Finance Minister Nirmala Sitharaman stressed the importance of sustainable and inclusive growth for emerging economies like India that are using technology to create digital public infrastructure, during her remarks at the G7 seminar on economic policies and welfare.

Sitharaman, who is on a two-day visit to Japan for the G7 Finance Ministers and Central Bank Governors’ meeting, emphasized the urgent need to improve the efficiency of the G20 CommonFramework, strengthen trust and cooperation among all stakeholders for timely debt treatment for vulnerable nations.

She also underlined the dilemmas faced by emerging markets and developing economies between climate security and growth as they manage overlapping crises and socio-economic transformation.

Noting that technology improved access for the poor to markets and basic services, the finance minister highlighted that access to digital connectivity had empowered people and there was a need to discuss ways to measure empowerment going beyond GDP indicators. She also shared India’s focus on technology, DPI, and green hydrogen as a foundation for sustainable and inclusive growth.

During the sessions, Sitharaman noted the strong cooperation between India, currently holding the G20 presidency, and Japan, holding the G7 presidency, in challenging times to facilitate complementarity of efforts and outcomes, and highlighted the need to strengthen multilateral development banks to address cross-border challenges.

“Highlighting the resilience of emerging markets and developing economies and their unique development challenges, she said India’s strong recovery was a bright spot for the global growth outlook,” the finance ministry said in a Twitter post on Friday.

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Sitharaman also met with International Monetary Fund managing director K Georgieva. She also met her Brazilian counterpart Haddad Fernando on the sidelines of the meet and discussed issues relating to infrastructure, strengthening multilateral development banks or MDBs, debt vulnerabilities and DPI.

Sitharaman extended her support for Brazil’s upcoming G20 presidency in 2024. The South American nation will hold the G20 presidency from December 1, 2023, to November 30, 2024. Fernando appreciated India’s organization of the G20 presidency and its piloting of significant global economic issues, the finance ministry said in a tweet.

Sitharaman also met Singapore’s Deputy Prime Minister and Minister for Finance Lawrence Wong, and they exchanged their views on strengthening India-Singapore cooperation on issues like digital payment gateway, food security, green transition, skill development, crypto assets, MDB reforms and pandemic preparedness, among others.

Source PTI