Attempts should be made to increase investment in fulfilling sustainable development goals (SDGs) and finding solutions to address the debt risks many countries face, Prime Minister Narendra Modi on Monday said addressing a G20 meeting.
“Development is a core issue for the Global South,” Modi remarked as he pointed out that the countries of the Global South were severely impacted by the disruptions created due to the global Covid pandemic while geo-political tensions were responsible for food, fuel, and fertilizer crises.
Also read: Centre nets Rs 4,000 cr as interest on unspent funds with states in FY23
Following the Covid pandemic, many countries including India’s neighbours were stressed by high debt and slump in economic growth.
At the G20 Development Ministers’ Meeting in Kashi, Modi underlined that multilateral financial institutions should be reformed to expand the eligibility criteria to ensure that finance is accessible to those in need. In India, Modi said, “We have made efforts to improve people’s lives in more than a hundred Aspirational Districts which were pockets of under-development.”
Modi underscored that these Aspirational Districts have now emerged as the catalysts of growth in the country as he urged the G20 Development Ministers to study this model of development. “It may be relevant as you work towards accelerating Agenda 2030”, he added.
With a massive $2.4 trillion per annum spending needed by developing countries to address various challenges, the G20 Expert Group on strengthening multilateral development banks (MDBs) is looking at ways to substantially enhance MDBs’ lending capacity with higher leverage and at a marginally increased level of risk.
Also read: Kharif crops sowing starts; Paddy, pulses marginally down
On March 28, 2023, G20 India Presidency set up the expert group co-convened by 15th Finance Commission chairman NK Singh and former US Treasury Secretary Lawrence Summers. Singh and Summers will submit their report by early July ahead of the G20 Finance Ministers and Central Bank Governors meeting later in the month in Gandhinagar.
Modi said India is willing to share digital governance experience with partner countries and expressed hope that discussions will result in tangible actions to promote data for discourse, development and delivery in developing countries.
