Prime Minister Narendra Modi on Friday addressed the G20 meet via a video conference and urged finance ministers to focus on an inclusive agenda. The G20 finance ministers and central bank governors (FMCBG) commenced the meeting on the first anniversary of Russia-Ukraine conflict. PM Modi called on the leading economies and monetary systems of the world to bring back stability, confidence and growth of the global economy.
‘One earth, one family, one future’
PM Modi noted the challenges faced by the world in the present day, and stated that the meeting is representing the leadership of global finance and economy at a time when the world is struggling with the economic difficulties. The Prime Minister further said that the after effects of Covid-19 pandemic, geo-political tension, and unsustainable debt levels have affected the viability of many countries.
“Your meeting marks the first minister-level dialogue under India’s G20 presidency. Even as I convey my best wishes to you for a productive meeting, I am aware of the challenges you face. You represent the leadership of global finance and economy at a time when the world is facing serious economic difficulties,” he said.
“I would urge that your discussions should focus on the most vulnerable citizens of the world. Only by creating an inclusive agenda will the global economic leadership win back the confidence of the world. The theme of our G20 presidency also promotes this inclusive vision – ‘one earth, one family, one future’,” he added.
Indian consumers have embraced digital payments
Enumerating the recent challenged faced by the global economy, PM Modi said that the trust in International financial institutions have eroded as they slowed down the reformation process.
He urged the finance officials to seek inspiration from the “vibrancy of the Indian economy”.
He added, “Indian consumers and producers are optimistic and confident about the future. We hope that you will be able to transmit the same positive spirit to the global economy.”
“India’s experiences as a model, especially the development of a highly secure, trusted and efficient public digital infrastructure and digital payments eco-systems,” he said.
“As you are meeting in Bengaluru, the technology capital of India, you will have first-hand experience of how Indian consumers have embraced digital payments,” he said.
“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,” he said.
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