This week, top financial decision-makers from the G-20 leading nations are meeting in Bengaluru. A south Indian technological powerhouse, to discuss the many issues threatening global economy and stability. Such as persistently rising inflation and surging debt.
The G-20 financial summit is being held in India for the first time in 20 years. It will hold the first summit of the G-20 economies later in the year. The conferences provide an opportunity for the second most populous nation in the world to highlight its rise to economic dominance. And its position as an ally of developing countries.
Only one year ago, Russia invaded Ukraine, causing a series of shocks to the global economy. The most significant of which was decades-high inflation. This week’s meeting of finance ministers and central bank governors is taking place just one year later. At the G-20 summit, U.S. Treasury Secretary Janet Yellen is anticipated to discuss the war’s effects on the world economy.
India’s stand in the Global Economy as G-20 host:
India is one of the nations stepping carefully between the Western nations and Russia. Anxious to assert more global weight but weary of getting caught up in conflicts as its economy benefits from buying Russian crude oil at a lower price.
PM Modi is anticipated to use his position as host of more than 200 G-20 meetings. Which will be in 28 cities prior to the summit in November to enhance India’s reputation as a leader in the fight against climate change. Also to serve as a link between the concerns of developed and developing countries.
Anurag Thakur, India’s minister of information, remarked, “We don’t have the resources that industrialised countries have, but within little resources we have also achieved a lot in domains like space and renewable energies like green hydrogen.”
According to a report released by the IMF on Monday, India’s economy would develop at a 6.1% annual rate this year after expanding at a 6.8% annual rate in 2017.