Building Consensus and Leading by Example
India's leadership during its G20 presidency has been widely appreciated for its role in building consensus on key global issues. This was evident at the annual Spring meetings of the International Monetary Fund (IMF) and the World Bank, where Ajay Seth, India's Economic Affairs Secretary, highlighted the positive reception.
The G20 Summit held in New Delhi from September 9-10, 2023, resulted in a 37-page consensus declaration despite significant differences on the Russia-Ukraine war. This achievement, along with various meetings and initiatives undertaken during India's presidency, has garnered significant recognition.
Seth emphasized the appreciation for India's practical approach to development and its effective monetary and fiscal policies, which have contributed to maintaining financial stability amidst global challenges. He also shared India's experience in sustainable finance, including the issuance of sovereign green bonds and the introduction of a framework for green deposits.
India's leadership extended beyond the G20 presidency. During the Spring Meetings, RBI Governor Shaktikanta Das shared India's experience in managing capital flow volatility and emphasized the importance of price and financial stability. Seth also commended the Brazilian Presidency for developing the 2024 Multilateral Development Banks (MDB) agenda, which builds upon the report prepared under India's G20 presidency.
Overall, India's G20 presidency has been marked by its ability to build consensus, showcase successful development strategies, and contribute to global financial stability. This leadership role has been acknowledged and appreciated by the international community.