As world leaders gathered for this year’s two-day G20 summit of the world’s major economies in Hangzhou, Prime Minister Narendra Modi on Sunday underlined that a “difficult conversation” would not be enough to combat global slowdown.
PM Modi pitched a “collective, coordinated and targeted action” by the G20 members to revive the global economic growth.
“We meet at a time when the global situation faces complex political and economic challenges,” Prime Minister Modi told the G20 leaders in this eastern Chinese city.
“A frank, even a difficult conversation won’t be enough. What G20 needs is an action oriented agenda of collective, coordinated and targeted action,” Modi said as he laid out an agenda for structural reforms to revive the global growth and stressed that there was need to improve financial system, boost domestic production, enhance infrastructure investment and create a pool of human capital.
“Our challenges are common, so are opportunities. Connected machines, digital revolution and new technology laying foundation for next generation global growth,” Modi added.
Modi said that to benefit all, G20 would need to act decisively. “This will also require strong network of partnerships,” he added. The G20 member states represent 85 per cent of the world’s GDP.
The G20 includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the UK, the US and the European Union.