IMF claims that India is a shining light on the gloomy horizon

Washington: India will take the helm of the G20 nations from a position of “strength” and will leave a lasting impression on the world during its presidency the following year, according to Kristalina Georgieva, managing director of the IMF, on Thursday.

Beginning on December 1, 2022, India will hold the G20 Presidency for a full calendar year. Over 200 G20 meetings are anticipated to take place in India during its Presidency. On September 9 and 10, 2023, in New Delhi, the G20 Leaders’ Summit at the level of Heads of State/Government will take place.

Speaking to reporters on the sidelines of the annual meeting of the International Monetary Fund and the World Bank, Ms Georgieva said, “India deserves to be called a bright spot on this otherwise darker horizon because it has been a fast growing economy, even during this difficult times, but most importantly, this growth is underpinned by structural reforms.” Prominent among the structural reforms are the “remarkable success” in digitalisation in India, from digital ID to providing all services and support on the basis of digital access,” she said. “This has indeed been a huge factor for India’s success,” she said.

“And so, the country is now stepping into taking the lead on G20 from that position of strength, which makes me strongly believe that we will see India leaving a mark on the world for years to come during next year’s presidency (of G20),” Ms Georgieva said.

And what could that mark be and in what areas, she asked. “It could be the area of digitalisation, including digital money. We know that we need regulation of crypto, we know that we need to get some more attention to cross border payments. We are proposing public investment in the infrastructure of a cross border payment platform,” she said.

“It can be in the area of bringing more fairness in our institutions. Next year we need to complete the 16th quarter review. India has been a very strong voice for the fund to be financially strong and also to be a strong institution on the basis of fair representation of our members,” she said.

“It could be in renewable energy. What is not so well known, you know it, that India has really leapfrogged in terms of solar and other forms of renewable energy. So, I very much look forward to next year and I’m sure that it would make the people of India, the whole nearly 1.4 billion of them very proud,” said the IMF Managing Director.

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