14-Apr-2023: 2nd meeting of G20 Finance Ministers and Central Bank Governors (FMCBG) under the Indian G20 Presidency
The second meeting of G20 Finance Ministers and Central Bank Governors (FMCBG) under the Indian G20 Presidency was held on 12-13 April 2023, on the margins of the 2023 Spring Meetings of the International Monetary Fund and the World Bank Group. Union Finance Minister Smt. Nirmala Sitharaman, and Governor, Reserve Bank of India (RBI), Shaktikanta Das jointly chaired the meeting. The meeting saw participation of around 350 delegates from G20 members, 13 invitee countries, and various international and regional organisations.
The meeting was organised in three sessions covering the Global Economy, International Financial Architecture, Sustainable Finance, Financial Sector, Financial Inclusion, and International Taxation. The goal of this FMCBG meeting was to deliberate on the progress made by the various workstreams of the G20 Finance Track on the deliverables that were tasked to them by the Ministers and Governors in the February G20 FMCBG Chair’s Summary and Outcome Document and to seek guidance on the way forward.
During the session on Global Economy and International Financial Architecture, members discussed the key challenges to the global economic outlook, including the war in Ukraine, food and energy insecurity, climate change, and recent risks to financial stability. Members agreed that the G20 can contribute to building a common understanding on fostering a conducive environment for global economic recovery, and ensuring that the most vulnerable countries and sections of the population are adequately protected.
6-Mar-2023: Shri Rajeev Chandrasekhar addresses 5th ASEAN-India Business summit
The Minister of State for Electronics & Information Technology and Skill Development & Entrepreneurship, Shri Rajeev Chandrasekhar said India's rapid digitalisation across sectors holds great potential for its partnership with ASEAN countries.
“Digital technologies have been key drivers of economic development in the ASEAN region, especially in sectors such as e-commerce, online media and financial services. Indian IT companies have played an integral part in the digital transformation journey of Malaysia and other ASEAN countries.”
Reflecting on the scope for further cooperation between India and the regional bloc, the Minister said, “after the recent announcement of the real time payments linkage system between India and Singapore, India is working with Malaysia and other ASEAN countries to operationalize it for more countries in the region.”
Shri Rajeev Chandrasekhar was speaking virtually at the Summit, themed "Strengthening and Moving Forward ASEAN-India Economic Relations for a Strategic Business Partnership".
It is being held as part of the ASEAN-India Year of Friendship to commemorate more than three-decade long engagement between India and the 10-member bloc in Kuala Lumpur.
The Minister reflected on the rapid advancements that India has made with respect to digitalization and said the changes have taken place due to the Shri Narendra Modi government’s focus on expanding affordable digital infrastructures, tech advancement, rapidly growing startup ecosystem and open technologies.
Shri Rajeev Chandrasekhar spoke about the investments made by the Indian government in developing various Digital Public Infrastructures that have brought in transformation in various segments of the Indian economy and society.
Speaking about the catalyzing impact of UPI in developing India’s Fintech ecosystem, the Minister said, “India’s Unified Payments Interface with over 350 banks and 260 million users has transformed the way payments are made in India and over 8 million transactions are made every month through this platform.”
In addition to UPI, the Minister spoke about other digital public infrastructure created by the Indian government such as Aadhaar, CoWIN, GeM which collectively under the aegis of the India Stack have streamlined and reformed government and governance and promoted economic inclusion.
18-Feb-2023: Manipur hosts B20 Conference
Manipur hosts B20 Conference for delegates from 23 nations in Imphal, discussing economic growth and exchange of ideas. The conference welcomed 26 overseas business delegates and 24 diplomats.
Topics included medical tourism and ICT, and the Chief Minister highlighted investment potential in the state. He said the law and order situation has improved in the state while the connectivity has expanded. The North East Region will be India's new engine of growth, and Manipur state will play a key role.
The conference was part of the official G20 Dialogue Forum for the global business community. Visiting delegates will explore historical and tourist places in Manipur during their stay.