Indian PM Modi calls for G20 to focus on world's 'most vulnerable citizens'

India's Prime Minister Narendra Modi on Friday (February 24) called for the Group of 20 (G20) to focus on the world's most vulnerable citizens as he said that the financial viability of many nations is being threatened by unsustainable debt. Virtually addressing the first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting in Bengaluru, Prime Minister Modi said, "Food and energy security have become major concerns across the world. Even the financial viability of many countries is threatened by unsustainable debt levels."

Modi said the trust in financial institutions has eroded amid the serious economic difficulties from the impact of the Covid pandemic and that this was partly because the international financial institutions had been slow to reform themselves. "We are also witnessing rising geo-political tensions in different parts of the world. There are disruptions in global supply chains," he added, the news agency PTI reported.

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The Indian Prime Minister hoped that G20 member nations would be inspired by the vibrancy of India's economy. Modi pointed out that Indian consumers and producers are optimistic and confident about the future and hoped member nations would be able to transmit the same positive spirit to the global economy.

"We need to collectively work to strengthen multilateral development banks for meeting global challenges like climate change and high debt levels," he added.

India is the host nation for this year's G20 summit which will be held in September. India's presidency of the bloc comes as its three neighbours - Sri Lanka, Bangladesh and Pakistan seek bailouts from the International Monetary Fund (IMF) because of the economic slowdown caused by Covid and the ongoing war in Ukraine.

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On Friday, Prime Minister Modi also said that as members of the G20 were meeting in Bengaluru, the delegates would have a first-hand experience of how Indian consumers have embraced digital payments, PTI reported. Modi added that during India's G20 presidency, the central government created a new system for G20 guests to use the nation's path-breaking digital payments platform UPI.

(With inputs from agencies)

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