India is hosting the G-20 summit on 9-10 September. Just before the meeting Prime Minister Narendra Modi (Narendra Modi) has said that the debt crisis is a matter of great concern for the world, especially the developing countries. He said that India will try to build a consensus on this issue in the upcoming G20 summit. So that in this regard, a concrete framework can be prepared to help the low-income economies burdened with debt. Prime Minister Modi said in an exclusive interview last week that the G20 under India’s chairmanship has placed a lot of emphasis on tackling the global challenges arising out of debt vulnerabilities. PM Modi said that the debt crisis is indeed a matter of great concern for the world, especially the developing countries. Citizens of different countries are following the decisions being taken by the governments in this regard. Some commendable results have also come.
‘China is continuously insisting on debt restructuring’
Narendra Modi said that the first thing is that the countries which are going through debt crisis or have gone through it, have started giving more importance to financial discipline. Second, those who have seen some countries facing tough times due to debt crisis are conscious to avoid the same wrong steps. India under its G20 chairmanship has consistently pushed for debt restructuring to help countries facing growing debt problems. China, which is considered the world’s largest government lender, has not agreed to some of the debt restructuring proposals. However, a large number of G20 member states are advocating for helping low-income countries cope with the crisis. According to one estimate, more than 70 low-income countries have a total debt of US $ 326 billion.
Be very sensitive to Sri Lanka’s needs as well: Modi
Prime Minister Narendra Modi said that G20 finance ministers and central bank governors have acknowledged the good progress in debt resolution. He said that we have also been very sensitive to the needs of our valued neighbor Sri Lanka during difficult times. He said that the ‘Global Sovereign Debt Roundtable’, a joint initiative of the International Monetary Fund (IMF), the World Bank and the G20 presidency, was launched this year to accelerate global debt restructuring efforts. This will strengthen communication between key stakeholders and help tackle the debt crisis effectively. Modi expressed hope that increasing awareness among people of different countries on this problem will ensure that such situations do not arise again and again.
IMF chief also advocated debt restructuring
However, a lot is being done to address these issues, and I am confident that increasing awareness among people of different countries will ensure that such situations do not arise again and again, the Prime Minister said ahead of the G20 summit. IMF chief Kristalina Georgieva in July advocated a faster debt restructuring process for weaker countries. India, as the current chair of the G20, is hosting the summit on September 9-10.
Betting on diversity is the best option for energy transition: PM Modi
Prime Minister Narendra Modi has said that diversification is the best option in the energy transition and as the world works to shift from fossil fuels to cleaner energy sources such as solar and hydrogen, no single approach can solve all things. India is the third largest energy consumer in the world. India has always insisted that the energy transition should be equitable and orderly and countries should have complete freedom to take decisions based on the availability of resources. In an exclusive interview here ahead of the G-20 summit, Prime Minister Modi said our principle is simple – diversity is our best option, be it in society or in terms of our various sources of energy. He said that there cannot be a one size fits all solution. Given the different paths that different countries are following, their path to energy transition will also be different. Coal, oil and gas account for about two-thirds of energy consumption in the world. It cannot be changed overnight. Given these circumstances, India is in favor of continuing to invest in today’s energy system so that it can meet the demand of growing economies and there is no shortage in it. Along with this, the flow of investment in energy transition should also continue.
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