At a time of heightened uncertainty about the global economy, India’s strong performance remains a bright spot. Well, it’s only fitting that G20 finance ministers and central bankers are gathering this week in Bangalore. It will be another tough year, but it can be seen as a turning point, with declining inflation and economic growth putting the worst behind us.

Indeed, while our latest forecasts show global growth slowing to 2.9% this year, we expect a modest recovery to 3.1% in 2024. Looking beyond the headlines, we see that emerging markets and developing countries provide a lot of momentum. We expect them to account for about 4/5 of global growth this year, with India alone accounting for over 15%. But apart from its role as a growth engine, India is in a unique position to bring countries together. In a world facing multiple challenges and rising geopolitical tensions, this leadership is critical and is beautifully reflected in the theme of India’s G20 Presidency, i.e. “One Earth, One Family, One Future”. Let me share my vision of what this spirit of “oneness” represents for politicians and for all of us as a global community.

First, the family means solidarity and protection for the vulnerable. In reality, the growth rate is still lower and the price pressure is still very high. Around the world, many households struggle to make ends meet. Millions cannot afford the cost of fuel for heating or cooking. A record 349 million people in 79 countries face acute food insecurity. Fiscal measures should be temporary and clearly aimed at protecting those most in need. Meanwhile, the return of inflation to the target level remains an urgent need. To achieve this, policy makers must stand firm on the path of tightening monetary policy.

Secondly, the Earth is the protection of our planet, our home. Our shared goal of implementing the Paris Agreement and building resilience will require policies that help redirect trillions of dollars to green projects. This is where IMF advice and financial support will come in handy to mitigate the enormous risks posed by climate change to economic stability.

The health of our Earth is essential to our future, but not the only component. In an era of technological transformation, how politicians manage the potential of digital advancement can be critical to a fair and inclusive future. The Indian Unified Payments Interface is an excellent example of a technology that expands access to financial services. In January alone, this layer of India’s digital public infrastructure processed over 8 billion transactions. And this system allows 400 million people in rural areas to join them with old cell phones.

* Kristalina Georgieva – Director General of the IMF. The article was published on the IMF blog.