India's G20 Presidency Has Walked The Talk: Finance Minister Nirmala Sitharaman

Addressing a press briefing on the adoption of the New Delhi G20 Declaration, Finance Minister Nirmala Sitharaman said that India's G20 Presidency has walked the talk. She added that the country worked for the theme One Earth, One Family and One Future. "It has been very clear in our mind that no one is left behind in our pursuit of global solutions," she asserted. 

People-centric, action-oriented, approach

Asserting that India undertook a people-centric, action-oriented and far-sighted approach, Sitharaman said, "We have endeavoured to support countries, especially those from the Global South, to be an integral part of the global decision making process. The G20 is a very diverse group. Each country is at different milestones of economic development and their trajectory is also very different. Through well-curated debates and careful assimilation of all the perspectives, the Indian Presidency has crafted solutions that resonate with each member."

Bringing about reforms

"We are also working towards including the priorities of the global South in the larger MDB reforms and crypto assets regulations," the Finance Minister said. Under the Indian Presidency, the demand for a global consensus on crypto regulations has gained momentum, she said, adding that the country can ensure that a global consensus is emerging. "For now, the Financial Stability Board (FSB) is setting the contours of the regulatory framework for international regulations along with the International Monetary Fund (IMF).  The recently released IMF and FSB synthesis paper includes the roadmap which delves into the regulatory framework that will fit together and interact with each other," she said. 

Financial inclusion

Speaking about financial inclusion, where India has been making rapid moves, Finance Minister Sitharaman said, "India, through the India stake, became the first country to develop all three foundational DPIs which include digital identity, real-time fast payment and a platform to safely share personal database without compromising privacy."

She also said that the topic of debt resolution took centrestage during the Finance track of G20 meetings, with discussions taking place on common and beyond-common frameworks. "The conference addressed the financing needs of future cities, emphasising sustainable and efficient urban development. Climate finance remained a top priority, with the Indian Presidency adopting an action-oriented approach. The focus is on green and low-carbon technology to combat climate change effectively," she further said added that the G20 members reaffirmed their dedication to scaling up sustainable finance initiatives, with collaborations in financial health being underscored as part of this effort.

On Grain deal

Speaking about the Grain deal issue regarding Russia and Ukraine, Finance Minister Sitharaman said that since India does not rely heavily on imports from the region, it has not impacted the country. "As our inputs are not as depended on these countries, it has not had impact on the inflation in India. Largely, India's domestic inflation is due to monsoon issues and internal supply," she asserted.