G20 Finance Track to kickstart from Tuesday; infra development, sustainable finance among agenda
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
The upcoming meeting of G20 Finance and Central Bank Deputies will be co-chaired by Ajay Seth, Secretary, Department of Economic Affairs and Dr Michael D. Patra, Deputy Governor of RBI.
The first Finance and Central Bank Deputies (FCBD) meeting under India’s G20 Presidency is scheduled to be held in Bengaluru during December 13-15.
This meeting, which will mark the start of talks on the ‘Finance Track’ agenda under the Indian G20 Presidency, will be hosted jointly by the Ministry of Finance and the Reserve Bank of India.
The G20 Finance Track, led by Finance Ministers and Central Bank Governors of G20 countries, focuses on economic and financial issues, an official release said.
It provides an effective forum for global economic discourse and policy coordination, it said, the first Finance Ministers and Central Bank Governors meeting will be held during February 23-25, 2023 in Bengaluru.
The upcoming meeting of G20 Finance and Central Bank Deputies will be co-chaired by Ajay Seth, Secretary, Department of Economic Affairs and Dr Michael D. Patra, Deputy Governor of RBI.
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Their counterparts from G20 member countries, and several other countries and international organisations invited by India, will participate in the two-day meeting.
According to the release, the G20 Finance Track discusses key issues of relevance for the global economy, encompassing the global economic outlook, the international financial architecture, infrastructure development and financing, sustainable finance, global health, international taxation and financial sector issues, including financial inclusion.
In the Bengaluru meeting, discussions will focus on the agenda for the Finance Track under the Indian G20 Presidency.
This includes reorienting international financial institutions to meet the shared global challenges of the 21st century, financing cities of tomorrow, managing global debt vulnerabilities, advancing financial inclusion and productivity gains, financing for climate action and SDGs, a globally coordinated approach to unbacked crypto assets and advancing the international taxation agenda.
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On the sidelines of the meeting, a panel discussion will be held on ‘Strengthening Multilateral Development Banks to Address Shared Global Challenges of the 21st Century’. A seminar on the ‘Role of Central Banks in Green Financing’ will also be held.
Approximately 40 meetings of the Finance Track will be held in several locations in India, which include meetings of G20 Finance Ministers and Central Bank Governors. The discussions in the G20 Finance Track will ultimately be reflected in the G20 Leaders’ Declaration.
India has assumed the G20 presidency at a time of multiple challenges, which include scarring from the COVID-19 pandemic, sharpened geopolitical tensions, rising food and energy security concerns, growing debt distress, inflationary pressures and monetary tightening, among others, it said, stressing that a key role of the G20 is to provide guidance in dealing with such challenges.
During India’s G20 presidency, it said, supporting the countries most in need and reflecting the concerns and aspirations of developing countries will be at the forefront of the G20’s efforts.
The Finance Ministry and the RBI will steer the G20 Finance Track agenda in an inclusive manner aimed at addressing the global economic needs of today as well as preparing for a better tomorrow, it added.
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From Ajanta and Ellora Caves in Maharashtra to Qutub archaeological park in Delhi, India will showcase its centuries-old architectural heritage to G20 delegates by hosting excursions and gala dinners at many of the ASI sites, starting mid-December, official sources said.
The first meeting of the G20 was held in the first week of December in Udaipur when the G20 Sherpa met. Besides, experiencing the rich cultural heritage and hospitality of Rajasthan, delegates were also taken on a half-day excursion to the Kumbhalgarh Fort, a UNESCO World Heritage site, officials said.
The event lined up at a centrally-protected site, immediately after the Sherpa meet in Udaipur, is a half-day excursion for delegates to Elephanta Caves in Maharashtra from December 12-15, he said.
And, tentatively, the shortlisted monuments for delegation-level visit also include Bhoga Nandeeshwara Temple in Karnataka, and a gala dinner, the source said, adding, the itinerary for the December-March period only is known so far.
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There are a total of 3,693 heritage sites in India protected under the Archaeological Survey of India (ASI) which falls within the purview of the Union Ministry of Culture.
The planned G20 meetings are to be hosted not just in big metros but even in tier-2 and tier-3 cities, and the ASI too is gearing up to put its best foot forward.
G20 delegates will get to see the architectural and cultural diversity of India from all corners of the country, and from January 23-24, they will immerse themselves in heritage experience in Gujarat, they said.
Around January 28, a half-day visit will be organised for delegates to Charminar and Golconda Fort in Hyderabad.
From January 31-February 2, they will be hosted at the famous Shore Temple of Mamallapuram in Tamil Nadu.
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In early February, a half-day excursion has been planned for the delegates to Mandore Fort and Mandore Garden in Rajasthan.
Around February 13-15, many delegates will also visit Lucknow to see the famed Imambara and the Residency.
Cultural sites are playing an important role during India’s Presidency of the G20, as seen in Udaipur too, and the ASI had lit up its 100 iconic sites across India from December 1-7, bearing the G20 logo to mark the occasion when India assumed the chair of the influential bloc.
Later that month, the itinerary also mentions Kerala visit from March 22-24, and sites include Matthancherry Palace, St Francis Church in Kochi, and again at Elephanta Caves from March 28-30, followed by a Gujarat excursion again from March 30-April 1, sources said.
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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow