Union Minister for Micro, Small and Medium Enterprises Narayan Rane on Monday said the central government and Prime Minister Narendra Modi are making efforts to ensure citizens are not affected by the global economic slowdown.
He was speaking to reporters after inaugurating the G20’s 1st Infrastructure Working Group (IWG) meeting in Maharashtra’s Pune city. Asked about India’s preparedness to confront the economic slowdown situation, Rane said, “Since we are in the cabinet, we get information (about economic slowdown) or PM Modiji advises us on it.” Currently, big developed countries are facing the economic slowdown, he noted.
“To ensure India is not affected by the economic slowdown, which is expected after June, or that it should not happen, the government of India and Modiji are making efforts to ensure citizens do not get affected by it,” he said.
Rane also said efforts were being made to bring industries which can generate employment. Earlier, Rane while inaugurating the two-day IWG meeting of the G20, informed delegates about the rich legacy of Pune.
He said the G20 meet is important for long-term and sustainable economic development.
India holds the G20 presidency from December 1, 2022 to November 30, 2023.
The G20, or Group of 20, is an intergovernmental forum of the world’s major developed and developing economies.
Nearly 65 delegates from IWG member countries, guest nations and international organisations invited by India will discuss the 2023 Infrastructure Agenda under India’s G20 presidency during the meet in Pune, as per an official release.
The Department of Economic Affairs, Ministry of Finance, and Government of India are hosting the two-day IWG meetings, with Australia and Brazil as co-chairs, the release said.
“The G20 Infrastructure Working Group deliberates on various aspects of infrastructure investments, including developing infrastructure as an asset class, promoting quality infrastructure investment and identifying innovative instruments for mobilising financial resources for infrastructure investment,” it said.
The flagship priority to be discussed in this meeting is ‘Financing Cities of Tomorrow: Inclusive, Resilient and Sustainable’, the release said.