Underlining that a “difficult conversation” was not enough to combat global slowdown, Prime Minister Narendra Modi today pressed for a “collective, coordinated and targeted action” by the G20 members to revive the global economic growth.
“We meet at a time when the global situation faces complex political and economic challenges,” Prime Minister Modi told the G20 leaders in this eastern Chinese city.
“A frank, even a difficult conversation won’t be enough. What G20 needs is an action oriented agenda of collective, coordinated and targeted action,” Modi said as he laid out an agenda for structural reforms to revive the global growth.
He said there was need to improve financial system, boost domestic production, enhance infrastructure investment and create a pool of human capital.
“Our challenges are common, so are opportunities. Connected machines, digital revolution and new technology laying foundation for next generation global growth,” he said.
Modi said that to benefit all, G20 would need to act decisively. “This will also require strong network of partnerships,” he added.
The G20 member states represent 85 per cent of the world’s GDP.
The G20 includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the UK, the US and the European Union.