'Trust in international financial institutions has eroded', says PM Modi at G20 finance ministers’ meet

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New Delhi: Indian Prime Minister Narendra Modi Friday called for the Group of 20, or G20, to focus on the world’s most vulnerable citizens. He also said the financial viability of many countries is being threatened by unsustainable debt.

In his video address to G20 meeting of finance ministers and governors of central banks at G20 Summit that is being held under India’s presidency, PM Modi spoke about the digital economy built by the country, as well as the global economic turmoil, war and finances.

The first ministerial meeting of the world’s largest economies took place in Bengaluru, capital of southern Indian state, Karnataka.

The two-day meet at a hill resort on the outskirts of Bengaluru is the first major event of India’s G20 presidency and it coincides with the first anniversary of Russia’s invasion of Ukraine.

G20 should focus on vulnerable citizens

Calling for focus on the global economic situation, Modi said trust in international financial institutions has eroded. He emphasised that G20 discussions should focus on the world’s most vulnerable citizens.

“I would urge that your discussions should focus on the most vulnerable citizens of the world. 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 inclusive vision – ‘one earth, one family, one future’,” the Indian Prime Minister said.

At the beginning of his address, Modi said: “I am aware of the challenges you face. You represent the leadership of global finance and economy at a time when the world is facing serious economic difficulties.”

Trust in international financial institutions has eroded

PM Modi listed out recent challenges to the global economy – the after-effects of the Covid-19 pandemic, rising geopolitical tensions in different parts of the world, disruptions in global supply chains, and food and energy security – and noted that the “financial viability of many countries is threatened by unsustainable debt levels”.

He went on to say that trust in international financial institutions has eroded because they were 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,” PM Modi said.

India’s digital payment ecosystem radically transformed governance

The Prime Minister said over the past few years, the Indian government has created a highly secure, trusted and efficient public digital infrastructure.

“Our Digital payments ecosystem has radically transformed governance, financial inclusion, and ease of living,” Modi said.

A new system has been created by India that allows G20 delegates to use the country’s digital payments platform, UPI.

“Examples like UPI can be templates for many other countries too. We would be happy to share our experience with the world. And the G20 can be a vehicle for this,” the Prime Minister said.

Draw inspiration from ‘vibrancy of the Indian economy’

The Indian Prime Minister urged world’s leading finance officials of G20 countries 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,” the Prime Minister added.

Modi also said that there has been 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,” he told the delegates.

G20 presidency of India comes as neighboring South Asian countries Sri Lanka, Bangladesh, and Pakistan have been seeking bailouts from the International Monetary Fund (IMF) due to an economic slowdown caused by the Covid-19 pandemic and the Ukraine conflict.

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Umang Sharma

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