BudgetWithArnab | Amid all global challenges, India’s G20 presidency gives us a unique opportunity to strengthen India’s role: Finance Minister #NirmalaSitharaman in her #AmritKaalBudget speech. pic.twitter.com/82EuFobPVr

— Republic (@republic)

"In these times of global challenges, India’s G20 presidency gives us a unique opportunity to strengthen India’s role in the world economic order," India's Finance Minister Nirmala Sitharaman said. 

India 'a bright star' globally, current economic growth at 7%

Sitharaman maintained that India's G20 presidency this year will give the country a boost to its overall global reputation and strengthen its role on the international platform. The G20 agenda this year will focus on numerous global issues including climate financing, inclusive, equitable, and sustainable growth, energy security, and global cooperation and financing. Its Finance Track is tasked to address the critical global financial challenges and will work towards strengthening Multilateral Development Banks (MDBs) and other economic agendas to be undertaken in 2023 such as the global debt distress, capital flows, international taxation priority areas for 2023, and global financial safety net. 

The first advance estimates of the National Statistical Office (NSO) suggest that in 2023, the Indian economy will have fast-paced growth at a rate of 7% in the current financial year, the Finance Minister reminded, adding that India is recognized by the world as a "bright star." The Indian economy's growth is the highest among all major world economies. 

#BudgetWithArnab | The world has recognized India as a bright star, our growth for current year is estimated at 7.0%, this is the highest among all major economies: Finance Minister #NirmalaSitharaman in her #AmritKaalBudget speech. pic.twitter.com/wX5s3scdRP

— Republic (@republic)

The Finance Track of the G20 is led by India's Finance Ministers and Central Bank Governors. India hosted the first G20 Finance and Central Bank Deputies (FCBD) meeting under the G20 India Presidency in Bengaluru, Karnataka between December 13-14, 2022. As many as 160 delegates participated in the FCBD meeting marking the beginning of the G20 Finance Track under the Indian Presidency this year. The country focused on the key issues relating to the global economy, international financial architecture, infrastructure, sustainable finance, international taxation, global health, financial sector, and financial nclusion.