‘Our objective is to be neutral, push for consensus and take everybody along’: G20 Sherpa Amitabh Kant

On crypto assets, Amitabh Kant said that financial stability board of G20 and other similarly placed organization are working on crypto regulations for it to be used as an asset class

India’s objectives in G20 presidency are to push for consensus, to be neutral and to bring everybody along, its G20 Sherpa Amitabh Kant said on March 5, while adding that if countries such as China and Russia are left out in the consensus making process, there will be no solution to global debt.

The G20 Sherpa, who was in conversation with lawyer Cyril Shroff at American Bar Association’s India conference, said that India’s challenge in G20 is to get the development agenda out to all the stake holders in all the meetings.

Speaking of India’s digital infrastructure, Amitabh Kant said: "No great innovations have come from Europe in the recent past. Major digital and transformational breakthroughs came from emerging markets."

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Kant noted that India has not just created digital infrastructure for payments but for other aspects such as vaccination and education. He said: “In the last 3 years I have not used my debit or credit card. This mobile is my bank. We have created similar infrastructure in vaccination among others.”

India’s digital infrastructure in finance such as UPI along with the country’s policy to open up over 500 million bank accounts, has ensured that the beneficiaries of government schemes receive the full allocation without a single paisa being lost, according to the official. Kant noted that India has demonstrated a unique model by making UPI open source and let private sector compete to better it.

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“Challenge is to use India’s gains to transform the lives of the people in the global South. What India has done for 1.4 billion people, should be used to transform the lives of others in Global South, ” Kant added.

On crypto assets, Kant said that financial stability board of G20 and other similarly placed organization are working on crypto regulations for it to be used as an asset class. Kant emphasized that there should be one uniform norm for crypto as an asset class to avoid flying of capital.

Answering a question on what would India’s legacy be after its G20 presidency ends, Kant said: "Key is transforming the world for flow of finance towards both climate action and Sustainable Development Goals (SDGs). This is critical for world now."

According to him, Countries that need climate action need a larger flow of finance. Kant said Indian entrepreneurs don’t have access to long-term financial instruments to achieve it. He said ensuring Indian enterpreneurs get access to financial instruments is the key to India’s presidency at G20.

Even if India’s entire domestic electric supply is made renewable, the country won’t be able to defossilise as it imports fossil fuel for industries. He noted that nations must focus on green hydrogen to ensure defossilisation is scaled. Kant noted that this will be an important component at G20.

According to Kant, there is a strong need to implement the rule of law strictly, to ensure that the nation becomes productively efficient. He noted that imposing rule of law strictly will ensure that the nation’s ease of doing business improves and sectors that have been monopolized by the global north are demonopolized.

Kant noted that India’s vision is not to see women as leaders who generate weal and not as beneficiaries. He said “Greater wealth creation for women will enable transformation.”