Challenges before inclusive digital economy, digital currencies, and global economic factors that affect the lives of the common people were discussed during the first meeting of the G-20 ‘Finance Track’ that took place in Bengaluru during December 13-14. The meeting included segments on inflation, monetary policy, commodities crisis that intensified after the beginning of the war in Ukraine, sustainable development goals and global public goods like climate, urban planning, and international taxation.
“Substantive discussions were held during the session on international taxation on the priority areas for 2023, including monitoring the progress of the Two-Pillar Tax Package being developed under OECD/G-20 inclusive framework, enhancing tax transparency and multilateral capacity building on taxation,” a press release issued by the G-20 Secretariat stated.
Ajay Seth, Secretary, Department of Economic Affairs, Ministry of Finance, addressed a press briefing on Wednesday evening and said that the Indian side shared its experience in rolling out the Aadhaar card, digital inclusion and digital payments system during the meeting. He revealed that India was poised to help others in framing the Financial Inclusion Action Plan for 2024-’26, saying “Digital public infrastructure leading to financial inclusion, and financial inclusion is not limited to just the bank accounts but also transactions and what it can facilitate for the companies as well. That will be one of the priorities where action will be there.”
In the first session on global health, the Deputies from the member-countries discussed strengthening of the coordination arrangement between Finance and Health Ministries for Pandemic Prevention Preparedness and Response. This session resolved to invite relevant regional organisations to strengthen the voice of the Low Income Countries.
“Overall, the meeting saw a broad support on the proposed priorities of India’s G-20 Finance Track agenda for 2023,” stated the press release revealing that “further development of agenda items” would take place during the coming months before the actual G-20 summit.