South Korean delegation at G20: ‘India is undeniably a global powerhouse’

It was a meeting jointly steered by the Ministry of Finance and Reserve Bank of India along with France and South Korea who are co-chairs of the International Financial Architecture Working Group.

The session was inaugurated by Union Agriculture and Farmers Welfare Minister Narendra Singh Tomar and Food processing Industries Minister Pashupati Kumar Paras.

“Challenges being faced are global in nature and require global solutions for which we are here… the world community today needs to push more towards globally coordinated policies and actions. There is also a need for a renewed faith in multilateralism. Our nation is poised to demonstrate not only multidimensional development but is also ready to display universally recognised power. It is not surprising that India was described as a beacon in a fragile world at the recently held World Economic Forum meeting and India’s commitment to climate goals and return to the post-Covid development path has been lauded by one and all,” Tomar said.

He added that “India is developing rapidly due to science and innovation, as both are closely related to the future of India and has leveraged technology to create digital public infrastructure.”

Referring to the exemplary contribution of this group in providing aid to the most vulnerable and low-income developing countries in the recent years, he said the measures taken to alleviate the rising insecurity over credit flow are particularly noteworthy. The growing momentum regarding efforts will continue during India’s chairmanship in 2023. The group will also consider how we can leverage the group’s comfortable position to redesign global and financial governance.

Tomar said that though it is a proud moment for all the citizens of India to host the G20, while at the same time we are well aware of the responsibilities that come with this historic occasion.

“The challenges being faced are global in nature and require global solutions, therefore the world community today needs to lay greater emphasis on globally coordinated policies and actions. There is a need of renewed faith in multilateralism,” he added.

He mentioned that at the recently held World Economic Forum, India was applauded for its commitment to climate goals and return to the post-Covid growth path. “India is ready to fulfil the given responsibility and will gladly share its successful developmental model, and at the same time is eager to learn from others as well. This year, through our priorities and outcomes, we seek to find practical global solutions through dialogue and will also take a keen interest in amplifying the voices of developing countries,” he added.

Adding to Tomar, Union Minister Pashupati Kumar Paras said “India’s endeavor would be to facilitate constructive dialogue, share knowledge and work together towards the collective aspiration for a secure, peaceful and prosperous world. We will ensure that the international financial architecture remains well equipped to meet the acute challenges it faces today and provide maximum support to vulnerable groups”.

No cut in financial protection to farmers

Tomar said that there will be no cut in the financial protection guaranteed to India’s farmers. “Under the leadership of Prime Minister Narendra Modi, we will protect the interests of Indian farmers including the subsidies. We are bringing in technology and meeting the financial needs of the small farmers to increase productivity and farm income”.