G20 FMCBG Meeting: PM Modi Says Indian Consumers, Producers Optimistic About Future

Addressing the primary Finance Ministers and Central Bank Governors (FMCBGs) assembly beneath India’s G20 Presidency, Prime Minister Narendra Modi on Friday stated it’s as much as FMCBGs to carry again stability, confidence and progress of worldwide economic system. He additionally stated Indian shoppers and producers are optimistic and assured in regards to the future.

The First G20 Finance Ministers and Central Bank Governors (FMCBG) assembly beneath the G20 Indian Presidency is going down on February 24-25, 2023, in Bengaluru, Karnataka. Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das will collectively chair this assembly.

“Over the previous few years, we’ve created a extremely safe, trusted and environment friendly public digital infrastructure. Our Digital funds ecosystem has radically remodeled governance, monetary inclusion & ease of dwelling,” PM Modi said at the G20 Finance Ministers’ & Central Bank Governors’ Meeting.

Modi stated there’s a must collectively work to strengthen multilateral growth banks for a lot of world challenges, like local weather change.

He added that the COVID-19 pandemic has delivered a once-in-a-century blow to the global economy. Many countries, especially developing economies, are still coping with its after-effects. We are also witnessing rising geo-political tensions in different parts of the world. There are disruptions in global supply chains. Many societies are suffering due to rising prices. And, food and energy security have become major concerns across the world. Even the financial viability of many countries is threatened by unsustainable debt levels. Trust in international financial institutions has eroded. This is partly because they have been slow to reform themselves.

“It is now up to you – 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,” the prime minister stated.

He added that Indian shoppers and producers are optimistic and assured in regards to the future. We hope that it is possible for you to to transmit the identical constructive spirit to the worldwide economic system. “During our G20 presidency, we have now created a brand new Fintech platform, which permits our world G20 visitors to make use of India’s path-breaking digital fee platform UPI.”

The 1st G20 FMCBG meeting under the G20 Indian Presidency during February 24-25 will see the participation of finance ministers and central bank governors of the G20 members, invitee members and heads of international organisations. In total, there will be 72 delegation attending the meeting.

The Indian Presidency has designed the meeting agenda in a manner that can foster a meaningful exchange of ideas among Ministers and Governors on pragmatic and meaningful approaches to address some of the key global economic issues.

The meeting will be spread over three sessions on February 24th-25th, covering issues such as strengthening multilateral development banks to address shared global challenges of the 21st century, financing for resilient, inclusive and sustainable ‘cities of tomorrow’, leveraging Digital Public Infrastructure (DPI) for advancing financial inclusion and productivity gains. The sessions will also cover issues related to global economy, global health, and international taxation.

The discussions in the G20 FMCBG meeting are intended to provide a clear mandate for the various workstreams of the G20 Finance Track in 2023.

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