India's inclusive G20 presidency giving voice to many countries: Mahindra Gr MD & CEO

New Delhi: India's inclusive G20 presidency is giving a voice to several nations and the country is uniquely positioned to bridge the divide between many countries in the world, according to Mahindra Group Managing Director & CEO Anish Shah.

The power of India's G20 presidency is reflected in a series of comprehensive actions taken that will create solutions that can be taken across the world but going forward, the multi-nation forum will need to tackle global issues such as debt restructuring of countries in debt, high inflation and agreement on timelines for climate mitigation measures, he said.

The theme of India's G20 presidency -- One Earth, One family, One Future -- encompasses all the challenges that the world is facing today,  which are multiple, complex and interconnected challenges, Shah said.

"India's G20 presidency is inclusive. It's giving a voice to many countries that may not have had a voice before.  In some cases, with the Global South, a wide span of countries ranging from the geographical regions of Africa, Central and Latin America, and a large chunk of Asia," he said.

He further said,"What is more important is that India is uniquely positioned for bridging the divide between many countries in the world, in some cases a North-South divide, in some cases, the East-West divide."

India's benign, but assertive presidency is boosted by its successes and experiences, he said adding the country is "orchestrating a collective voice to what was seen earlier as peripheral third world countries".

Shah also noted that India's presidency comes at a time of the country's ascendancy in international standing and global exposure and there is a greater inclination on the part of the world today to understand India, to recognise its capabilities and contributions.

"India has a potential to serve as a competent balance while bridging complex issues and arguments. And this is one of the biggest reasons why the world is enthusiastically participating in India's G20 presidency," Shah asserted.

The scale and execution of India's G20 presidency with over 200 meetings, 11 engagement groups, 12 working groups under the Sherpa track, eight under the finance track conducted in 50 cities across the length and breadth of the country have brought together various voices, perspectives, and have really enriched the discussions that have taken place, he noted.

With teams working together developing blueprints for solving many of the pressing problems facing the world through consensus, Shah said a series of comprehensive actions have been taken that will "create solutions that can be taken across the world, and that is the power of what India's G20 presidency has done".

On the road ahead for G20, Shah pointed out that issues such as debt restructuring of countries in debt,  high inflation and timelines for climate mitigation measures would need to be addressed.

He pointed out that more than half of all low income countries are either in or near debt distress, which is double the number in 2015 and the IMF has warned that medium-term growth prospects remain weak and vulnerable countries are falling further behind.

Citing the agreement on Zambia's USD 6.3 billion debt restructuring, he said the deal provided some cause for optimism ahead of the summit, adding,"If a template of common principles could be adopted, it will go a long way for countries in debt".

On inflation, Shah said,"This remains a major concern despite falling headline inflation; it is still well above central bank targets and core inflation is persistent. The G20 should recommit to achieving price stability through further interest rate rise when necessary and it should pledge to target fiscal measures to protect the most vulnerable while advocating for supply side policies to help increase labour supply and enhance productivity."

Highlighting climate change as a very important area, he said,"It will be interesting to see whether the G20 leaders can agree to the timelines for climate mitigation measures, and reach consensus on actions to support the energy transition ahead of the COP28 in November. India has taken leadership in various climate initiatives and hopefully that should be an impetus for others to come in as well."