G20 can work on pragmatic solution for global challenges: Minister Anurag Thakur

Union minister Anurag Singh Thakur said on Wednesday at the opening session of the G20 Second Finance and Central Bank Deputies (FCBD) meeting here that the G20 can significantly contribute to finding realistic solutions for global challenges like high inflation, geopolitical unpredictability, and climate change.

Thakur drew attention to the theme of India’s G20 Presidency, “Vasudhaiva Kutumbakam,” which translates to “one earth, one family, one future” and he claimed represents the value India places on working together to overcome global concerns. According to him, the world was still dealing with the pandemic’s aftereffects, problems with food and energy security, inflation, a worsening environment, and geopolitical tensions.

Advertisement

“The effects of these crises might hinder the advancement of important developmental paradigms… The Indian Presidency intends to actively encourage this, the minister added. “The G20 can make a substantial contribution to finding realistic solutions to these difficulties through a focused and serious debate and deliberations.

Michael Patra, deputy governor of the Reserve Bank of India, and Ajay Seth, secretary of the Department of Economic Affairs, are serving as co-chairs of the G20 Finance and Central Bank Deputies (FCBD) conference.

According to Thakur, the Finance Track is the heart of the G20 process and offers a useful forum for discussion of international economic issues and the coordination of policy. Global economic outlook and risks, international financial architecture, including development finance and a global safety net, financial inclusion and other issues relating to the financial sector, infrastructure development and financing, sustainable finance, global health financing, and international taxation are the main workstreams under the Finance Track.

The gathering will result in the finalisation of the communique that will be approved by the G20 finance ministers and central bank governors on February 24 and 25 at their first meeting under India’s presidency. It will be centred on the requirement for cooperation amongst important economies to address issues with global inflation and the challenging macroeconomic climate. It will address topics like utilising digital public infrastructure to boost productivity and financial inclusion, funding inclusive, resilient, and sustainable cities of the future, and fortifying multilateral development banks to tackle common global issues like the Sustainable Development Goals.

The gathering is anticipated to draw more than 500 delegates, including ministers, governors, and senior executives from various G20 member nations.

The problems with debt that several low- and middle-income countries are dealing with will be discussed. The two-day gathering will also discuss cryptocurrencies, urban infrastructure, future sustainable cities, and finance for them.