Vijay C Roy & Dushyant Singh Pundir
Tribune News Service
Chandigarh, January 30
India’s chairmanship of G20 is a proud moment for citizens and the nation is aware of the responsibilities that come with it, said Union Minister of Agriculture and Farmers Welfare Narendra Singh Tomar while jointly inaugurating the two-day meeting of the first International Financial Architecture Working Group of G20 here with Minister of Food Processing Industries Pashupati Kumar Paras.
Tomar said the world was facing many complex challenges, which were deeply interlinked and not defined by boundaries alone. “The challenges being faced are global in nature and require global solutions, therefore the world community today needs to push towards globally coordinated policies and actions,” he said.
“We will be happy to share our template of development model and also look forward to learning from all. Through our priorities and outcomes this year, and through deliberations, we aim to find practical global solutions. In doing so, we also take a keen interest in amplifying the voice of the developing countries,” said the minister.
Underscoring that India could not leave anyone behind, Tomar said: “Through our inclusive, ambitious, action-oriented and decisive agenda of G20, we aim to express the true spirit of our goal, ‘Vasudhaiva Kutumbakam (the world is one family)’.”
There was also a need for a renewed faith in multilateralism. The country, which was fully committed to democracy and multilateralism, was poised to demonstrate not only multidimensional development, but was also ready to display universally recognised power. It was not surprising that India was described as a beacon in a fragile world at the recent World Economic Forum meeting and India’s commitment to climate goals and return to the post-Covid development path had been lauded by one and all, he said.
The G20 group would also consider how it could leverage its position to redesign global and financial governance. “Under the chairmanship of India, the group will try to find out how to better equip the multilateral development banks, the major catalysts of development, to meet the global challenges of the 21st century,” said the minister.
Union Minister Paras said during India’s presidency of G20, it was their responsibility to advance progress and ensure the international financial architecture was well equipped to meet the acute challenges and provide maximum support to vulnerable groups.
The working group was committed to meeting the challenges and in order to enhance their contribution to development financing towards meeting the development goals, it might explore options to strengthen these organisations.
“It is imperative to urgently identify such systems that enable the financial assistance provided by international financial institutions is effectively responsive to the needs. This is important for the low income and developing countries, as they are the major beneficiaries of these resources,” said minister Paras.
Countries most affected by rising debt, again, were low-income countries and most were middle-income countries. The working group could deliberate upon how policy initiatives could address the worsening credit situation, he said.
The meeting was attended by IFA co-chairs William Roos (France), Byungsik Jung (South Korea), Additional Secretary, Union Ministry of Finance, Manisha Sinha and RBI Adviser Mahua Rai.
Through our inclusive & ambitious agenda of G20, we aim to express true spirit of our goal, ‘Vasudhaiva Kutumbakam’. — Narendra Singh Tomar, Agri minister
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