PTI

New Delhi, November 1

Chief Economic Adviser (CEA) V Anantha Nageswaran on Tuesday stated India’s G20 presidency would concentrate on key points regarding macroeconomic vulnerabilities in view of the continuing international turmoil, in addition to meals and power safety.

India will assume the Presidency of the G20 for one 12 months from December 1, 2022. G20 is a grouping of developed and creating nations accounting for 85 per cent of the worldwide GDP, 75 per cent of worldwide commerce, and two-thirds of the world inhabitants.

Speaking at a panel dialogue organised by financial think-tank ICRIER, Nageswaran stated India is assuming presidency of G20 at an important time when the world is dealing with a number of headwinds.

“Under these circumstances, the objective of the Indian Presidency will be to focus on key issues of macroeconomic vulnerabilities in the near term, which deal with food and energy insecurities arising partly because of long standing under investment in energy infrastructure but also because of near term geopolitical developments,” he stated.

Besides, he stated, efforts must be made on evolving a world consensus to take care of digital property like cryptocurrencies.

“The entire idea of the presidency would be to identify consensus-based solution, accelerating the scale and scope of the response of the global community, trans-border challenges such as regulation of virtual assets, dealing with cross border remittances, and also the issue of global capital flows and how to create buffers and safety nets for developing countries that get affected by spillovers from policies of developed nations,” he stated.

The different focus space could be strengthening of multilateral establishments when it comes to governance, capital and sources as they serve improvement wants of nations in addition to international challenges, he stated.

The G20 or Group of 20 is an intergovernmental discussion board of the world’s main developed and creating economies.

It contains Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, UK, US and the European Union (EU).

Talking about local weather finance, he stated points like availability and phrases on which such finance is made accessible might be a part of the local weather finance agenda.

It is not only about securing cash but in addition concerning the numerous phrases and situations that go together with it, he famous.

The necessities are so complete and onerous and will even be past the capabilities of well-funded, well-capitalised massive company entities in creating nations, he added.

Observing that there’s a have to stability the expansion aspirations and local weather issues for a lot of creating economies, he stated, “… we have forgotten that the pandemic, the commodity shock, and the monetary tightening in the developed world have all basically derailed the growth path that many countries would have expected at the beginning of this decade.”