Union Finance Minister Smt. Nirmala Sitharaman addressed the Kautilya Economic Conclave-2023, highlighting India’s success in creating Digital Public Infrastructure and financial inclusion.
She emphasized the need for committed efforts to tackle global issues like climate financing and global terrorism. Sitharaman also highlighted key takeaways from the G20 Finance Track under India’s presidency, highlighting India’s commitment to digital infrastructure and financial inclusion. The event was organized by the Institute of Economic Growth and the Ministry of Finance.
Union Finance Minister said, “The impact of terrorism across the globe is no longer an occasional one and no one region is spared. With that level of risk or uncertainty coming into business decision-making, investments will face uncertainty and high risk permanently.” Businesses can no longer be just attracted by policies or by the openness of an economy. The risk that the investors and businesses will have to factor into their decision-making is going to be strongly influenced by the impact of global terror, Smt. Sitharaman added.
On the focus of the Government of India on empowering citizens through digitisation, Union Finance Minister said, “India is opening up and bringing greater transparency through the digital economy. There’s no more powerful tool than Digitisation to empower citizens, who otherwise would’ve remained very far from their developmental aspirations being met.”
The Indian government’s Financial Inclusion programme, Jan Dhan Accounts, has significantly contributed to financial inclusion in the country. Initially launched in 2014, these accounts were initially viewed as zero-balance and burdening Public Sector Banks. However, they now have a total balance of over Rs 2 lakh crore.
During COVID-19, the poorest received money from the government to meet their needs. The Union Finance Minister, Smt. Sitharaman, emphasized that India has used its own resources to fulfill its Nationally Determined Commitments (NDCs) under the leadership of Shri Narendra Modi, focusing on environment sustainability.
However, he also highlighted that developing countries may not have the financial capacity for significant climate financing. The Union Finance Minister questioned where the necessary funds will come from in a country like India, where developmental goals are being achieved at an unprecedented pace.
Highlighting the work of G20 Presidency under India, Smt. Sitharaman said that the agenda of the G20 Finance Track was chosen on considerations which are global, including –
- Readying Multilateral Development Banks (MDBs) for 21st Century challenges.
- Regulating crypto assets.
- Debt distress due to lack of timely action by international institutions.
- Funding of futuristic cities.
- Success of India’s Digital Public Infrastructure (DPI).
- Two-Pillar solution on Taxation issues.
“Each one of these agenda points found a very good resonance in the G20 Presidency under India”, the Union Finance Minister added.
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Source: PIB
