Indian PM Urges G-20 To Revive Global Growth

SOURCEInSerbia

Indian Prime Minister Narendra Modi urged the G-20 leaders to revive global economic growth through structural reform.

Speaking at the G-20 Summit in Chinese city of Hangzhou on Sunday, Prime Minister Modi said that structural reform should be the mean to revive economic growth. He also urged the G-20 leaders to work together in order to establish a more equitable system, which would help the international community overcome the digital divide and promote skill development.

The PM told the Summit: “We meet at a time when the global situation faces complex political and economic challenges. A frank and even a difficult conversation will not be enough. What G-20 needs is an action-oriented agenda of collective, co-ordinated and targeted action.”

The Indian premier informed the G-20 leaders that his government was trying hard to meet growth aspirations through various initiatives. “We have an aim to improve the financial system, boost domestic production, enhance infrastructure and create a pool of human capital,” he stressed.

PM Modi further requested the G-20 to take decisive steps, saying that it would be important for the world’s largest economies to boost the global economy through collective efforts. “Our challenges are common. So are our opportunities. Connected machines, digital revolution and new technologies are laying the foundation for the next generation of global growth,” he said.

At the same time, Modi mentioned that any steps, to be taken by the G-20, should be inclusive and people-centric. Otherwise, they cannot ensure easy access to digital technologies and finance and will fail to bridge the digital divide, he told the audience. He clearly mentioned that bringing down barriers to innovation would not be enough, as the developed economies would have to promote skill development and facilitate the movement of skilled professionals globally.

In the presence of Chinese President, the Indian PM acknowledged the role played by US President Barack Obama for more than seven years, saying that “the president had always been a strong proponent of building global partnerships and had been a steady voice in favour of collective action”.

Earlier on Sunday, Modi set the tone for the 8th annual Summit of the BRICS (an association of five major emerging national economies: Brazil, Russia, India, China and South Africa) to be held in western Indian province of Goa on October 15-16, saying that the world would have to unite against terror. Addressing the BRICS Leaders Meeting in Hangzhou, the PM called on other members of the bloc to intensify joint efforts to combat terrorism. In an apparent reference to neighbouring Pakistan, he said: “Terrorists in South Asia, or anywhere for that matter, do not own banks or weapons factories. Clearly, someone funds and arms them and BRICS must intensify joint efforts not just to fight terror, but to co-ordinate actions to isolate those who are supporters and sponsors of terror.” He further described BRICS as “an influential voice” in international discourse and said that the grouping should shape the global agenda, apart from helping other developing nations achieve their objectives.

On the sidelines of the G-20 Summit, Prime Minister Modi held separate bilateral talks with Chinese President Xi Jinping and Australian PM Malcolm Turnbull. Later, Australia, Japan, the US and Canada backed India’s NSG membership bid. Despite China’s strong opposition, these countries assured New Delhi that they would continue to work with India to make its membership possible.

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