Synopsis At a seminar on Strong, Sustainable, Balanced and Inclusive Growth in the Capital, Sitharaman said the New Delhi Declaration of G20 leaders in September underscored the urgency of adopting well-calibrated structural policies to bolster equitable growth and improve macroeconomic and financial stability. Sitharaman said India has delivered a G20 presidency that has “provided clear policy directions for addressing the needs of the majority of the global population. NEW DELHI: Finance minister Nirmala Sitharaman on Monday said world economic recovery remains “slow and uneven” and medium-term growth prospects have weakened further, as she called for coordination at both global and domestic levels to ensure a swift rebound. At a seminar on Strong, Sustainable, Balanced and Inclusive Growth in the Capital, Sitharaman said the New Delhi Declaration of G20 leaders in September underscored the urgency of adopting well-calibrated structural policies to bolster equitable growth and improve macroeconomic and financial stability. She stressed that while India’s G20 presidency-which has “mainstreamed the concerns and aspirations of Global South”–is coming to an end this month, momentum must be maintained on the policy guidance offered by the New Delhi declaration. “Not only should we engage with G20 partners to take forward the outcomes, but we should also explore how best we can integrate these outcomes into India’s domestic policy-making process so that we can lead by example,” Sitharaman said. The projected pace of global growth-3% for 2023 and 2024, according to the International Monetary Fund-is below the average of 3.8% in the two decades before the pandemic. India, however, will remain the world’s fastest-growing economy, clocking a growth rate of 6.3% in both this fiscal and the next, the IMF has said. G20 leaders will hold a virtual meeting on November 22, the last under India’s presidency. Brazil will take over the presidency from December. Sitharaman said India has delivered a G20 presidency that has “provided clear policy directions for addressing the needs of the majority of the global population whose voices are often unheard in global multilateral forums”. “However, we still have work left to do,” she said. During its G20 presidency, India made concerted efforts to explore how technology can be leveraged for the benefit of all, mainly through the digital public infrastructures, Sitharaman said. The New Delhi Declaration has focused on trade, the future of work and financial inclusion , which are “pivotal for stimulating global growth”, the minister said. Under India’s presidency, the G20 sought to better integrate micro, small and medium enterprises (MSMEs)-which account for 90% of world businesses, about 70% of employment and 50% of GDP–into international trade. Experience Your Economic Times Newspaper, The Digital Way! Monday, 06 Nov, 2023 Read Complete ePaper » Digital View Print View Wealth Edition India Top Scorer in APAC for Consumer Goods Biggies The Indian market has outperformed the rest of Asia Pacific including China for some of the biggest global consumer goods companies in the past quarter, according to their post-earnings management commentaries. Paisa Vasool India Inc gets More Productive in 5 Yrs While the recent debate on 70-hour work weeks has been polarizing, data shows employee productivity of India Inc — measured as revenue per employee — has steadily gone up in the past five years, even as staff cost as a proportion of total revenues has largely been maintained at 10%. ‘Mahadev’ Among 22 Illegal Betting Apps Banned The government banned 22 illegal betting and gambling apps and websites, including the controversial app Mahadev Book Online, which is at the centre of bribery allegations against Chhattisgarh chief minister Bhupesh Baghel. Read More News on global economic recovery nirmala sitharaman g20 presidency new delhi declaration financial inclusion (Catch all the Business News , Breaking News Events and Latest News Updates on The Economic Times .) Download The Economic Times News App to get Daily Market Updates & Live Business News. … more less Prime Exclusives Investment Ideas Stock Report Plus ePaper Wealth Edition How Baap of Chart turned turtle and fell into the regulatory net of the Big Daddy of markets JLR: From Tata’s ‘biggest mistake’ to a money-spinner, how focus on high-profit cars did the trick Essentially, education is a word-of-mouth business: Physics Wallah’s co-founder on organic growth 3 insights to kick-start your day, featuring Tata Motors’ luxury EV plan Eros International case: How an alleged fund diversion of over INR2,000 crore took place Stock Radar: Down 20% from highs! This EV stock is showing signs of bottoming out 1 2 3 View all Stories