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

Addressing the first Finance Ministers and Central Bank Governors (FMCBGs) meeting under India’s G20 Chairmanship, PM Narendra Modi said on Friday that it is up to FMCBG to bring back stability, confidence and growth to the global economy. He also said that Indian consumers and manufacturers are optimistic and confident about the future.

The first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the G20 Indian Presidency is being held in Bengaluru, Karnataka on February 24-25, 2023. The meeting will be jointly chaired by Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das.

“Over the years, we have built a highly secure, reliable and efficient public digital infrastructure. Our digital payments ecosystem has fundamentally changed governance, financial inclusion and ease of living,” PM Modi said at the G20 Finance Ministers and Central Bank Governors meeting.

Modi said that many global challenges like climate change need to work collectively to strengthen multilateral development banks.

He said that the Covid-19 pandemic has given a once-in-a-century shock to the global economy. Many countries, especially developing economies, are still facing its after-effects. We are also witnessing rising geopolitical tensions in various 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 around the world. Even the financial viability of many countries is threatened by unsustainable debt levels. Trust in international financial institutions is gone. This is partly because they have been slow to reform themselves.

“It is now up to you – the custodians of the world’s major economies and monetary systems – to bring back stability, confidence and growth in the global economy. This is no easy task,” the Prime Minister said.

He said that Indian consumers and manufacturers are optimistic and confident about the future. We hope that you will be able to spread that same positive spirit to the global economy. “During our G20 presidency, we have created a new fintech platform that allows our global G20 guests to access UPI, India’s path-breaking digital payments platform.”

The first G20 FMCBG meeting under the G20 Indian Presidency during February 24-25 will see the participation of finance ministers and central bank governors of G20 members, invitees and heads of international organizations. A total of 72 delegations will participate in the meeting.

The Indian Presidency has designed the agenda of the meeting in a manner that can foster a meaningful exchange of views between the Ministers and Governors on practical and meaningful approaches to address some of the major global economic issues.

The meeting will take place in three sessions on 24-25 February, including strengthening multilateral development banks to address the common global challenges of the 21st century, financing for resilient, inclusive and sustainable ‘cities of the future’, leveraging digital public infrastructure Such issues will be included. DPI) to advance financial inclusion and productivity gains. The sessions will also cover issues related to the global economy, global health and international taxation.

The discussion at the G20 FMCBG meeting aims to provide a clear mandate for the various work streams of the G20 finance track in 2023.

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