G20 needs action oriented agenda of collective, coordinated and targeted action: PM Modi

Prime Minister Narendra Modi on Sunday stressed on structural reforms to revive global growth and urged the G20 nations to adopt an action oriented agenda of collective, coordinated and targeted action.

Speaking at the 11th G20 Summit here, Prime Minister Modi said the world leaders are meeting at a time when the global situation faces complex political and economic challenges.

"A frank, even difficult conversation won't be enough. What G20 needs is action oriented agenda of collective, coordinated and targeted action. Our challenges are common, so are opportunities-connected machines, digital revolution and new technology laying foundation for next generation global growth," he said.

"We should revisit our basket of fiscal and monetary policy tools, encourage implementing demand supporting policies, prioritize and focus on structural reforms and public investments, reduce external imbalances and keep exchange rates stable, create an environment for free flow of goods services and human resources and refrain from competitive devaluation of currency," he added.

Prime Minister Modi further said that G20 would need to act decisively to benefit all.

"This will also require strong network of partnerships. And, in a way that our policies and measures are people centric and inclusive, allow easy access to technology and finance, bridge digital divide and bring down the digital and innovation barriers, promote development of skill set of next generation of technologies and facilitate the movement of skilled professional globally," he said.

The Prime Minister also used the platform to thank US President Barack Obama, saying he acknowledges his strong advocacy for building global partnerships and constant voice for collective action.

Prime Minister Modi earlier in the day met Chinese President Xi Jinping amid differences between the two countries over several issues, including the China-Pakistan Economic Corridor which runs through Pakistan-occupied Kashmir (PoK).

The two leaders had last met at the Shanghai Cooperation Organization (SCO) Summit in June in Tashkent and again set to meet in Goa next month on the sidelines of BRICS summit.

Prime Minister Modi also held bilateral talks with his Australian counterpart Malcolm Turnbull on the sidelines of the G20 Summit.

"Bilateral meetings continue...PM @narendramodi & PM @TurnbullMalcolm discuss India-Australia relations," tweeted the Prime Minister's Office (PMO).

"Advancing an important partnership. PM @narendramodi & Australian PM @TurnbullMalcolm meet in Hangzhou," tweeted Ministry of External Affairs (MEA) official spokesperson Vikas Swarup.

Prime Minister Modi reached Hangzhou on Saturday night after concluding his two day visit in Hanoi.