The coming decade will be scarred by more macro uncertainty and inflation volatility globally and it will require the help of individuals and cooperative global policy efforts, shared Madahavi Arora.
“A global effort will be needed, be it for the management of geopolitics, increasing weather vagaries, climate change, or even the transition to green energy,” she said. Green Development, Climate Finance & LiFE, along with Accelerated, Inclusive, and Resilient Growth, are main two of the six G20 priorities that India is working to get a consensus on during its reigning presidency of the G20.During a recent interview, PM Modi had acknowledged the very prevalent issue of inflation that the world faces, especially as global dynamics have changed due to the pandemic followed by the conflict in Ukraine. He has further called for close cooperation among countries in dealing with inflation as both advanced and emerging economies struggle with higher prices. Modi’s comments on global inflationary pressures supports the observations made in numerous economic studies and high-profile speeches made last month at the US Federal Reserve’s annual conference of central bankers in Jackson Hole.
Emphasising that global collaboration is the means to attain inflation management, Modi said that the forum of the G20 finance ministers and central bank governors have also recognised the need to ensure that policies taken by each country to defeat inflation do not lead to negative counter – effects in other countries.