Shri Anurag Thakur recently visited the G20, which is a forum of the 20 largest economies in the world, including Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, and Saudi Arabia.
The meetings of the G20 are typically held in major cities of the member countries or in international organizations’ headquarters.
On February 24–25, 2023, Bengaluru, Karnataka, will host the first G20 Finance Ministers and Central Bank Governors (FMCBG) summit under the G20 Indian Presidency. The second G20 Finance and Central Bank Deputies (FCBD) meeting, co-chaired by Shri Ajay Seth and Dr. Michael D. Patra, Deputy Governor, RBI, precedes the G20 FMCBG meeting.
The Finance Track, according to the Minister, is the heart of the G20 process and offers a useful forum for the discussion of international economic issues and the coordination of policy. Global economic outlook and risks, international financial architecture, etc
It was a moment of pride and a tremendous responsibility for India when Prime Minister Shri Narendra Modi accepted the G20 Presidency baton from President Joko Widodo of Indonesia in November 2022. The G20 must continue to find consensus on issues of international significance.
One Planet, fostering harmony within our One Family Says Anurag
Anurag emphasized the significance of India’s G20 Presidency and its priorities, which center on healing our One Planet, fostering harmony within our One Family, and providing hope for our One Future in his inaugural speech.
The subject that Anurag Thakur emphasized, conveys the value India places on working together to address world concerns.
The COVID-19 pandemic’s lingering consequences, food and energy shortages, widespread inflation, increased debt vulnerabilities, rising climate change, and geopolitical tensions are all posing challenges to the world economy.
The effects of all these crises have the potential to halt the advancement of the top global development priorities.
Through concentrated debate and deliberations, the G20 can significantly contribute to locating practical, international answers to these difficulties, and the Indian Presidency is actively working to enable this, according to Shri Thakur.
Shri Anurag Thakur also stated that in order to achieve this goal, the G20 Finance Track discussions in 2023 will focus on a number of topics, such as financing “tomorrow’s cities,” leveraging digital public infrastructure for financial inclusion and productivity gains, and furthering the international taxation agenda.
These topics will include strengthening Multilateral Development Banks (MDBs) to meet the common global challenges of the 21st century. Work on these important problems has already begun in the G20’s many workstreams.
The upkeep of this trust is the responsibility of the policymakers. From its founding, the G20 has often demonstrated its ability to forge agreements during crises. The Indian Presidency holds that the key to success is our capacity to foresee, mitigate, and prepare for impending major hazards. This necessitates an open-minded, revitalized multilateralism.
Anurag Thakur stressed the importance of aspiring to the spirit of multilateralism in his final remarks. The countries must balance their own goals because there are certain controversial topics, he added. We can all work together to get the best results through these positive and fruitful dialogues, the minister stated.
This is the First Time that India has assumed the G20 Presidency under the leadership of Narendra Modi