India will continue to voice interests of Global South beyond its G20 presidency: DEA Secretary Ajay Seth

As India passes on the G20 Presidency to Brazil this month, it will continue to voice the interests of the Global South, economic affairs secretary Ajay Seth said on Friday, making it clear that New Delhi has a consultative and outcome-oriented approach to partnerships for development.

At the Voice of the Global South Summit, Seth said India’s development approach will also be “respectful of the sovereignty of partner countries”, in keeping with the theme of “Together for Everyone’s Growth, Everyone’s Trust”.

“While we have made significant strides, challenges persist and require stronger collaboration,” he said.


The G20 Presidency will be held by emerging market economies until 2025, he said, adding “we should come together to utilise this opportunity to the fullest”.

In sync with the New Delhi declaration of the G20 leaders in September, the secretary pitched for a comprehensive reform of the international financial architecture and more inclusive and representative global financial governance.

Seth exhorted developed countries to step up and fulfil their official development assistance commitments to tackle the high cost of loans and rising risks of debt distress.

At the same time, all countries need to work towards ensuring “flexible and accessible financing” for the vulnerable, he said.

“We recognize the urgent need to mobilize finances, both public and private, domestic and external, while tailoring financing to the specific requirements of each country,” he added.

The outcomes of the New Delhi declaration, particularly those related to the need for reforming multilateral development banks, addressing debt vulnerabilities of poor and developing nations, enhanced climate finance and greater use of digital public infrastructure for financial inclusion, among others, can be transformational in efforts to realise shared ambitions of the countries, he said, as he listed out achievements under India’s G20 presidency.

India's G20 presidency endorsed the need for reforms at the multilateral development institutions with the aim of securing continued and sustainable access to low-cost concessional finance for low-income and middle-income countries, he said.

“G20 leaders have called for better, bigger, and more effective MDBs by enhancing operating models, improving responsiveness and accessibility, and substantially increasing financing capacity to maximise development impact,” he said.