इंडियन आवाज़     21 May 2024 03:31:42      انڈین آواز

International Financial Structure Working Group meeting of G-20 begins in Chandigarh 

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AMN / Chandigarh

The first International Financial Structure Working Group meeting under the G-20 Indian Presidency began here today. It was jointly inaugurated by Union Agriculture and Farmers Welfare Minister Narendra Singh Tomar and Food Processing Industries Minister Pashupati Kumar Paras. On this occasion, the Union Agriculture Minister said, India is developing rapidly due to science and innovation, as both are closely related to the future of India.

The theme of India’s G-20 chairmanship, “Vasudhaiva Kutumbakam” or ‘One Earth, One Family, One Future’, underlines the message of equitable development and a shared future for all. India’s endeavour will be to facilitate constructive dialogue, share knowledge and work together towards the collective aspiration for a secure, peaceful and prosperous world.

Agriculture Minister Narendra Singh Tomar said, it is a proud moment for all the citizens of India to host the G-20, while at the same time, we are well aware of the responsibilities that come with this historic occasion. He noted that the challenges being faced are global in nature and require global solutions, therefore the world community today needs to lay greater emphasis on globally coordinated policies and actions. The Minister mentioned that at the recently held World Economic Forum, India was applauded for its commitment to climate goals and return to the post-COVID growth path. The Agriculture Minister said, through the inclusive, ambitious, action-oriented and decisive agenda of the G-20, we aim to reveal the true spirit of ‘Vasudhaiva Kutumbakam’.

Noting the Group’s exemplary contribution in recent years in providing assistance to the most vulnerable and low-income developing countries, Mr. Tomar said, the measures taken to address rising credit insecurity are particularly noteworthy. The growing momentum of these efforts will continue with India’s presidency in 2023, he added. At the same time, the group will take advantage of its good position to consider how we can redesign global and financial governance, said the Minister.

Under the Chairmanship of India, the group will seek to explore how multilateral development banks, the principal agents of development, can be better equipped to meet the global challenges of the 21st century. Remembering the Father of the Nation, Mahatma Gandhi, the Agriculture Minister gave a quote on this occasion and welcomed the delegates on behalf of Prime Minister Narendra Modi and all the citizens and wished success to the meeting.

Speaking on the occasion, Union Minister Pashupati Kumar Paras said that India’s endeavour would be to facilitate constructive dialogue, share knowledge and work together towards the collective aspiration for a secure, peaceful and prosperous world. He said, the Indian Presidency of the G-20 has the responsibility to build on the progress made so far and ensure that the international financial architecture remains well-equipped to meet the acute challenges it faces today and provide maximum support to vulnerable groups.

With the rich and diverse experience of eminent experts from around the world, this International Financial Structure Working Group will work together in the areas of development financing, supporting vulnerable countries, maintaining financial stability and upholding the theme of ‘One Earth, One Family, One Future’. G-20 is in a better position to coordinate its efforts.

IFA Co-Chair William Roos (France), Byungsik Jung (South Korea), Manisha Sinha, Additional Secretary, Union Finance Ministry, RBI Advisor Mahua Rai were also present at the meeting.

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