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Business News/ News / India/  G20 Summit: Coordination between economies is needed, Ajay Seth
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G20 Summit: Coordination between economies is needed, Ajay Seth

On February 24–25, 2023, Bengaluru, Karnataka, will host the first G20 Finance Ministers and Central Bank Governors (FMCBG) conference under the G20 Indian Presidency.

Ahead of, the G20 meeting, Ajay Seth, Secretary of Department of Economic Affairs (DEA) said tough conditions at macroeconomic level have somewhat eased but overall environment remains tough.v (AFP)Premium
Ahead of, the G20 meeting, Ajay Seth, Secretary of Department of Economic Affairs (DEA) said tough conditions at macroeconomic level have somewhat eased but overall environment remains tough.v (AFP)

On February 24–25, 2023, Bengaluru, Karnataka, will host the first G20 Finance Ministers and Central Bank Governors (FMCBG) conference under the G20 Indian Presidency. This meeting will be jointly officiated by RBI Governor Dr. Shaktikanta Das and Union Finance Minister Smt. Nirmala Sitharaman.

Ahead of, the G20 meeting, Ajay Seth, Secretary of Department of Economic Affairs (DEA) said tough conditions at macroeconomic level have somewhat eased but the overall environment remains tough. Over 2 days, we expect, FMs and Governors will be addressing a wide range of issues beginning with the macroe-conomy, he said to CNBC.

Coordination between economies is needed and that will form a major part of G20 discussions, Ajay Seth further added in a statement CNBC. He further added that three seminars are being organised on the sidelines of these meetings & one will be on forming a consensus on crypto assets. An inclusive framework on taxation led by OECD has seen progress but details will be discussed further.

Jyoti Prakash Gadia, Managing Director, Resurgent India said “The Presidency of G20 assigned to India for 2023 has provided us a unique opportunity of highlighting the global challanges with respect to the issues relating to Developing countries and deliberating on possible solutions with Indian perspective. The meeting of Finance Ministers and Heads of Central Banks of the participating countries of G20, to be held on 24- 25 February is expected to discuss a wide range of issues with regard to the economic problems being faced at the global level and the need for a collaborative approach to find pragmatic solutions for the benefit of all in the spirit of 'Vasudev Kudumbakam '.As the heads of International Organisations are also participating,the role of multilateral agencies like world Bank ,IMF ,ADB etc is likely to me deliberated upon with specific reference to need for infrastructure development and issues relating to Urbanization, removal of poverty and equitable growth. The Climate change and sustainable finance is also an important issue likely to be discussed with reference to the creation of the 'Loss an Damage ' fund as proposed in COP 27 meeting."

“The competitive edge, which India has in the matter of Information Technology and Digitalization can be highlighted and leveraged for the implementation across the world for facilitating the resolution of larger economic issues.The governer RBI is also expected to discuss the initiatives like financial inclusion and the experience of mechanisms like Direct Benefit Transfers with use of technology.The policy level discussions and stance of the participating countries on Burning issue of crypto currency may also come up in the meeting. All in all the meeting is expected to involve fruitful deliberations and lead to evolving solutions for global economic problems and come out with concrete suggestions for adoption by in the final summit to be held later this year under the Presidency of India," Jyoti Prakash Gadia further added.

On themes including digital public infrastructure, regulations on crypto assets, and the function of national payment systems in cross-border payments, a variety of angled talks have been organised. The G20 Finance and Central Bank Deputies will meet again on February 22 under the co-chairmanship of Michael D. Patra, deputy governor of the RBI, and Ajay Seth, secretary in the economic affairs department. Anurag Thakur, the minister of information and broadcasting, will welcome the conference.

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Published: 21 Feb 2023, 02:32 PM IST
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