Bengaluru set to host 1st Finance Ministers, Central Bank heads meet under G20

Bengaluru is set to host the first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the Indian Presidency later this week. Finance Minister Nirmala Sitharaman and Reserve Bank of India Governor Shaktikanta Das will jointly chair this meeting amid rising global economic risks.

According to an official statement, more than 70 delegates will be present for the meeting.

The delegates will discuss issues related to multilateral development banks and measures that would strengthen them in a bid to address global challenges. Financing for resilient, inclusive and sustainable ‘cities of tomorrow’, leveraging Digital Public Infrastructure (DPI) for advancing financial inclusion and productivity gains are also issues which are on the agenda. The sessions will also cover issues related to global economy, global health, and international taxation.

“The Indian Presidency has designed the meeting agenda in a manner that can foster a meaningful exchange of ideas among ministers and governors on pragmatic and meaningful approaches to address some of the key global economic issues,” the statement said.

The meeting of G20 Finance and Central Bank Deputies (FCBD) is also scheduled to be held on Wednesday. The meeting, which will be inaugurated by Information & Broadcasting and Youth Affairs & Sports Anurag Thakur, will be co-chaired by Ajay Seth, Secretary (Economic Affairs) and Michael D. Patra, Deputy Governor, RBI.

For the current financial year, India is expected to clock a GDP growth rate of 7 per cent. “It is notable that this is the highest among all the major economies. This is in spite of the massive slowdown globally caused by Covid-19 and a war,” Sitharaman said while presenting the Union Budget for 2023-24. “The Indian economy is therefore on the right track, and despite a time of challenges, heading towards a bright future,” she added.

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