G-20 Nations Critical To Find Right Balance Between Growth, Efficiency, Resilience: PM

The G-20 has a critical role to play in finding the right balance between growth and efficiency on one hand and resilience on the other, said Prime Minister Narendra Modi on Thursday.

While addressing the meeting of the foreign minister of G-20 via video message, he said that it signals the need for unity of purpose as well as the unity of action.

Acknowledging that multilateralism is in a state of crisis in the world today, he pointed out the two main functions that were meant to be served by the architecture of global governance created after World War II. 

He explained that firstly, it was to prevent future wars by balancing competing interests, and secondly, to foster international cooperation on issues of common interests. 

Observing the financial crisis, climate change, pandemic, terrorism, and wars in the past few years, the Prime Minister noted the failure of global governance in both its mandates. 

He further added that the tragic consequences of this failure are being faced mostly by all the developing countries and the world is at risk of rescinding sustainable development after years of progress. 

The Prime Minister also noted that many developing countries are struggling with unsustainable debt while trying to ensure food and energy security for their people. 

He also noted that it is developing countries that are most affected by global warming caused by rich countries. 

“India's G-20 Presidency has tried to give a voice to the Global South,"  the Prime Minister remarked as he pointed out that no group can claim global leadership without listening to those most affected by its decisions.