The G20 countries, on Saturday, pledged to protect vulnerable through promoting equitable growth and enhancing macroeconomic and financial stability.

On the day one of the G20 summit 2023, Prime Minister Narendra Modi on Saturday said that New Delhi G20 Leaders' Summit Declaration has reached consensus.

The declaration stated, "We reiterate the need for well-calibrated monetary, fiscal, financial, and structural policies to promote growth, reduce inequalities and maintain macroeconomic and financial stability."

The declaration stated that the countries will continue to enhance macro policy cooperation and support the progress towards the 2030 Agenda for Sustainable Development.

Also Read: G20 Summit 2023: PM Narendra Modi holds bilateral talks with Italy's Giorgia Meloni

The declaration reaffirmed that achieving strong, sustainable, balanced and inclusive growth (SSBIG) will require policymakers to stay agile and flexible in their policy response, as evidenced during the recent banking turbulence in a few advanced economies where expeditious action by relevant authorities helped to maintain financial stability and manage spillovers.

"We welcome the initial steps taken by the Financial Stability Board (FSB), Standard Setting 4 Zero Draft Bodies (SSBs) and certain jurisdictions to examine what lessons can be learned from this recent banking turbulence and encourage them to advance their ongoing work."

The declaration also said that the countries will support policies that enable trade and investment to serve as an engine of growth and prosperity of all. "We commit to addressing skill gaps, promoting decent work and ensuring inclusive social protection policies for all."

Also Read: G20 Summit 2023: New Delhi Declaration focuses on green pact to pave way for sustainable future