G20 Summit 2023: Highlights Of Key Achievements Under India's Presidency

Finance Minister Sitharaman said many outcomes of India's presidency contain comprehensive strategies for all developing nations.

<div class="paragraphs"><p>Source: Unsplash</p></div>
Source: Unsplash

The Group of 20 adopted the New Delhi Leaders Summit Declaration, on Saturday after a consensus was reached among member states. Post-adoption of the declaration, the government held a press briefing highlighting work under India's G20 presidency.

Finance Minister Nirmala Sitharaman said that the Indian presidency has crafted solutions that resonate with each G20 member, offering a shared path forward for all. Many outcomes of this presidency contain comprehensive strategies for all developing nations, she said.

Sitharaman elaborated on the outcomes of strengthening multilateral development banks.

  • Agreement on the need for better, bigger, and more effective MDBs

  • The G20 Independent Expert Group on strengthening MDBs established, and submitted the first volume of its report.

  • Agreement to collectively boost the World Bank’s financing capacity

  • Endorsement for the G20 roadmap for implementation of the recommendations of an independent panel on the capital adequacy framework for the MDBs. These will potentially yield additional lending headroom of $200 billion over the next decade, Sitharaman said.

A global push for clearer policies and crypto regulation has gained momentum under India's presidency, Sitharaman said, with global consensus emerging on crypto.

Recommendations on financial inclusion and productivity gains through digital infrastructure were formulated, the FM added.

A consensus on a debt relief framework for Zambia, Ghana, and Ethiopia was achieved, Sitharaman said. The financing of the sustainable, resilient cities of tomorrow is now all under the framework and can be used by MDBs.

Sitharaman said the work has been done on the exchange of information on immovable properties as part of the G20's progress on international taxation.

It is a matter of particular satisfaction that the African Union has now become a permanent member, minister of External Affairs S Jaishankar said at the press conference.

All 83 paras of the joint declaration have 100% consensus across all countries, G20 sherpa Amitabh Kant said. A G20 Declaration without any footnote or chair's summary demonstrates India's ability to bring everybody to the same table, he said.

We have achieved a major green development pact to focus on financing, cutting global greenhouse gas emissions, a global biofuel alliance, sustainable development, and ending plastic pollution, among others, for which every single country has come together, Kant said.

There is a huge focus on sustainable development, health, and education, along with resilient and inclusive growth, women's empowerment, and well-being, he said.

Globally, once grain movement starts from Russia and Ukraine, it will help cool inflation, particularly in these grains. Domestically, largely, inflation locally is affected by the vagaries of the monsoon and supply-side problems, Sitharaman said in response to a media query.