Prime Minister Narendra Modi on Friday addressed the meeting of G20 Finance Ministers and Central Bank Governors. During this, he said that the global economy has suffered a major setback due to the Kovid epidemic. Many countries especially developing economies are still facing its consequences.
The world facing severe economic difficulties
PM Modi said, “You are representing the leadership of global finance and economy at a time when the world is facing severe economic difficulties. Kovid had given a once-in-a-century blow to the global economy. He said that we are also seeing increasing geo-political tension in different parts of the world.
It is necessary to make an inclusive agenda
The Prime Minister said, “Indian consumers and manufacturers are optimistic and confident about the future. We hope that you will be able to spread that same positive spirit to the global economy. I would urge that your discussion focuses on the world's most vulnerable citizens. Global economic leadership will be able to win back the trust of the world only by creating an inclusive agenda.
Volatility and risk of abuse
PM Modi said, “Technology is fast dominating the world of finance. Digital payments enabled contactless and seamless transactions during the pandemic. However, some of the recent innovations in digital finance also carry the risk of volatility and abuse. I hope you explore how the power of technology can be harnessed for good while developing standards to control its potential risks. India's own experience can be a role model.
"We created a new system"
The Prime Minister said, “As you meet India's tech company in Bengaluru, you will experience firsthand how Indian consumers have embraced digital payments. In fact, during our G20 presidency, we created a new system. This allows our G20 guests to access India's pioneering digital payments platform UPI.
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