India's G20 Presidency: Unlocking Sustainable Development

New Delhi, Nov 30 (PTI) India's G20 Presidency amid global challenges has been instrumental in unlocking holistic solutions for promoting sustainable and inclusive development, Economic Affairs Secretary Ajay Seth said on Thursday.

The one-year term of India's G20 Presidency came to an end on Thursday. Brazil is the host nation for the G20 Leadership Summit to be held next year.

Slow post pandemic recovery combined with disruption in global supply chains. food and energy security challenges. rising inflation and geopolitical tensions are creating strong headwinds for countries around the world, he said.

These challenges are threatening the long-term livelihoods and wellbeing of millions, he said, while addressing a workshop organised by G20 Sustainable Finance Working Group here.

"In the face of such concerns, India's presidency has been instrumental in unlocking holistic solutions, which can address the most pressing challenges of our times and prop up sustainable and inclusive development," he said.

Recommendations for a better, bigger and more effective multilateral development banks, focus on digital public infrastructure to achieve sustainable and inclusive global growth were some of the notable achievements of India's G20 Presidency, Seth said.

These play a pivotal role in shaping a sustainable future while considering the perspective of the Global South, he said.

India assumed the Presidency of the G20 for one year from December 1, 2022, to November 30.

The G20, or Group of 20, is an intergovernmental forum of the world's major developed and developing economies.

It comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US, and the European Union (EU).

During India's Presidency at the New Delhi's Leadership Summit held in September, the African Union was included as a member of the G20.

Collectively, the G20 accounts for 85 per cent of the global GDP, 75 per cent of international trade, and two-thirds of the world population, making it the premier forum for international economic cooperation.