'Fragmented global economy a challenge'

After decades of integration, the global economy is seeing increasing fragmentation, making it one of the biggest challenges for multilateralism and addressing shared economic objectives, finance minister Nirmala Sitharaman said.

- Rhik Kundu

Speaking at a G20 event in Mumbai, Sitharaman said that India’s presidency has so far ensured that geopolitical differences don’t supersede the core mandate of international cooperation.

“Indian presidency has ensured that common ground is reached in all economic issues while maintaining a forward-looking agenda in G20 in 2023," Sitharaman said.

“Discussions have been centred around finding solutions to existing challenges and forestalling emerging problems," she added.

Notably, last month, countries of the G20 grouping could not agree on a joint statement at the end of a meeting of their finance ministers and central bank governors, as the grinding war in Ukraine continued to polarize the bloc, which counts Russia, China, and the US as members.