India hosts G20 meet to discuss economy, global tensions

New Delhi, Feb 22 (EFE).- The meetings of finance ministers and central bank governors of G20 countries kicked off in India’s Bengaluru on Wednesday, as New Delhi called for boosting collective efforts to deal with economic vulnerabilities and geopolitical tensions.

“The G20 financial discussions will include strengthening multilateral development banks to address shared global challenges of the 21st century, financing for resilient, inclusive and sustainable ‘cities of tomorrow’, leveraging Digital Public Infrastructure (DPI) for advancing financial inclusion and productivity gains,” Indian information and broadcasting minister Anurag Thakur said while inaugurating the meet.

The G20 member countries’ finance representatives are set to meet for the second time on Wednesday, ahead of the finance ministers’ and central bank governors’ meetings on Friday and Saturday, set to be held in Bengaluru too.

Over the next few days, the world’s top 20 developed and emerging economies will review mechanisms of collaborative efforts to tackle global challenges as the global economy is “facing the lingering effect of COVID pandemic, issues around food and energy security, and inflation, worsening climate change and geo-political tensions,” said Thakur, referring to the goals set by India as the G20 chair.

India assumed the rotating presidency of the bloc in December, receiving it from Indonesia, and is aiming to host more than 200 meetings of the bloc during the year.

Over the next few days, the South Asian country will host several ministers and representatives from the G20 member countries, including United States’ Treasury Secretary Jenet Yellen, Span’s First Vice President Nadia Calvino, French Finance Minister Bruno Le Maire and Argentinean Economy Minister Sergio Massa.

India has chosen “Vasudhaiva Kutumbakam” (One Earth, One Family, One Future) as its motto for the presidency, borrowing from the pacifist ideas of Buddha and Mahatma Gandhi, the leader of the Indian freedom struggle, at a time when the world is facing increased instability.

The diplomatic activities will culminate with the G20 leaders’ summit, set to be held in New Delhi on Sep. 9-10. EFE


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