I do not intend to imply that the slowdown that we are experiencing in the country is entirely due to global factors, but they do have an impact. For emerging market economies such as India, quick revival of growth is very important – considering their contribution to global growth – and there is, therefore, a need for coordinated and timely action by all countries.
This is a point which needs to be driven home very strongly. 15. In 2008, when the global financial crisis (GFC) happened, multilateralism was at the forefront of global discourse. Ten years later, today, when there is a global slowdown, it is no more the dominant theme – bilateralism has overtaken the multilateral sentiment.