Economist Larry Summers has stated that India has the potential to achieve 8% annual growth, which could bring about transformative changes by 2050. India's GDP growth in 2022-23 was 7.2%, compared to 9.1% in the previous year. Summers believes that despite the challenges in the global economy, 8% growth is an achievable goal for India. He also highlighted the importance of multilateral development banks in addressing climate change. The G20 New Delhi Leaders Declaration called for stronger and more effective MDBs with enhanced representation of the global south.