EAM flags supply chain disruptions, prolonged debt crisis as key challenges

The prospects of a global economic recovery remain dim amid supply chain disruptions, prolonged debt crisis and pressures on energy, food and fertiliser security, External Affairs Minister S Jaishankar said on Monday, calling for a united global approach to deal with the challenges.

In an address at the G20 Development Ministers' conclave here, he also said that India has put forward an ambitious seven-year action plan for accelerating progress on the Sustainable Development Goals (SDGs) that presented an integrated and inclusive roadmap for G20 actions.

The roadmap focuses on digital public infrastructure and fostering data for development, investing in women-led development and energy transition to protect the planet.

"The world today faces unprecedented and multiple crises -- from the pandemics to the disruptions in supply chains, from the impact of conflict to climate events, our era is becoming more volatile and uncertain by the day," Jaishankar said.

"Added to this is the stubborn inflation, rising interest rates and shrinking fiscal space for many nations. As always in such times, the weak and vulnerable bear the brunt," he said.

The external affairs minister said progress towards the SDGs was already falling short before the COVID-19 pandemic and that it has further been exacerbated.

"Prospects of a global economic recovery remain dim amid supply chain disruptions, prolonged debt crisis and pressures on energy, food and fertiliser security," he said.

Jaishankar said the development ministerial meeting of the G20 is an opportunity for "us to demonstrate solidarity on these development issues."

"The decisions we make today have the potential to contribute to an inclusive, sustainable and resilient future," he said.

India is hosting the conclave of development ministers of the G-20 member nations from June 11-13 in its capacity as the current chair of the grouping.

It is expected to focus on disruptions in global supply chains, food and energy security challenges and impacts of climate change among other issues.

The G20 development ministers' conclave follows the Voice of the Global South Summit that was hosted by India in January, and the decisions taken at the Varanasi meet will also contribute to the UN summit on SDGs in September.