G20 meet: On first day, India says dialogue, not war, is the way forward

The deputies of G20 finance ministries and central bank governors met on February 22 for the second time during India’s presidency of the bloc.

As the war between Russia and Ukraine approaches its first anniversary, the Indian government has reiterated that dialogue, and not war, is the way forward.

"…today's era is not an era of war but an era of peace," Union Minister Anurag Thakur said on February 22 in Bengaluru.

"Democracy, diplomacy, and dialogue are the way forward. Those lines best explain India's position," Thakur added.

Thakur was speaking to reporters as deputies of G20 finance ministries and central banks met for the second time during India's presidency of the bloc.

The first such meeting was also held in Bengaluru, in December.

February 24 will mark one year of Russia's invasion of Ukraine. Indian finance ministry officials said delegates will discuss the war in the G20 meetings this week.

However, news agency Reuters reported on February 22, quoting government sources, that India does not want the G20 to discuss additional sanctions on Russia.

The meeting of the deputies, co-chaired by Economic Affair Secretary Ajay Seth and Reserve Bank of India Deputy Governor Michael Patra, comes ahead of the first meeting of the G20 finance ministers and central bank governors, scheduled for February 24-25 in the southern state capital city.

The deputies' meeting is focusing on finalising the official statement that will be approved by the finance ministers and central bank governors in their two-day meeting starting February 24.

"This Communique embodies the collective view of the G20 on the most pressing issues affecting the global economy and directly connects the larger international community with the Finance Ministers and Central Bank Governors of the major global economies," a government statement said.

"It has the potential to assure the common person that a consensus among the G20 countries on coordinated solutions to key global problems can help the global economy recover from the current slowdown and create new opportunities for growth and prosperity," it added.

Two delegates who wished to stay anonymous as they are not authorised to the media and who attended the meeting of the deputies said the communique was vital and work on firming up its language had taken place today.

According to another delegate, the deputies discussed the global economic situation and international taxation at their meeting.

While delivering his inaugural remarks at the commencement of the meeting on February 22, Minister Thakur said while there are "contentious issues", countries have to "balance their domestic aspirations".

"Through these constructive and productive discussions, we can collectively achieve optimal outcomes," Thakur said.