Bengaluru to host first meeting of G20 Finance Track

New Delhi: Bengaluru is all set to host the first meeting of the G20 Finance Track under India's G20 Presidency. First G20 Finance and Central Bank Deputies Meeting are scheduled to be held in Bengaluru on December 13-15 2022, said Ajay Seth, Secretary, Department of Economic Affairs, Ministry of Finance in an exclusive interview with ANI.

Seth said that this is a very exciting moment. Bengaluru will host the first meeting of the G20 Finance Track under India's G20 Presidency. We are starting the Finance Track meetings from one of the finest metropolitan cities of India, known for its high-tech industry.

"The G20 provides a very effective forum for global economic discussions and international policy cooperation. Besides the G20 members, we have invited several other countries and international organisations" he said.

Secretary said that the opportunity to be at the helm of this major global economic grouping for one year, comes at a time when India is the fastest-growing large economy. Seth said that as Prime Minister has said in his address at the Bali G20 Summit that the need today is that the benefits of development are universal and all-inclusive, Ministry of Finance has imbibed this idea in the G20 Finance Track agenda.

Finance Minister Nirmala Sitharaman and Governor RBI Shaktikanta Das will be leading the Finance Track under India's G20 Presidency.

"We are going to kick start the discussions at the level of Finance Deputies, and later we have planned a G20 Finance Ministers and Central Bank Governors Meeting in February, in Bengaluru," said Seth.

Secretary said that we are going to have focused discussions over a wide range of contemporary and forward-looking issues. These include global macroeconomic issues, strengthening the international financial architecture, and financial sector issues such as financial inclusion, infrastructure financing, health financing, sustainable finance and international taxation.

Secretary said that through the theme of One Earth, One Family, One Future, India has put together very inclusive, people-centric and action-oriented priorities. Ministry of Finance, through extensive consultations, has curated a robust agenda which will ultimately feed into the G20 Leaders Declaration when Prime Minister hosts the G20 Summit next year.

Seth said that we are hopeful that under the guidance of the Finance Minister and the Governor, RBI, our G20 Finance Track outcomes will aid sustainable and inclusive growth for all and bring more resilience to the global economy.
We also hope this year's G20 Finance agenda will improve our collective preparedness for future challenges and needs, especially for developing and vulnerable economies.

Through nearly 40 meetings, spread all over the country, covering various working groups and 4 Ministerial level meetings, we will endeavour to add significant value to the global economic discourse.

Seth said that these meetings will also provide our guests with an opportunity to witness India's economic successes. And, of course, the visitors will experience India's cultural richness and diversity.

We are thankful to the city of Bengaluru and the State of Karnataka for hosting this very crucial meeting, he said.