India is the bright spot in global economy, says G20 coordinator Harsh Vardhan Shringla
With its 15 per cent contribution to the global economic growth, today India holds a key position in global economy, says the Chief Coordinator of G20 summit.
- Apr 11, 2023,
- Updated Apr 11, 2023 12:04 PM IST
India’s G20 presidency may have come at time of global uncertainty but it also provides the country with an unique opportunity to advance India’s vision of growth in the world. As India holds a key position today in the global economic arena, it is also putting forward its agenda of people-centric inclusive growth, says Harsh Vardhan Shringla, Chief Coordinator, G20 and former Foreign Secretary, Government of India.
Shringla, who was speaking at the 8th National Leadership Conclave of All India Management Association (AIMA) today at the capital, explained how India is increasingly attaining the attention of the world leaders and leading countries through its approach towards international issues.
The ongoing crises - starting from the COVID-19 pandemic to the Ukraine conflict is impacting the developing countries too. Inspite of that, “nearly 80 per cent of the growth today are coming from the developing world out of which India alone contributes 15 per cent towards the global growth. In that sense, we are the bright spot in the global economy,” he said.
India, being the latest growing major economy in the world and its ability to come out of the pandemic as a resilient economy has played a key role in its accent in the global order. “We have the highest rate of fin-tech adoption in the world. Our Prime Minister highlighted in Bali (Indonesia) that 40 per cent of global digital transactions happen in India,” he added.
According to Shringla, formation of the QUAD (Quadrilateral Security Dialogue) had helped India help many countries in the SouthEast Asia in supplying medicines and equipments during the pandemic with the help of Australia and Japan.
During her recent India visit Kristalina Georgieva, Managing Director of International Monetary Fund (IMF) described the current global situation very grimly, where shocks are being felt repeatedly. The COVID-19 pandemic has been the greatest shock since the World War II, while the Ukraine conflict is the first time when a war is being fought in Europe since then, Shringla described her saying.
“These crises have also impacted the global economy - from 6 per cent growth rate in 2021 to 3 per cent now and it may fall further to 2 per cent next year. As the world is now interconnected than ever, these also impact the developing world. In the global south we are witnessing falling remittances and indebtedness,” said Shringla.
India’s G20 presidency may have come at time of global uncertainty but it also provides the country with an unique opportunity to advance India’s vision of growth in the world. As India holds a key position today in the global economic arena, it is also putting forward its agenda of people-centric inclusive growth, says Harsh Vardhan Shringla, Chief Coordinator, G20 and former Foreign Secretary, Government of India.
Shringla, who was speaking at the 8th National Leadership Conclave of All India Management Association (AIMA) today at the capital, explained how India is increasingly attaining the attention of the world leaders and leading countries through its approach towards international issues.
The ongoing crises - starting from the COVID-19 pandemic to the Ukraine conflict is impacting the developing countries too. Inspite of that, “nearly 80 per cent of the growth today are coming from the developing world out of which India alone contributes 15 per cent towards the global growth. In that sense, we are the bright spot in the global economy,” he said.
India, being the latest growing major economy in the world and its ability to come out of the pandemic as a resilient economy has played a key role in its accent in the global order. “We have the highest rate of fin-tech adoption in the world. Our Prime Minister highlighted in Bali (Indonesia) that 40 per cent of global digital transactions happen in India,” he added.
According to Shringla, formation of the QUAD (Quadrilateral Security Dialogue) had helped India help many countries in the SouthEast Asia in supplying medicines and equipments during the pandemic with the help of Australia and Japan.
During her recent India visit Kristalina Georgieva, Managing Director of International Monetary Fund (IMF) described the current global situation very grimly, where shocks are being felt repeatedly. The COVID-19 pandemic has been the greatest shock since the World War II, while the Ukraine conflict is the first time when a war is being fought in Europe since then, Shringla described her saying.
“These crises have also impacted the global economy - from 6 per cent growth rate in 2021 to 3 per cent now and it may fall further to 2 per cent next year. As the world is now interconnected than ever, these also impact the developing world. In the global south we are witnessing falling remittances and indebtedness,” said Shringla.