G20 nations need to push for growth amid debt crisis: Amitabh Kant

Kant said that governments can, at best, be facilitators and catalysts, and eventually, growth has to take place through production and productivity by the private sector

With a third of the global economy expected to reel from recession in 2023, it is imperative upon the G20 nations to push for inclusive, resilient, and sustainable growth in their deliberations, India’s G20 Sherpa Amitabh Kant said on Tuesday.

Speaking at an event organised by industry body Confederation of Indian Industries (CII), Kant said G20 nations and their companies could enhance value by adopting green technology solutions and sustainable best practices.

Amid global debt crisis and economic slowdown, Kant said, “it is important that G20 has inclusive, resilient, and sustainable growth at the core of all deliberations to lift people above the poverty line.”

India is the president of G20 for the current calendar year, with nearly 200 meetings being planned around the country. In February, India hosted the G20 meeting of finance ministers and central bank governors and external affairs ministers.

“The primary task of G20 is to transform the lives of citizens across the world, and this requires driving growth to be able to provide better literacy, better health outcomes, and better nutrition to everyone,” he said.

Kant said that governments could, at best, be facilitators and catalysts, and eventually, growth has to take place through production and productivity by the private sector. “Governments need to reform various rules, regulations, and procedures for the private sector to grow,” he said.