Union Finance Minister Nirmala Sitharaman on Friday opened the first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting by offering her heartfelt condolences to Turkish colleagues, urging the congregation to observe a minute of silence for the loss.
In her address, the Finance minister said the G20 in 2023 will focus on a holistic approach to the global challenges based on the presidency theme of 'Vasudhaiva Kutumbakam -- One Earth One Family One Future'.
She said the G20 could transform lives around the globe by leveraging strengths while respecting needs and circumstances.
"It can be a global prime mover as an incubator of ideas, a force for the collective good and a forum to listen to the voice of the Global South. Supporting the countries most in need and reflecting the concerns and aspirations of developing countries will be our central to our efforts," Sitharaman said.
"We will work closely with the Troika, the G20 membership and international organisations to carry forward the exemplary G20 presidencies before us. We will begin this special pre-recorded address to all of you by our honourable Prime Minister Narendra Modi-ji," the minister added.
During his address earlier, Prime Minister Modi warmly welcomed the G20 Finance ministers and central bank governors to India, saying the meeting marks the first Minister-level dialogue under India's G20 Presidency.
"Even as I convey my best wishes to you for a productive meeting, I am aware of the challenges you face," the Prime Minister Modi said, adding, "You represent the leadership of global finance and economy at a time when the world is facing serious economic difficulties. The COVID pandemic has delivered a once-in-a-century blow to the global economy."
PM Modi said many countries, especially developing economies, were still coping with its after-effects, adding that rising geo-political tensions in different parts of the world were disrupting global supply chains.
"Many societies are suffering due to rising prices. And, food and energy security have become major concerns across the world," PM Modi said, adding, "Even the financial viability of many countries is threatened by unsustainable debt levels."
He said the trust in international financial institutions has eroded. "This is partly because they have been slow to reform themselves. It is now up to you -- the custodians of the leading economies and monetary systems of the world to bring back stability, confidence and growth to the global economy. It is not an easy task," PM Modi said.
( With inputs from ANI )
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