G20 Summit success helped consolidate India's unique position in the world: Minister Sonowal

The success of the G20 Summit has further consolidated India's unique position in the world and also provided a crucial platform for global leaders to discuss strategies for economic recovery and growth, Union Minister Sarbananda Sonowal said on Friday.

Addressing the 118th annual session of the PHD Chamber of Commerce and Industry (PHDCCI), Sonowal said India is cruising to become a USD 10 trillion economy despite a gloomy global economic environment.

"As India marches on, its core ideal of 'Vasudhaiva Kutumbakam' has fuelled India's aspiration to become 'Vishwa Mitra' in the world stage," the Ports, Shipping and Waterways Minister said.


"... the success of G20 summit has further consolidated this unique position for India as it aims to win new territories, including in business and economic development," he said.

According to him, the Indian G20 presidency provided a crucial platform for leaders to discuss strategies for economic recovery and growth.

"India stands as one of the fastest expanding maritime nations, and as Indians, we take immense pride in being a part of this era marked by evolution and transformation," he said.

The G20 Summit was held in Delhi on September 9 and 10.

G20 brings together 19 of the world's major economies and the European Union. G20 members account for more than 80 per cent of global gross domestic product, 75 per cent of global trade and 60 per cent of global population.

Sonowal said the government has introduced transformational policies and launched high-speed reforms.

"As a result of these initiatives, India's ranking rose from being the 10th largest economy of the world to the 5th largest in only nine years," the minister added.