India’s emphasis on global consensus as Chair of G-20: Ajay Seth
India's emphasis on global consensus as Chair of G-20: Ajay Seth
Economic Affairs Secretary Ajay Seth has said that India’s efforts as the chair of G-20 is on building a global consensus. A day ahead of the third Financial Track meeting to be held in Gandhinagar, he said that it is India’s strong desire that all countries work together for a consensus.
He said that except on the issue of the impact of the ongoing war between Russia and Ukraine, a common ground has been formed on other global economic issues. At the same time, only the presidential summary has been made and apart from this no other document has been issued.
Chief Economic Advisor (CEA) V Ananth Nageswan also said that the meeting and discussion is very important even if there is no consensus when policies are still being shaped in the era of growth and global uncertainty. The CEA said that after 40 years of low inflation rate, the era of high inflation has started in the world and various countries are trying to find a solution for it.
Nageswaran said that forums like G-20 are important because the GDP of the countries involved in it is equal to about 75 to 80 percent of the total global GDP. He said, “The G-20 provides a platform to discuss a wide range of issues cutting across national boundaries, be it reform of the World Bank or regulation of cryptocurrencies.” No country can take a different stand without the cooperation of other countries.
For the next 5 days, two rounds of meetings will be held in the finance track. In the first 2 days, the representatives of Finance and Central Bank will finalize the result document and mainly the report prepared will discuss what can be done.
The meeting of finance ministers and central bank governors on July 17 and 18 will begin with discussions on the global economy and global health. Seth said, “Now the pandemic is behind us, but we will discuss how we can prepare for another possible pandemic.”
Topics for other sessions include sustainable financing and infrastructure, international financial structures, international tax regimes, and the financial sector and financial inclusion.
“The purpose of the third G-20 FMCBG is to review the outcome of the G-20 Finance Track and seek guidance from ministers and governors on the way forward,” it said in a statement.
DEA Secretary Seth and RBI Deputy Governor Michael Patra Finance and Central Bank Deputy (FCBD) will chair the meeting. Other items of work include a progress report on cross-country debt resolution under a common framework, bringing crypto assets under regulation, recommendations to advance financial inclusion, and achieving financial inclusion through digital public infrastructure.
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