Finance Track at core of G20 process and provides effective forum for global economic discourse: Anurag Thakur

The G20 can make a significant contribution to find pragmatic global solutions to these challenges through focused dialogue and deliberations and the Indian Presidency seeks to actively facilitate this, Shri Thakur said.

The 2nd G20 Finance and Central Bank Deputies (FCBD) Meeting commenced here today with the inaugural address by Union Minister for Minister for Information & Broadcasting and Youth Affairs & Sports, Shri Anurag Singh Thakur.

The First G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the G20 Indian Presidency is scheduled for 24th-25th February, 2023, in Bengaluru, Karnataka. The G20 FMCBG meeting is preceded by second G20 Finance and Central Bank Deputies (FCBD) meeting, co-chaired by Shri Ajay Seth, and Dr Michael D. Patra, Deputy Governor, RBI.

During the address, the Minister said that 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 of India, Shri 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.

In his inaugural speech, Shri 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. The theme reflects the importance India places on collaborative efforts to address global challenges. 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. The impact of all these crises can set back progress on the world’s key development priorities.

The G20 can make a significant contribution to find pragmatic global solutions to these challenges through focused dialogue and deliberations and the Indian Presidency seeks to actively facilitate this, Shri Thakur said.

Shri Thakur also mentioned that towards fulfilling this goal, 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 workstreams 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 24th and 25th of February 2023. 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, Shri Thakur highlighted the need to aspire the spirit of multilateralism. He also mentioned that there are contentious issues, and the countries need to balance their domestic aspirations. Through this constructive and productive discussions, we can collectively achieve optimal outcomes, the Minister said.

(With Inputs from PIB)