The G20, which is essentially a financial forum, has taken collective action on issues such as crypto assets, global debt and the need for reforms in the Bretton Woods institutions – the International Monetary Forum and the World Bank – Minister of Finance Nirmala Sitharaman said in an exclusive interview with NDTV.
India has managed to reach a consensus on all issues, she said, adding that she is “very satisfied” with the Delhi Declaration.
The financial path can make a substantial contribution in the G20, the minister said, and the Indian presidency, led by Prime Minister Narendra Modi, has said in a thoughtful manner that multilateral institutions need reforms, Ms. Sitharaman said.
On issues such as regulating crypto assets, the minister said it is not good for countries to make “isolation attempts.”
“We need collective action and we need spirited discussions,” she said.
Terming Prime Minister Modi as the voice of the Global South at the forum, Ms Sitharaman said middle-income countries are struggling with debt and we cannot have institutions like the World Bank and the IMF without the issue being addressed.