Intervention by PM at G20 working session on Inclusive Growth: Global Economy, Growth Strategies, Employment and Investment Strategies
Excellencies,
The global economic growth remains weak, with slowdown in several major economies, volatile financial markets and competitive devaluation of currencies.
I congratulate the Turkish Presidency for coordinating efforts on Growth and Investment strategies and Employment Plans. We must all now implement our commitments.
To stimulate growth, we need to enhance public investments, not just rely on monetary policy.
G20's continued call to Central Banks for careful communication on monetary policy actions will be helpful in keeping financial and currency markets stable.
Multilateral Development Banks should enlarge their capital base to support infrastructure needs of the developing countries. New institutions such as the New Development Bank are welcome additional sources of financing.
There is global consensus on the need to address climate change. However, multilateral institutions should not impose such difficult safeguards and conditions on loans that they become barriers to development in many countries and undermine sustainable development.
G20 efforts must be aligned with the UN Sustainable Development Goals, adopted this year, particularly with the number one goal of elimination of all poverty by 2030.
We welcome the G20 focus on employment of women and, on youth this year.
Stable long term global economic growth requires not just capital flows, but also efforts to facilitate labour mobility and skill portability.
Excellencies,
India's economic growth is likely to grow at 7.5% this year and achieve a growth rate of 8% plus next year. We have reduced inflation and current account and fiscal deficits.
Our programmes of inclusive development, including Financial Inclusion, universal access to basic needs by target year, Make in India, Skill India, Digital India, Industrial Corridors and Smart Cities will boost growth and, employment in India.
This will be a source of strength for the global economy.
Thank you!
