The first of a series of G20 Finance Track meetings under India’s presidency deliberated on growing risks to global economic outlook and appropriate policy responses to tackle challenges in the wake of the Ukraine war.
Delegates at the three-day meeting of the G20 Finance and Central Bank Deputies, which started on Tuesday in Bengaluru, “spoke on immediate challenges of global inflation, food and energy security, along with deliberation on the issue of climate change”, according to the finance ministry. The meeting was co-chaired by economic affairs secretary Ajay Seth and Reserve Bank of India deputy governor Michael Patra.
During the course of the meeting, the delegates will participate in discussion sessions on the global economy, international financial architecture, infrastructure, sustainable finance, global taxation and financial inclusion, according to the ministry. The meeting will shape the agenda for the Finance Track under the Indian G20 Presidency.
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Finance minister Nirmala Sitharaman had earlier stressed the need for detailed deliberations on the “spill-over effect” of the current global turmoil on emerging and low-income economies.
The first finance ministers and central bank governors meeting under the G20 framework will be held between February 23 and 25 in Bengaluru. The G20 Leaders’ Summit will be organised in New Delhi in September 2023.
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India’s G20 presidency comes at a time of heightened challenges for the world economy, including the devastation caused by the pandemic, the Ukraine conflict and resultant surge in food and energy security concerns, growing debt distress, inflationary pressures and monetary tightening. New Delhi assumed the G20 presidency from Jakarta from December 1. It will promote the theme of “Vasudhaiva Kutumbakam” or “One Earth, One Family, One Future”, Prime Minister Narendra Modi had said last month.
The G20 represents around 85% of the global GDP, over 75% of trade, and about two-thirds of the world population.
