Draw inspiration from vibrancy of Indian economy: PM at G20 meeting

Prime Minister Narendra Modi on Friday expressed hope that G20 will draw inspiration from the vibrancy of the Indian economy and work towards bringing back stability confidence and growth on the global landscapeIn his video message to the G20 meeting of the finance ministers and central bank governors the prime minister underlined the need for strengthening multilateral development banks for meeting global challenges like climate change and high debt levelsObserving that the global economy is still suffering from the aftereffects of the pandemic and wideranging geopolitical tensions Modi said these developments have threatened the financial viability of many countriesIt is now up to you G20 member countries the custodians of the leading economies and monetary systems of the world to bring back stability confidence and growth to the global economy It is not an easy task Modi said at the ministerial meeting the first major G20 event being hosted under Indias presidencyIndia took over the presidency of G20 a grouping of developed and developing nations in December last yearAlso Read Need to collectively work to strengthen multilateral development banks to meet global challenges PM ModiThe prime minister expressed hope that the participants will draw inspiration from the vibrancy of the Indian economy 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 economyModi urged the members to focus their discussions on the most vulnerable citizens of the world and stressed that global economic leadership can win back the confidence of the world only by creating an inclusive agendaiquestThe theme of our G20 Presidency promotes this inclusive vision One Earth One Family One Future the prime minister saidHe observed that progress on Sustainable Development Goals seems to be slowing down even though the world population has crossed 8 billionEven as the world population has crossed 8 billion progress on Sustainable Development Goals seems to be slowing down We need to collectively work to strengthen multilateral development banks for meeting global challenges like climate change and high debt levels he saidHighlighting the growing dominance of technology in the world of finance Modi recalled how digital payments enabled contactless and seamless transactions during the pandemicHe urged the G20 member participants to explore and harness the power of technology while developing standards to regulate its possible risk of destabilization and misuse in digital financeThe prime minister noted that India has created a highly secure trusted and efficient public digital infrastructure in its digital payments ecosystem over the past few yearsOur digital payments ecosystem has been developed as a free public good Modi said as he underlined that it has radically transformed governance financial inclusion and ease of living in the countryNoting that the meeting is taking place in Bengaluru the technology capital of India he said the participants can get firsthand experience of how Indian consumers have embraced digital paymentsHe also informed about the new system created during Indias G20 presidency that allows G20 guests to use Indias pathbreaking digital payments platform UPIExamples like UPI can be templates for many other countries too We would be happy to share our experience with the world and G20 can be a vehicle for this he saidGlobal debt vulnerabilities risks to the world economy from ongoing war in Europe and fears of resurgence of pandemic as well as IMF and World Bank reforms will be discussed during the first major G20 meeting under Indias Presidency which started on FridayIssues concerning the global framework for regulation of crypto currencies that has already been deliberated upon by finance and central bank deputies of G20 countries on Thursday may also figure during the ministerial meetingThe meeting will see participation of finance ministers and central bank governors of the G20 members invitee members and heads of international organisationsIn total there will be a delegation of 72 members attending the meeting Indias Presidency of G20 has come at a time when the global economy is reeling under the impact of yearlong RussiaUkraine warThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever