PM Modi at G20 meet: Financial viability of countries threatened by unsustainable debt levels

Even as the world population has crossed 8 billion, progress on Sustainable Development Goals seems to be slowing down, Modi said in the video message.

He said it was imperative for the grouping to provide stability, confidence, and growth to the global economy.

The meeting of finance ministers and central bank governors is the first major event of G20 after India took over the presidency of the group in December last year.

Addressing the finance ministers and central bank governors, he said, “You represent the leadership of global finance and economy at a time when the world is facing serious economic difficulties. The COVID-19 pandemic has delivered a once-in-a-century blow to the global economy. Many countries, especially developing economies, are still coping with its after-effects. We are also witnessing rising geopolitical tensions in different parts of the world.”

PM Modi said he hopes that the participants “will draw inspiration from the vibrancy of the Indian economy.”

“Indian consumers and producers are optimistic and confident about the future. We hope that you will be able to transmit the same positive spirit to the global economy.”

He also urged the members to focus their discussions on the most vulnerable citizens of the world and stressed that global economic leadership can win back the confidence of the world only by creating an inclusive agenda.

Talking about the digital payments ecosystem, the Prime Minister said, “Over the past few years, we have created a highly secure, trusted, and efficient public digital infrastructure. Our Digital payments ecosystem has radically transformed governance, financial inclusion, and ease of living.”

“During our G20 presidency, we have created a new Fintech platform, which allows our global G20 guests to use India’s path-breaking digital payment platform UPI,” he added.

“Examples like UPI can be templates for many other countries too. We would be happy to share our experience with the world and G20 can be a vehicle for this,” he said.

PM Modi further stated: “Indian consumers and producers are optimistic and confident about the future,” PM Modi said, adding, “We hope that you will be able to transmit the same positive spirit to the global economy.”

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