The Banking Executive Magazine - March 2023 Issue

G20 2023 with a particular focus towards not only climate finance and technol- ogy, but also ensuring just energy transitions for developing nations across the world. • Accelerated, Inclusive and Resilient Growth: An accelerated, resilient and inclu- sive growth is a cornerstone for sustainable development. During its G20 Presidency, India aims to focus on areas that have the poten- tial to bring structural transforma- tion. This includes an ambition to accelerate integration of micro, small or medium-sized enterprises in global trade, bring in the spirit of trade for growth, promote labour rights and secure labour welfare, address global skills gap, and build inclusive agricultural value chains and food systems. • Accelerating progress on Sustain- able Development Goals (SDGs): India's G20 Presidency focuses on recommitting G20's efforts to achieving the targets laid out in the 2030 Agenda for Sustainable De- velopment. • Technological Transformation and Digital Public Infrastructure: India G20 Presidency is promoting a human-centric approach to tech- nology, and facilitating greater knowledge-sharing in priority areas like digital public infrastructure, fi- nancial inclusion, and tech-en- abled development in sectors ranging from agriculture to educa- tion. • Multilateral Institutions for the 21st century: India's G20 priority will be to con- tinue pressing for reformed multi- lateralism that creates more accountable, inclusive just, equi- table and representative multipolar international system that is fit for addressing the challenges in the 21st century. • Women-led development: India hopes to use the G20 forum to highlight inclusive growth and development, with women em- powerment and representation being at the core of India's G20 de- liberations. PRIORITIES FOR FINANCE MINISTERS AND CENTRAL BANK GOVERNORS The Prime Minister of India, Shri Narendra Modi addressed the first meeting of Finance Ministers and Central Bank Governors under India's G20 Presidency via video message. The following key points were emphasized in his message: • The role of leading economies and monetary systems of the world in bringing back stability, confidence and growth to the global economy. • Focus on the most vulnerable citi- zens of the world. • Global economic leadership to win back the confidence of the world by creating an inclusive agenda. • Promoting an inclusive vision: One Earth, One Family, One Future. • Leadership of global finance and economy at a time when the world is facing serious economic difficul- ties. • Achieving Sustainable Develop- ment Goals. • Strengthening Multilateral Devel- opment Banks for meeting global challenges like climate change and high debt levels. • Exploring and harnessing the power of technology while devel- oping standards to regulate possi- ble risk of destabilization and misuse in digital finance. • Creation of a highly secure, highly trusted, and highly efficient public digital infrastructure in the digital payment ecosystem. • Embracing digital payments. • Sharing digital experience with the world and the G20. ANTI-CORRUPTION The First Anti-Corruption Working Group Meeting (ACWG) of G20 under India Presidency, took place on the 1st to 3rd March, 2023. G20 Nations discussed areas of future ac- tion like bringing in processes, where fugitive economic offenders can be traced and extradited faster, and their properties situated abroad brought within the reach of the law of the land from which such offenders es- cape. DIGITAL ECONOMY The First G20 Digital Economy Working Group (DEWG) meeting in India concluded with setting the tone for a productive and meaningful de- liberations for the future DEWG meetings. The meeting showcased India's digital transformation journey, and brought together G20 members, key knowledge partners, and guest countries to discuss digital public in- frastructure, Cybersecurity, and digi- tal skilling. The meeting focused on the priority of Digital Skilling. India proposed mechanisms for digitally skilled future ready workforce. Sum- mary discussions were also held on three key priority areas namely Digi- tal Public Infrastructure (DPI), Cyber Security in Digital Economy and Dig- ital Skilling. INFRASTRUCTURE FOR CITIES OF TOMORROW The first G20 Infrastructure Working Group meeting under G20 India Presidency concluded on 17th Janu- ary 2023. The two-day meeting dis- cussed the flagship theme of “Financing Cities of Tomorrow: In- clusive, Resilient and Sustainable”. The meeting included discussions on various facets of making cities eco- nomic centres of growth, financing urban infrastructure, building future- ready urban infrastructure, the role of cities in meeting sustainability tar- gets, directing fiscal investments for unlocking private financing for en- ergy-efficient and environmentally sustainable infrastructure and miti- gating social imbalances. The meeting also discussed other im- portant themes, such as exploring ways to collate the data on Infra- structure spending and make the data useful for the private sector. the BANKING EXECUTIVE 18 ISSUE 171 MARCH 2023