3 September 2023, Mumbai: Prime Minister Narendra Modi has expressed deep concern over the global debt crisis as he prepares to attend the G20 Summit. He highlights the importance of addressing this pressing issue, emphasizing its impact on the global economy.
Global Debt Crisis: A Looming Threat:
The article discusses the growing global debt crisis, which has been exacerbated by the economic challenges posed by the COVID-19 pandemic. This crisis is characterized by high levels of government, corporate, and household debt across countries.
PM Modi’s Perspective
Prime Minister Modi’s statement underscores the severity of the debt crisis and its potential consequences. He emphasizes that the burden of unsustainable debt could hinder economic growth, especially in developing nations, and calls for collective action to address this issue.
India’s Role in Debt Relief
The article briefly mentions India’s efforts to provide debt relief to developing countries. India has advocated for fair and inclusive global policies to address the debt crisis and supports measures that promote sustainable development.
The Upcoming G20 Summit
The G20 Summit is expected to provide a platform for world leaders to discuss and formulate strategies to tackle the debt crisis. Prime Minister Modi is likely to raise these concerns during the summit and seek collaborative solutions.
Prime Minister Narendra Modi’s recognition of the global debt crisis as a significant concern highlights the need for international cooperation to mitigate its impact on economies worldwide. The G20 Summit presents an opportunity for world leaders to address this pressing issue collectively.