India's ongoing presidency of the G-20 grouping is a unique opportunity to strengthen the country's role in the world economic order when countries across the globe are facing various challenges, Finance Minister Nirmala Sitharaman said on Wednesday.

Presenting the Budget for the fiscal year 2023-24 in Lok Sabha, Sitharaman said India is steering an ambitious people-centric agenda to address global challenges and to facilitate sustainable economic development.

"In these times of global challenges, the G-20 presidency gives us a unique opportunity to strengthen India's role in the world economic order," she said.

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"With the theme of 'Vasudhaiva Kutumbakam' (the world is one family), we are steering an ambitious people-centric agenda to address global challenges and to facilitate sustainable economic development," Sitharaman said.

Collective action

India assumed the presidency of the influential bloc G-20 at its annual summit in Bali in November with a promise of striving to ensure that the grouping acts as a global prime mover to envision new ideas and accelerate collective action to deal with pressing challenges.

India is hosting a series of events and meetings ahead of the G-20 summit later this year.

"India is taking charge of the G-20 at a time when the world is simultaneously grappling with geopolitical tensions, economic slowdown, rising food and energy prices, and the long-term ill-effects of the pandemic," Prime Minister Narendra Modi said at the Bali summit.

"At such a time, the world is looking at the G-20 with hope. Today, I want to assure that India's G-20 presidency will be inclusive, ambitious, decisive, and action-oriented," he said.

India officially assumed the G-20 presidency on December 1.

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