Annual International G-20 Conference:
Highlights
- During the conference, FM stated that India is working to identify gaps in international policy coordination as it prepares to assume the G20 presidency in 2023.
- India is also working to improve the effectiveness of institutions like the FATF (Financial Action Task Force) and the IMF (International Monetary Fund).
- According to FM, India`s G20 presidency will provide an excellent platform for it to present its vision for the future, which will reflect sustainability, innovation, inclusiveness, and justice.
- The road to India`s presidency in 2023 is both interesting and difficult.
Presidency of G20
The G20 presidency will be held by emerging market economies until 2025. Indonesia will host it in 2022, followed by India in 2023.
Themes and Priorities set by India
The themes and priorities that India has placed before the G20 reflect those issues on which emerging market economies can collaborate to enable the G20 to play a more constructive role in global policy. The theme will also reaffirm the importance of multilateral cooperation and ensure that multilateralism leads to opportunities being expanded. It will also give the G20 direction in reaching out to the global community beyond the G20 membership.
Impact of US taper tantrum on India
On the impact of the US `taper tantrum` on India, FM estimated that India has learned its lessons from the taper tantrum, which led to India`s inclusion in the `fragile five` economies.
What is taper tantrum phenomenon?
The taper tantrum phenomenon refers to the collective reactionary response in 2013 that resulted in an increase in US treasury yields after investors learned that the US Federal Reserve was gradually reducing its quantitative easing (QE) programme. This has resulted in double-digit inflation across emerging economies.