PM Modi urges G20 to focus on vulnerable citizens
Prime Minister noted that progress in sustainable development goals was slowing when the world population has crossed eight billion
NEW DELHI: Prime Minister Narendra Modi on Friday urged G20 nations to focus on the world’s most vulnerable citizens as the financial viability of many countries was under threat due to unsustainable debt.
“Trust in international financial institutions has eroded, partly because the lenders were slow to reform themselves,” Modi said in a video message at the start of a two-day meeting of G20 finance ministers and central bank governors in Bengaluru.
“I urge that discussions focus on the most vulnerable. 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 vision — ‘one earth, one family, one future’,” he noted.
“The first ministerial-level dialogue will be spread over multiple sessions aimed at fostering global economic cooperation. It will focus on issues relating to the international financial architecture, sustainable finance, infrastructure, financial sector and financial inclusion etc,” he said.
Modi said that global economy faced multiple challenges. “It is now up to you – the custodians of the leading economies and monetary systems to bring back stability, confidence and growth to the global economy. It is not an easy task,” he said. Modi also urged the top finance officials to 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 economy," he said.
He also noted that progress in sustainable development goals was slowing when the world population has crossed eight billion. "A collective effort is needed to strengthen multilateral development banks to meet global challenges like climate change and high debt levels," he said.
Pointing to the emergence of technology solutions and digital payments during the pandemic, Modi noted that some innovations in digital finance posed “risks of destabilisation and misuse”. "I hope that you will explore how the power of technology can be used for good, while developing standards to regulate its possible risks. India's own experience can be a model," he said.
"Over the past few years, we have created a highly secure, highly trusted, and highly efficient public digital infrastructure. Our digital payments eco-system has been developed as a free public good. This has radically transformed governance, financial inclusion, and ease-of-living in India," he said, adding that examples like UPI can be templates for many other countries too.