As Prime Minister Narendra Modi opened the two-day G20 summit in the capital today, he called upon the world community to work together to bridge the widening trust deficit. Human centric approach is the need of the hour, Modi said. The Prime Minister noted that the Russia-Ukraine war has further deepened global trust deficit but world unity would be key to rebuild confidence. In doing so PM Modi called upon the world to adopt a new inclusive paradigm, where narrow selfish geopolitical interests have no role.

“Today as the President of G20, India calls upon the entire world to convert the global trust deficit into trust and confidence,” he said, adding that the ethos of Sabka Saath, Sabka Vikas, Sabka Vishwas and Sabka Prayas must be the guiding light.

Management of food, energy, water and fertilizer security besides building on health and eradicating the divide between the Global North and South must be the focus, he said adding that issues relating to terrorism and cyber security need to be addressed as well.

Modi said that new solutions are needed to address the age-old problems.

“For the sake of the present as well as the future generations, we must move towards concrete solutions to these challenges,” he said.

With the G20 slogan theme — Vasudhaiva Kutumbakam, or “One Earth, One Family, One Future”, India has positioned itself not only as the voice of the Global South but also as a credible influencer attempting to unite the world. Last year, while unveiling the 2023 G20 summit logo and theme, Modi said that efforts should be to ensure there is one world instead of barriers including “First World” or “Third World”.

Modi also took to social media X to highlight India’s cultural ethos which is of inclusiveness. “Rooted in our cultural ethos, India’s G20 Presidency theme, ‘Vasudhaiva Kutumbakam – One Earth, One Family, One Future’ deeply resonates with our worldview, that the whole world is one family. India’s G20 Presidency has been inclusive, ambitious, decisive, and action-oriented.”

Food and energy crises have become amplified with the Russia Ukraine war. The worst impacted are the poorer nations. The disrupted supply chains have led to increase in global prices.

Just ahead of the G20 summit, the International Monetary Fund and World Bank issued a rare joint statement. “We will enhance our joint work to help prevent further build-up of debt vulnerabilities, assisting countries to strengthen debt management and transparency and public finances,” Kristalina Georgieva, Managing Director, IMF and Ajay Banga, President, World Bank said in the statement. The two multilateral agencies also pledged to expand support to creditors and debtors dealing in debt restructurings.

The world confronts significant economic challenges, the existential threat of climate change as well as a digital transition, all in the context of more frequent shocks, high debt levels, limited policy space in many countries and rising geopolitical tensions,” the statement read.

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