Communique need not distract us, action happening, says FM Sitharaman

Communique need not distract us and there is action and consensus to go forward on the various issues under India’s G20 presidency, Finance Minister Nirmala Sitharaman said on Saturday.

Speaking during the India-Japan Forum, the finance minister was discussing the important issues under India’s presidency G20 in conversation with N K Singh, chairman of the 15th finance commission and co-convenor of the expert group on reforms for strengthening multilateral development banks (MDBs).

The FM said, “There is a tremendous appreciation that the agenda we are taking forward is of concern to all of us. There is consensus to go forward.”

On the prevailing circumstances of Russia-Ukraine war or US versus China issues, Sithraman said that these have to be addressed individually as well as collectively. “Unless there is stability and level of normalcy, it is going to be a continuing challenge for groups whether it is G20 or G7 to take forward even the basic agenda on which all of us agree,” she said.

The third finance minister and central bank governors meeting held in Gandhinagar on 17-18 July did not have a communique but a chair summary due to lack of consensus on the language around Russia-Ukraine war.

Sitharaman said that there is a global understanding on issues and countries don’t think there is hopelessness that unless the issues like Russia-Ukraine are resolved, we cannot go forward with critical issues such as climate change, digital public infrastructure such as the direct benefit transfer. “These issues are live on the agenda, but despite difficulties, there is a movement forward,” the FM said.

Some of the key issues of India’s G20 presidency, the finance minister said were to make MDBs nimble and address 21st-century challenges, resolve debt and debt-related stress, a collective solution to regulate crypto assets, and build digital public infrastructure and cities of tomorrow.

The FM also said that a series of global south countries are leading the G20 their voice is being heard. “Voice of the south gets heard in the G20, issues of indo-pacific come up…Emerging markets bring their agenda. Countries showing high growth potential, are all influencers of global growth itself.

On expanding the partnership of Japan and India, the FM said, “It can be expanded to Africa and Indo-pacific. There is a lot of scope to build forward on this.”