BENGALURU: Addressing the first meeting of the Finance Ministers and Central Bank Governors under India's G20 Presidency via video message on Friday, Prime Minister Narendra Modi said that the creation of an inclusive agenda is essential to tide over the varied issues affecting the world. "Global economic leadership can win back the confidence of the world only by creating an inclusive agenda," the Prime Minister reiterated.
Stressing on the theme of India's G20 Presidency -- One Earth, One Family, One Future -- which looks to promote an inclusive vision, Modi stated, "It is up to the custodians of the leading economies and monetary systems of the world to bring back stability, confidence and growth to the global economy... Focus your discussions on the most vulnerable citizens of the world."
The Prime Minister added that the participants of the ongoing meeting represent the leadership of global finance and economy at a time when the world is facing serious economic difficulties, including those emanating from the pandemic and its after-effects on the global economy, rising geopolitical tensions, disruptions in global supply chains, rising prices, food and energy security, unsustainable debt levels affecting the viability of many countries, and the erosion of trust in international financial institutions due to their inability to reform quickly.
Casting the spotlight on the vibrancy of the Indian economy, the Prime Minister highlighted the optimism of Indian producers and consumers about the future of this economy and hoped that member participants would draw inspiration from it, while transmitting the same positive spirit at the global level.
Meanwhile, observing that the progress on the Sustainable Development Goals seems to be slowing down even as the world population has crossed eight billion, Modi emphasised the need to strengthen multilateral development banks to address challenges such as climate change and high debt levels
Further, he stressed upon the growing dominance of technology in the finance realm, and recalled how digital payments enabled contactless and seamless transactions during the pandemic. Modi urged member participants to explore and harness the power of technology while developing standards to regulate its possible risk of destabilisation and misuse in digital finance.
Reflecting on India's strides in creating a highly secure, trusted, efficient, and seamless digital payments ecosystem that has radically transformed governance, financial inclusion, and ease of living in the country, the PM said, “Our digital payments ecosystem has been developed as a free public good...
Examples like UPI can be templates for many other countries too. We would be happy to share our experience with the world and the G20 can be a vehicle for this." Noting that the meeting is taking place in India's IT capital, Bengaluru, the PM said that participants can experience first-hand how Indian consumers have embraced digital payments.