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Finance Minister Nirmala Sitharaman has said that India's G20 Presidency has provided a clear policy direction for addressing the needs of the majority of the global population whose voices are often unheard in multilateral forums. On December 1, 2022, India assumed the mantle of G20 Presidency.

She said the G20 New Delhi Leaders Declaration (NDLD), unanimously agreed to by all G20 countries, addresses some of the pressing challenges confronting the global economy and also provides policy guidance for a future built on people-focused principles and trust-based partnerships.

She stated ‘Even though by the end of this month, our role as G20 Presidency comes to an end, momentum must be maintained on the policy guidance in the New Delhi Leaders' Declaration. Not only should we engage with G20 partners to take forward the outcomes, but we should also explore how best we can integrate these outcomes into India's domestic policy-making process so that we can lead by example.’

She emphasised that concerted efforts were taken by, India's G20 Presidency, to mainstream the concerns and aspirations of the Global South. Further, she said  since the pandemic, the global economy has been grappling with multiple crises, adversely affecting global growth. While the recovery is underway, it remains slow and uneven. She added the current pace of global growth remains quite weak, well below the 3.8 per cent average in the two decades before the pandemic and looking ahead over the medium term, growth prospects have weakened further.