Global economic recovery doubtful amid ongoing crises: Jaishankar

Minister of External Affairs, S. Jaishankar, on Monday expressed scepticism over the possibility of a swift global economic recovery due to ongoing supply chain disruptions, persistent debt crisis, and pressures on energy, food, and fertiliser security. The Minister advocated for a consolidated global approach to counter these challenges.
Jaishankar made these remarks during his address at the G20 Development Ministers’ conclave, where he introduced an ambitious seven-year action plan by India. The proposed plan is designed to accelerate progress on Sustainable Development Goals (SDGs), providing an integrated and inclusive roadmap for the actions of the G20.
The plan is concentrated on three primary areas – digital public infrastructure and the utilisation of data for development, investment in women-led development, and an energy transition designed to safeguard the planet.
Jaishankar detailed the multilayered crises that the world is currently facing, including pandemics, supply chain disruptions, conflicts, and climate events, making our era increasingly volatile and unpredictable. He noted that these crises are further amplified by stubborn inflation, escalating interest rates, and diminished fiscal space for many nations, with the weakest and most vulnerable populations shouldering the burden.
The minister expressed concern over the progress towards the SDGs, asserting that it had been insufficient even before the COVID-19 pandemic and the crisis has only served to exacerbate it.
The G20 development ministerial meeting, he explained, is a unique platform for demonstrating solidarity on these development issues. The decisions made during this event have the potential to shape an inclusive, sustainable, and resilient future.
The conclave of development ministers from the G-20 member nations, held in India from June 11-13, is expected to address disruptions in global supply chains, food and energy security challenges, and the impacts of climate change, among other issues.
The conclave follows the Voice of the Global South Summit, hosted by India earlier this year. The decisions from the current meeting will also contribute to the UN summit on SDGs scheduled for September.