G20 can contribute to finding solutions to global challenges: Anurag Thakur

Union Minister Anurag Singh Thakur on Wednesday said the G20 can contribute significantly to find solutions to global challenges such as climate change and geo-political tensions.

Speaking at the inaugural session of the G20 Second Finance and Central Bank Deputies (FCBD) Meeting here, he noted that the theme of India’s G20 Presidency is 'Vasudhaiva Kutumbakam' (one earth, one family, one future).

The global economy is facing the lingering effects of the COVID-19 pandemic, food and energy insecurity, broad-based inflation, heightened debt vulnerabilities, worsening climate change, and geopolitical tensions, the Union Minister for Information and Broadcasting, and Youth Affairs & Sports said in his address. The impact of all these crises can set back progress on the world's key development priorities, Thakur said.

"The G20 can make a significant contribution to find pragmatic global solutions to these challenges through focused dialogue and deliberations and the Indian Presidency seeks to actively facilitate this," he told the gathering.

The theme 'Vasudhaiva Kutumbakam' reflects the importance India places on collaborative efforts to address global challenges, the minister said. Towards fulfilling this goal, the G20 Finance Track discussions in 2023 will include strengthening Multilateral Development Banks (MDBs) to meet the shared global challenges of the 21st century, financing 'cities of tomorrow', leveraging digital public infrastructure for financial inclusion and productivity gains and advancing the international taxation agenda, among others, Thakur explained.

According to the Union Minister, various work streams in G20 have already initiated work on these key issues. The Deputies meeting is dedicated to the finalisation of the Communique that will be endorsed by the G20 Finance Ministers and Central Bank Governors during their meeting on February 24 and 25.

"Since its inception, the G20 has time and again proven its mettle in forging consensus in times of crises. The Indian Presidency believes that success lies in our ability to anticipate, prevent and prepare for significant risks to come," Thakur said.