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Business Standard
26-07-2025
- Business
- Business Standard
A World in Flux: Sitharaman flags need to reshape institutions for present
A new book titled 'A World in Flux: India's Economic Priorities' was launched on Saturday at the India International Centre, New Delhi. The festschrift honours economist Dr Shankar Acharya and was released in the presence of several leading economists and policymakers. Published by Rupa Publications, the book is co-edited by Professor Amita Batra of Jawaharlal Nehru University and veteran journalist A K Bhattacharya. It brings together essays by noted economists and policy experts, examining the evolving global context and its implications for India. Finance Minister reflects on global flux Union Finance Minister Nirmala Sitharaman, the chief guest at the event, addressed the audience with remarks on the rapidly changing global economic environment. 'The phrase 'A World in Flux' is indeed an apt description of the times we're living in,' she said, pointing to the growing uncertainties facing multilateral institutions. 'Institutions that were once seen as stable and effective - particularly multilateral institutions - now appear to be in a state of limbo. Not just financial institutions, but strategic ones as well.' Referring to India's G20 presidency, Sitharaman noted that these challenges had been central to India's Finance Track agenda. 'During the G20, we saw an opportunity to address the growing challenges in the global financial architecture,' she said. She highlighted the role of an expert committee that provided key recommendations during the presidency. These were well received by Brazil and are expected to be carried forward by South Africa. 'At that time, the committee's terms of reference seemed adequate. But with hindsight, perhaps those terms could have been even broader, given the complexity of today's world. The flux we're experiencing isn't abstract - it's real, visible, and accelerating.' Sitharaman emphasised that these changes are not limited to institutions and experts, but are being felt by ordinary people. 'We're seeing an increasingly complex global financial environment. The challenge is not only for India, but for the world: how do we shape institutions that are relevant for today and tomorrow?' she said, adding that currency frameworks themselves are now evolving rapidly. Amita Batra on the book's relevance Speaking at the launch, Professor Amita Batra remarked on the book's origins and growing relevance. 'At the time we began work on it, global institutions, economic frameworks, foreign and trade policy instruments were already being used in new and different ways.' She explained that while the title A World in Flux was an intuitive choice then, its relevance has only increased. 'The global context today continues to be uncertain. The world economy is increasingly shaped by trade protectionism, state intervention, and industrial policy,' she said. These shifts, she added, raise important questions about the relevance of the old multilateral order and the possible need for a new one. 'If so, what should its parameters be?' she asked. The book, she noted, seeks to explore how these global dynamics are reshaping India's development priorities and the opportunities they present. 'With that framework in hand, we worked to bring together contributors who had not only deep expertise in these areas but also a professional association with Dr Shankar Acharya,' she said. Panel discussion features leading economic voices The event featured a panel discussion with several distinguished speakers, including: The discussion offered an opportunity to reflect on India's shifting economic landscape, with a focus on policy priorities amid an increasingly uncertain global order.
Mint
15-07-2025
- Business
- Mint
G20 has responsibility to address issues of multilateralism: Senior SAfrican official
Johannesburg, Jul 15 (PTI) The G20 members have a responsibility to address the challenges of the multilateral system for ensuring global recovery and advancing inclusive and sustainable development, a senior South African official has said. Director-General of the National Treasury of South Africa Dr Duncan Pieterse made the comments on Monday while addressing a gathering of senior finance heads of the G20 at the bloc's Finance Track meetings. 'The multilateral system is being tested, and our collective ability to respond will shape the pace of our recovery, but also the prospects for inclusive and sustainable development. As the G20, we have the responsibility to demonstrate leadership," he said. The meeting, held in the KwaZulu-Natal province, is one of many organised by South Africa, which holds the Presidency of the G20 for this year, in the run-up to the G20 Summit of Heads of State in November. 'We are meeting at a moment of ongoing uncertainty in the global economy. While there are signs of resilience in some areas, various challenges remain: uneven growth trajectories, elevated debt levels, persistent inflationary pressures, and the complex implications of tightening financial conditions,' Pieterse said. He added that with these challenges, various long-term transitions including digitalisation, climate finance and demographic shifts are reshaping the foundations of global economies. He reiterated President Cyril Ramaphosa's strong emphasis on strengthening the role of the G20 in delivering concrete solutions. These solutions are aimed at fostering a more stable, effective and resilient international financial architecture, enhancing debt sustainability, addressing liquidity challenges, as well as strengthening multilateral development banks, and ensuring financing for development. Pieterse said that the sessions at the three-day meet are expected to lead to discussions which are instrumental in shaping the outcomes of the Finance Track.
The South African
14-07-2025
- Business
- The South African
G20's ability to respond to multilateral tests 'critical'
The G20 countries' ability to respond collectively to mounting challenges facing the multilateral system will determine both the speed of global recovery and the future of sustainable development. This is according to National Treasury Director-General, Dr Duncan Pieterse, who delivered remarks at the opening session of the G20 Finance Track meetings being held in KwaZulu-Natal this week. 'The multilateral system is being tested, and our collective ability to respond, will shape the pace of our recovery, but also the prospects for inclusive and sustainable development. 'As the G20, we have the responsibility to demonstrate leadership, and our Presidency places a very strong emphasis on strengthening the role of the G20 in delivering concrete solutions, fostering a more stable and effective and resilient international financial architecture, enhancing debt sustainability, addressing liquidity challenges, as well as strengthening multilateral development banks, and ensuring financing for development,' Pieterse said. He added that the meetings take place at a time of heightened global economic uncertainty. 'While there are signs of resilience in some areas, various challenges remain: uneven growth trajectories, elevated debt levels, persistent inflationary pressures, and the complex implications of tightening financial conditions. 'At the same time, various long-term transitions including digitalisation, climate finance and demographic shifts are reshaping the foundations of our economies,' the DG noted. Pieterse explained that this week, sessions have been dedicated in line with 'our commitment to deepen policy dialogue at the Deputies level'. 'These discussions are instrumental in shaping the outcomes of the Finance Track, and reaffirming our commitment as the Presidency to Solidarity, Equality, Sustainability,' he said. On Monday, the sessions kicked off with an update from the Council of Europe Development Bank on its monitoring and reporting framework. '[This framework] is a critical tool for tackling the implementation of the G20 MDB roadmap as it enables MDBs to assess how they are working better as a system, enhancing their effectiveness and maximising developmental impact. 'This will be followed by a pandemic response financing simulation exercise that will be facilitated by the World Bank and the objective of this exercise is to simulate a coordinated pandemic response financing scenario, enabling participants to explore practical mechanisms for mobilising and deploying resources rapidly and effectively during a global health emergency,' he said. On Tuesday, the International Monetary Fund and the World Bank will give updates on the global sovereign debt roundtable. 'This discussion is geared towards promoting information exchange between the GSDR and the G20 to enhance the effectiveness of both platforms while respecting the distinct roles. 'Significant progress has been made on the GSDR work, including the publication of the GSDR playbook on sovereign debt restructurings during the Spring Meetings in April, and another important milestone that was achieved was the publication of a G20 note on the steps of debt restructuring under the common framework,' Pieterse explained. On the same day, the Chairperson of the Africa Expert Panel, led by former Minister of Finance for South Africa, Trevor Manuel, will give an update on the work of the panel. '[This] section will provide Deputies with an overview of the work of the Panel, which…aims to advance Africa's collective development interest within the G20 Finance Track. We will be getting an update from Minister Manuel on this so that we can ensure that we align African priorities with the global economic reform efforts that we are discussing in the G20,' he said. Over the next two days, the delegates will have sessions dedicated to the drafting of a communique. 'We really want to thank the G20 members for very constructive inputs and engagements thus far, which started last week virtually, and we believe that those engagements have set a very strong foundation for our discussions over the next two days. 'We are very pleased with the collaborative spirit shown during the virtual discussions, and we believe that we are able to achieve agreement in most of the areas which will enable us to provide the Finance Ministers and Central Bank Governors with an opportunity to achieve the first Communique under South Africa's Presidency,' Pieterse concluded. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
