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Finance Minister participates in G-20 Seminar on “Recover Together, Recover Stronger”

Finance Minister participates in G-20 Seminar on “Recover Together, Recover Stronger”

Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs participated virtually from New Delhi at the G20 International Seminar hosted in Bali by Indonesia’s G20 Presidency. Speaking on the G20’s theme for the year (G20 Theme 2021), “Recover Together, Recover Stronger,” the Finance Minister emphasized the need of ensuring collaborative progress for all nations in order to create a robust, sustainable, balanced, and inclusive global economy recovery. She stressed the crucial significance of multilateralism and collaborative effort in reaching this goal.

Sitharaman also emphasized the critical role of inclusion, investment, innovation, and institutions in advancing the global recovery process.

The Finance Minister stressed the significant need of maintaining affordable and equitable access to vaccinations and treatments in order to overcome the global economic recovery’s divergences. In this regard, Sitharaman stated that India has already provided over 1.25 billion vaccination doses and supplied over 72 million vaccine doses to over 90 countries, including through grants, showing India’s commitment to coordinated global action.

The Finance Minister highlighted the critical role of enhanced infrastructure investments in supporting a quick and stable return to growth.

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Sitharaman also emphasized the essential role of green investments in governments’ reconstruction efforts and urged the G20 to consider ways to make climate finance and green technologies more accessible to developing countries in order to incentivize and accelerate their efforts toward green growth.

Why and when was the G20 formed, its significance and summits

The Group of Twenty, or G20, is an international organization composed of 19 nations + the European Union (EU). Its mission is to address critical global economic concerns, including international financial stability, climate change mitigation, and sustainable development.

In response to several global economic crises, the G20 was formed in 1999. Since 2008, it has convened at least once a year, with summits attended by the heads of state or government of each member country, as well as the finance minister, foreign minister, and other senior officials. The European Union is represented by the European Commission and the European Central Bank.

List of G20 Summits | G20 Theme 2021

SummitsYearHost countryHost city
1st14–15 Nov 2008United StatesWashington D.C.
16th30–31 Oct 2021ItalyRome
17th30–31 Oct 2022IndonesiaBali
18thTBD 2023IndiaNew Delhi
19thTBD 2024BrazilTBD

Note: G20 Theme 2021 is Recover Together, Recover Stronger

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Source: PIB