India will take up developmental problems with the Global South on the conferences of the G-20 nations emphasising that there shouldn’t be any first world or third world, however just one world having a typical future.

Addressing the ministerial session on the Global South Summit, she stated India will use the G-20 Presidency to encourage collective options to take care of the quite a few challenges dealing with the world, like financial slowdown, rising inflation, risk of resurgence of pandemic and dangers rising from geopolitical conflicts.

“While sustaining shut relations with developed nations, India is eager to place ahead the standpoint of the Global South — our co-passengers on the trail of growth for many years.

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“We strongly imagine there shouldn’t be any first world or a 3rd world, however only one world with a shared understanding for a typical future,” Sitharaman said while speaking on the theme of ‘Financing People Centric Development’.

India has taken over the presidency of the G-20, which is a grouping of 20 developing and developed nations, for the current year from December 1, 2022.

The ‘Global South’ largely refers to countries in Asia, Africa and South America.

India is hosting the two-day summit to bring together countries of the Global South and provide them a common platform to share their common concerns relating to various global challenges, including food and energy security triggered by the Ukraine conflict.

Sitharaman said as the world rebuilds itself from the pandemic, the Global South needs to exhibit “robust solidarity” to deal with challenges like pandemic, climate change and geopolitical tensions which are affecting efforts for development and economic growth.

The Minister said that the hardships posed by the pandemic have exposed vulnerabilities at all levels and shown that a major scale up of response mechanisms is required so that the support provided by these institutions is responsive to country-specific needs.

“We imagine strengthening multilateral growth banks is a key to addressing the worldwide challenges of the twenty first century,” she said, adding the recent geopolitical tension and the pandemic has aggravated the global debt vulnerabilities.

“If left unaddressed, these mounting debt vulnerabilities can set off world recession and push hundreds of thousands to excessive poverty. Under India’s G-20 Presidency, financing for the social dimension of sustainable growth is a vital precedence,” Sitharaman stated.

The Minister stated as nearly all of world efforts are being focussed on tackling local weather points, it’s important that world leaders additionally keep in mind the social dimension of growth to sort out urgent points like rising social inequalities.