PM Narendra Modi evoked the spirit of Vasudhaiva Kutumbakam and said that developing economies are still adjusting to the aftermath of covid 19, as it was a “once-in-a-century blow” to the global economy.
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The Meeting
Finance and Central Bank Deputies Meeting under India’s G20 Presidency is underway in Bengaluru. The meeting began on February 22, 2023.
In the Silicon Valley of India, the first meeting of the G20 Finance Minister, Central Bank Governors, and Central bank deputies is underway in Bengaluru. The meeting of the largest economies of the world, began on Wednesday, ahead of India’s Presidency of G20. The meeting of the deputies of the central bank will be followed by the first meeting of G20 Finance ministers and Central Bank Governors. The meeting of Finance Ministers & Governors is scheduled to hold between February 24 to 25 in Bengaluru. The said meeting will be jointly chaired by Indian FM Nirmala Sitharaman and RBI Governor Shaktikanta Das. As the officials of the largest economies of the world are gathering to discuss the framework, structure, and future stability of the global economy, Ukraine-Russia has completed one year of their War.
Broad agenda of the meeting.
The meeting will be of three sessions and will address the agenda of the role of multilateral development banks in addressing the shared global challenge of the 21st century, utilizing Digital Public Infrastructure ( DPI) for advancing productivity gains and financial inclusion. The meeting will also focus on the financial aspects of resilient, inclusive, and sustainable ‘cities of tomorrow’.
PM Modi Address
On February 24, 2023, Prime Minister Narendra Modi, via a video message, addressed the first meeting of Finance Ministers and Central Bank Governors under India’s presidency. India assumed the presidency of G20 on December 1, 2022, till November 30, 2023.
Prime Minister’s address reflected the theme of G20 and the PM said that the theme of India’s G20 presidency promotes the inclusive vision of -One Earth, One Family, One Future.
The Prime minister didn’t name the Russia- Ukraine war but conveyed that world is facing serious economic challenges due to the combined effect of covid-19 pandemic, disruptions in the global supply chain, and food and energy security.
PM Modi though did name China but called out that the financial viability of many countries is threatened by unsustainable debt levels.
PM Modi also put a note of caution of international financial institutions that the trust in them has eroded because of their reluctance to reform themselves to meet with the realities of the 21st century.
Characterizing the Covid – 19 pandemic as a once-in-a-century blow to the global economy, PM Modi said that many societies are facing the brunt of the rising price levels, without mentioning Pakistan or Sri Lanka.
On SDG and rising population, PM Modi said though the world population crossed 8 billion, the effort on the Sustainable development front is not matching up.
PM Modi illustrates the vibrancy of the Indian economy and points out that Indian consumers and Producers are optimistic about the future and trust that they will be able to use positive energy in the global economy.
Appreciating the, now International, India’s UPI, PM Modi remarked that examples of UPI can be convenient models for others to replicate.
PM Modi connected the technology prowess of Bengaluru, Modi said that at the technology capital of India, participants will get first-hand experience on how Indian consumers have accepted the digital payment lifestyle.
Address of the FM
In her opening address of the first G20 Finance Ministers and Central bank Governors, India’s FM Nirmala Sitharaman said that India’s presidency of the G20 will focus on the holistic approach to the global challenge based on the philosophy of the theme of G20, Vasudhaiva Kutumbakam.
FM said that G20 could transform lives around the globe, as it can be a global Prime mover as an incubator of ideas and a forum to listen to the voices of the Global south.
In his Concluding remark PM Modi urges the stakeholders of the global economy that it is up to the custodian of the leading economies and monetary systems of the world to bring back confidence, stability, and growth to the Global economy.