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On the 24th of February The PM of India, Shri Narendra Modi addresses the first meeting of Finance Ministers and Central Bank Governors under India’s G20 Presidency through a video message. The PM highlights the significance of the meeting, which brought together the leadership of global finance and economy at a time when the world is facing severe economic difficulties.
The PM acknowledged the challenges posed by the COVID-19 pandemic and its aftermath, rising geopolitical tensions, disruptions in global supply chains, rising prices, food and energy security, unsustainable debt levels affecting the viability of many countries, & the erosion of trust in international financial institutions due to their inability to reform quickly. He emphasized that it is now up to the leaders of the leading economies and monetary systems of the world to bring back stability, confidence, and growth to the global economy.
The PM also highlights the vibrancy of the Indian economy, citing the optimism of Indian consumers and producers about the future of the Indian economy. He urged the member participants to draw inspiration from India’s positive spirit and transmit it to the global level. He emphasized the need for an inclusive agenda that focuses on the most vulnerable citizens of the world.
The PM said that despite the world’s population crossing 8 billion, progress on Sustainable Development Goals seems to be slowing down. He stressed the need to strengthen multilateral development banks to face global challenges such as climate change and high debt levels.
The PM also highlighted the increasing dominance of technology in the world of finance and the need to explore and harness its power by developing standards to control the potential risk of volatility and abuse in digital finance. He said that India has built highly secure, highly reliable, and highly efficient public digital infrastructure in its digital payments ecosystem in the last few years. The Prime Minister remarked that the digital payments ecosystem has radically transformed governance, financial inclusion, and ease of living in the country.
He encouraged the participants to experience firsthand how Indian consumers have embraced digital payments during their visit to Bengaluru, the technology capital of India. The Prime Minister also informed the participants about the new system created during India’s G-20 Presidency that allows G20 guests to use India’s path-breaking digital payments platform, UPI, and offered to share India’s experience with the world.
The Prime Minister emphasized the need for the leaders of the world to work together to bring back stability, confidence, and growth to the global economy. He expressed his hope that the meeting would result in productive discussions and positive outcomes that would benefit the most vulnerable citizens of the world.
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