Bengaluru, Feb 22 (Agency) Union Minister Anurag Thakur on Wednesday said G20 can make a significant contribution to find pragmatic global solutions to several problems, including inflation and geopolitical tensions, through focused dialogue and deliberations under the Indian Presidency. The global economy is facing the lingering effects of the COVID-19 pandemic, food and energy insecurity, broad-based inflation, heightened debt vulnerabilities, worsening climate change, and geopolitical tensions.
Towards fulfilling this goal, Thakur said the G20 Finance Track discussions in 2023 will include strengthening Multilateral Development Banks (MDBs) to meet the shared global challenges of the 21st century, financing ‘cities of tomorrow’, leveraging digital public infrastructure for financial inclusion and productivity gains and advancing the international taxation agenda, among others. The various work streams in G20 have already initiated work on these key issues. The Deputies meeting is dedicated to the finalisation of the Communique that will be endorsed by the G20 Finance Ministers and Central Bank Governors during their meeting on 24 and 25 of February. This Communique embodies the collective view of the G20 on the most pressing issues affecting the global economy and directly connects the larger international community with the Finance Ministers and Central Bank Governors of the major global economies. It has the potential to assure the common person that a consensus among the G20 countries on coordinated solutions to key global problems can help the global economy recover from the current slowdown and create new opportunities for growth and prosperity.
The policymakers are responsible for ensuring that this trust is maintained. Since its inception, the G20 has time and again proven its mettle in forging consensus in times of crises. The Indian Presidency believes that success lies in our ability to anticipate, prevent and prepare for significant risks to come. This calls for an inclusive and renewed multilateralism. In his concluding remarks, Thakur highlighted the need to aspire to the spirit of multilateralism. He also mentioned that there are contentious issues, and the countries need to balance their domestic aspirations. Through these constructive and productive discussions, we can collectively achieve optimal outcomes, the minister said. The 2nd G20 Finance and Central Bank Deputies (FCBD) Meeting commenced here Wednesday with the inaugural address by Union Minister Anurag Singh Thakur. The meeting is preceded by the second G20 Finance and Central Bank Deputies (FCBD) meeting, co-chaired by Ajay Seth, and Dr Michael D Patra, Deputy Governor, RBI. The minister said the Finance Track is at the core of the G20 process and provides an effective forum for global economic discourse and policy coordination.
Main workstreams in Finance Track are global economic outlook and risks, international financial architecture including development finance and global financial safety net, financial inclusion and other financial sector issues, infrastructure development and financing, sustainable finance, global health financing and international taxation. In November 2022, when Prime Minister Narendra Modi received the baton of the G20 Presidency from Indonesia’s President Joko Widodo, it was a proud moment for the country as well as a great responsibility to ensure that the G20 continues to bridge differences and forge consensus on matters of global importance. Thakur highlighted the importance of India’s G20 Presidency and its priorities focusing on healing our One Earth, creating harmony within our One Family and giving hope for our One Future.