Nirmala Sitharaman, the finance minister, said on Tuesday that it is crucial for developing countries to turn into economic engines and contribute to addressing global issues.
The G20 Presidency, she said, has come at a vital time for the developing countries, and she emphasised that the next three years would be essential for the world economy, which is undergoing a reset.
Currently, India is in charge of the G20, an association of developed and developing nations. From Indonesia, India has assumed the presidency, which it will transfer to Brazil later this year.
Speaking to the Indian diaspora in Seoul, the minister stated that India is attracting attention not just because it has the largest economy with the highest rate of growth both this year and next, but also because of how it has managed the epidemic and the country's economic recovery.
The minister is in Seoul for the Asian Development Bank's (ADB) annual conference.
While the advanced economies are currently experiencing a protracted recession, the central banks in those nations are raising interest rates and addressing inflation, according to her.
According to Sitharaman, “In such a situation globally, how can economies, particularly emerging market economies, who are all showing good signs of growth…is it possible for us to sustain that growth, is it possible for us to give greater energy to that growth momentum so that emerging markets can literally be the engines of growth and help the global crisis be solved?”
As emerging economies, Indonesia, India, and Brazil make up the G20 troika, the minister stressed the significance of the global south's voice being heard. The majority of the “Global South” comprises nations in South America, Africa, and Asia.
She said that there is a recession on the one hand and COVID's economic resurgence on the other, saying “the three years are going to be important for the global economy to reset itself and readjust to the global realities.”
Additionally, she said, there is a lot of use of artificial intelligence, deep data analytics, and the Internet of Things.
India, according to Sitharaman, is advancing technology quickly and has already implemented a digital payment system, faceless tax assessment, and digital ID.
Additionally, businesses in India are reinventing themselves by utilising artificial intelligence and adjusting to the demands of the twenty-first century.
She also extended an invitation to NRIs residing in South Korea to participate in technological and innovative advancements being made in India.
“India is undergoing a significant and rapid development. Companies are beginning to understand that now is the perfect moment to invest in the technology that is delivering AI and innovation, she said.
According to Sitharaman, India is both reacting to and anticipating the effects of climate change. All of the pledges made in Paris are being fulfilled thanks to our resources and labour.
She expressed regret that the rich countries' pledge of $100 billion to combat climate change is just a pledge on paper and noted that India is acting independently to address the issues raised by the phenomenon. India has established the International Solar Alliance and is building infrastructure that is resistant to climate change.
The finance minister was visited earlier in the day by Samsung Electronics' global chief financial officer, Hark Kyu Park, who was in town for the ADB annual meetings.
According to a tweet from the finance ministry, the two discussed potential future investments in cutting-edge technology in India.