India's Modi Asks G20 to Focus on 'Most Vulnerable' Nations

Facts

• In a video message at the start of the two-day top-level financial meeting of Group of 20 (G20) nations on Friday, India's Prime Minister Narendra Modi asked the delegates to focus on the world's most vulnerable citizens and the soaring debt of developing nations.¹
• Finance ministers, central bank governors, and other leaders are attending the summit being held outside the Indian tech hub of Bengaluru. Several issues are due to be discussed in the meetings but a joint statement is uncertain as the Ukraine war overshadows the talks.²
• Despite hosting the gathering on the first anniversary of Russia's military operation, Prime Minister Modi has avoided mentioning Ukraine. French Finance Minister Bruno Le Maire, on the other hand, stated that he would walk out if the summit failed to strongly condemn the war.³
• Though refraining from identifying the conflict, Modi blamed the COVID pandemic and 'rising geopolitical tensions' for insurmountable debt levels, broken supply chains, and significantly increased food and energy insecurity.⁴
• His plea comes as the neighboring countries of Sri Lanka, Bangladesh, and Pakistan are seeking financial relief through the International Monetary Fund due to an aggravated economic crisis due to the pandemic and the war in Ukraine.⁵
• Reuters reported last week that India has been outlining a proposal for G20 nations to request that lending countries — including the world's largest sovereign creditor, China — forgive loans made and accept at least some financial losses.⁵

Sources: ¹Outlook India, ²Al Jazeera, ³PBS NewsHour, ⁴Independent and ⁵Reuters.

Narratives

• Pro-establishment narrative, as provided by South China Morning Post. As the G20 convenes it also marks one year of Russia's war against Ukraine. Modi wants to address the financial concerns of struggling nations while avoiding speaking about the war. It would be unacceptable for the attending nations not to speak about the global fallout of Russia's misplaced aggression. The two issues are not mutually exclusive as one is the cause of the other. India must decide between being allies with Moscow and resolving this unnecessary and egregious war if it wants to see improvement in global financial growth.
• Establishment-critical narrative, as provided by Hindustan Times. While the West has been absorbed by the Ukraine crisis, scores of countries from the Global South — many of them neutral and not even close to the war zone — have been suffering from declines in economic activity, soaring inflation, and indebtedness, among other challenges aggravated by this conflict. The G20 must be focused on macroeconomic and financial stability — not letting geopolitical tensions spill over.