Indian Prime Minister Narendra Modi delivers his speech during a rally in Mumbai, India, Jan 19, 2023. (PHOTO / AP)

NEW DELHI – Indian Prime Minister Narendra Modi on Friday appealed to leading economies to come forward for bringing stability in the global economy.

"It is up to the custodians of the leading economies and monetary systems of the world to bring back stability, confidence and growth to the global economy. Focus your discussions on the most vulnerable citizens of the world,” he said in a video address to the first ministerial-level meeting under India's G20 presidency.

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“Global economic leadership can win back the confidence of the world only by creating an inclusive agenda."

The two-day meeting of G20 finance ministers and central bank governors began in the country's southern city of Bengaluru on Friday.

"It will see the participation of finance ministers and central bank governors of G20 members, invitee members and heads of international organizations. In total, there will be 72 delegations attending the meeting," reads an official statement issued by the federal government.

Global economic leadership can win back the confidence of the world only by creating an inclusive agenda.

Narendra Modi, Prime Minister, India

Taking a note of challenges faced by the world presently, the Indian prime minister said that the participants are representing the leadership of global finance and economy at a time when the world was facing serious economic difficulties.

He cited examples of COVID-19 pandemic and its after-effects on the global economy, rising geopolitical tensions, disruptions in global supply chains, rising prices, food and energy security, unsustainable debt levels affecting the viability of many countries, and the erosion of trust in international financial institutions due to their inability to reform quickly.

Speaking at the occasion, Governor of the Reserve Bank of India Shaktikanta Das said that uncertainties had clouded the global economy, and G20 members must resolutely address challenges like threats to financial stability and debt distress.

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Indian Finance Minister Nirmala Sitharaman said that G20 can transform lives across the globe by leveraging the complementary strengths of members while respecting country needs and circumstances.

"It can be an incubator of new ideas, and a forum to listen to the voices of the Global South," she said.