On Friday, Prime Minister Narendra Modi said at the first G20 Finance Minister and Central Bank Governors meeting in Bengaluru said India's digital payments ecosystem has radically transformed governance, financial inclusion, and ease of living in the country. During his address, he also made a case for strengthening multilateral development banks in order to be prepared for the challenges facing the world, especially climate change.
In his video message, PM Modi said, "You represent the leadership of global finance and economics at a time when the world is facing serious economic difficulties. The COVID pandemic had delivered a once-a-century blow to the global economy. Many countries, especially those with developing economies, are still coping with its aftereffects. We are also witnessing rising geopolitical tensions in different parts of the world." "We need to collectively work to strengthen multilateral development banks for many global challenges, like climate change."
Financial inclusion
The Prime Minister said that Indian consumers and producers are confident and optimistic about the future and asked the Finance Ministers and central bank governors to focus on the most vulnerable citizens in the world, as only an inclusive agenda will bring back confidence in the world. He also added that it was imperative for the grouping to provide stability, confidence to the global economy.
Strengthen multilateral development banks
With the world population crossing 8 billion and the progres o Sustainable Development Goals slowing down PM Modi asked the participants to strengthen multilateral development banks in order to meet the global challenges like climate change and high debt levels.
India has highly secure, efficient and trusted financial infrastructure
PM Modi also spoke about the risks and misuse of technology in the financial sector, but he said that India has created a highly secure, efficient, and trusted infrastructure.
UPI for G20 guests
"Over the past few years, we have created a highly secure, trusted, and efficient public digital infrastructure. Our digital payments ecosystem has radically transformed governance, financial inclusion, and ease of living. India's UPI ecosystem can be a template for many other countries. We would be happy to share our experiences with the world. G20 can be a medium for this," PM Modi said.
He also spoke about the new Fintech platform that will allow the global G20 guests to use India's digital payment platform, UPI, to make payments.
With input from agencies
