Finance track at the core of G20 process, says Anurag Thakur

The finance track is at the core of the G20 process and provides an effective forum for global economic discourse and policy coordination, Information and Broadcasting Minister Anurag Thakur said on Wednesday.

Thakur's statement came as he inaugurated the 2nd G20 Finance and Central Bank Deputies (FCBD) meeting here. It is the side event of the first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting, which began earlier in the day.

The G20 FMCBG meeting is preceded by the FCBD meeting, which would be co-chaired by Economic Affairs Secretary Ajay Seth and RBI Deputy Governor Michael Patra.

"Main workstreams in finance track are global economic outlook and risks, international financial architecture including development finance and global financial safety net, financial inclusion and other financial sector issues, infrastructure development and financing, sustainable finance, global health financing and international taxation," Thakur said in his address.

The global economy is facing the lingering effects of the Covid-19 pandemic, food and energy insecurity, broad-based inflation, heightened debt vulnerabilities, worsening climate change, and geopolitical tensions, he added, pointing out that he impact of all these crises can set back progress on the world's key development priorities.

G20 can make a significant contribution to find pragmatic global solutions to these challenges through focused dialogue and deliberations and the Indian Presidency seeks to actively facilitate this, the minister said.