Union Finance Minister Nirmala Sitharaman on Tuesday stated that India would push for international regulation of crypto assets to stop the funding of terrorism as well as coordinated efforts to deal with the effects of events in advanced economies under its G20 presidency.
She further highlighted eight areas for consideration during India's G20 presidency, which will start on December 1. These topics included multilateral institution changes and food and energy security.
Notably, India will succeed Indonesia as the head of the G20, an association of 20 developed and developing countries.
India to face numerous challenges during its G20 presidency
It will be assuming the presidency at a time when the world is experiencing numerous challenges due to the Russia-Ukraine conflict, rising crude oil prices, rising interest rates, and a slowdown in global demand.
"We are probably at a very comfortable stage in the sense of comparing with other economies, our macroeconomic fundamentals are fine," Sitharaman said. She also went on to say that emerging markets always face the collateral and unintended spillovers of happenings in developed countries.
She claimed that at the G20 summit, India consistently upheld its stance and voiced concerns of developing markets and low- and middle-income ones.
"Particularly at a time when we are also facing the collateral spillovers which are unintended ... How much countries like India or in the middle or low-income bracket or emerging markets can bear the brunt of spillovers? Can you at all be ready for unpredictable spillovers, and how much can you be ready? Therefore, discussions on spillovers will be a priority," Sitharaman said at ICRIER's G20 conference.
Warning of a recession in advanced economies, the IMF last month lowered global growth projections to 3.2 per cent for 2022 and 2.9 per cent for 2023.