G20 member countries should draw inspiration from the Indian economy -

Bangalore: Some countries have unsustainable-debt loads, so much so that they cannot tolerate it, which has become a major global problem. The distrust of international financial institutions has been partly responsible for this. Besides, Prime Minister Narendra Modi warned that these international financial institutions had been slowly working to implement the necessary reforms. The Prime Minister of India gave this warning while addressing the Finance Ministers of the member countries and the Governors of the Central Banks of these countries at the ongoing G20 conference in Bengaluru. At the same time, the Prime Minister claimed that the G20 nations could draw inspiration from the Indian economy and try to bring stability, confidence and growth to the global economy.

Moreover, due to the disruption of the supply chain due to the outbreak of the Covid pandemic, many countries have faced serious financial problems. Due to this, these countries had to solve their problems by taking huge amounts of loans. But now, these debt loads have gone beyond being bearable. The Prime Minister made it realise in a conference that this debt has now reached the level of non-viability, which has become a serious problem facing the world. In such a situation, the responsibility of the G20, which includes the leading 20 economies of the world, has increased. He said that solving this debt would not be an easy task. But we all will have to make efforts to solve this problem unitedly, PM Modi further said.

Additionally, the PM claimed that the international banks must be strengthened to relieve the countries from the debt crisis and thereby take steps in the right direction to solve the problem. At the same time, the Prime Minister has expressed his belief that other countries can draw inspiration from India’s economy. India confidently tried to solve its economic problems by adopting an inclusive monetary policy and prioritising public participation. Moreover, Indian consumers and manufacturers have been optimistic and full of confidence about their future. Similar confidence can also be created in the global economy, he added.

For that, we need to increase public participation, he said. He stressed that we must adopt a comprehensive policy to gain the world’s trust. Also, the Prime Minister pointed out that the international financial institutions have to make necessary changes in themselves for this.

Along with this, the use of technology has increased in the world of finance, and India gave the most importance to digital payments during the Covid pandemic; the country got a lot of benefits from this, the Prime Minister reminded. At the same time, the Prime Minister expressed hope that technology should be used constructively and not destructively in the global economy.

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