"India is promoting a just and equitable growth for all in the world during its G20 presidency, while also making significant progress on the most pressing domestic challenges. India’s G20 presidency comes at a crucial time, Prime Minister Modi’s leadership is critical in this fractured world," World Economic Forum's Founder and Executive Chairman Klaus Schwab said.

China has given debtridden Sri Lanka the financing assurances required by the IMF to unlock a USD 2.9 billion bailout package for the country, days after India strongly backed the island nation's efforts to secure the loan from the global lender to recover from its worstever economic crisis.

Applications for unemployment aid for the week ending Dec. 31 fell by 19,000 to 204,000, the Labor Department reported Thursday. Also Thursday morning, the payroll processing firm ADP reported that the U.S. economy gained 235,000 jobs, well above expectations.

The latest numbers are a sign that the worst might be over for weary consumers battling with the surging cost of living.