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breaking news G20 finance track launched from Tuesday; Infra Development, Sustainable Finance Among the Agenda

The next meeting of G20 Finance and Central Banks MPs will be co-chaired by Ajay Seth, Secretary of the Department of Economic Affairs and Dr. Michael D. Patra, Deputy Governor of the RBI.

The first meeting of Finance and Central Bank Members of Parliament (FCBD) under India’s G20 Presidency is due to be held in Bangalore from December 13-15.

This meeting, which will mark the start of discussions on the “Finance Track” agenda under India’s G20 Presidency, will be jointly organized by the Ministry of Finance and the Reserve Bank of India.

The G20 Finance Track, led by finance ministers and central bank governors from G20 countries, focuses on economic and financial issues, according to an official statement.

It provides an effective forum for global economic discourse and policy coordination, he said, the first meeting of finance ministers and central bank governors will be held from February 23-25, 2023 in Bangalore.

The next meeting of G20 Finance and Central Banks MPs will be co-chaired by Ajay Seth, Secretary of the Department of Economic Affairs and Dr. Michael D. Patra, Deputy Governor of the RBI.

Their counterparts from G20 member countries, as well as several other countries and international organizations invited by India, will attend the two-day meeting.

According to the release, the G20 Finance Track addresses key issues relevant to the global economy, encompassing the global economic outlook, international financial architecture, infrastructure development and finance, sustainable finance, global health, international taxation. and financial sector matters, including financial matters. inclusion.

Discussions at the Bengaluru meeting will focus on the finance agenda under India’s G20 Presidency.

This includes reorienting international financial institutions to address common global challenges of the 21st century, financing the cities of tomorrow, managing global debt vulnerabilities, promoting financial inclusion and productivity gains, financing climate action and the SDGs, a globally coordinated approach to unsupported crypto assets and advancing the international tax agenda.

On the sidelines of the meeting, a round table will be held on the theme “Strengthening multilateral development banks to meet the shared global challenges of the 21st century”. A seminar on the “Role of central banks in green financing” will also be organised.

About 40 Finance Track meetings will be held in several locations in India, including meetings of G20 finance ministers and central bank governors. The G20 Finance Track discussions will ultimately be reflected in the G20 Leaders’ Statement.

India assumed the presidency of the G20 at a time of multiple challenges, including the scars of the COVID-19 pandemic, worsening geopolitical tensions, rising food and energy security concerns, growing over-indebtedness, inflationary pressures and monetary tightening, among others, he said, stressing that one of the key roles of the G20 is to provide guidance to address these challenges.

During India’s G20 Presidency, he said, supporting countries most in need and reflecting the concerns and aspirations of developing countries will be at the forefront of G20 efforts.

The Ministry of Finance and the RBI will lead the G20 Finance Track program in an inclusive manner aimed at meeting the global economic needs of today as well as preparing for a better future, he added.

From the Ajanta and Ellora Caves in Maharashtra to the Qutub Archaeological Park in Delhi, India will showcase its centuries-old architectural heritage to G20 delegates by hosting field trips and gala dinners at numerous ASI sites, from mid-December, official sources said.

The first G20 meeting was held in the first week of December in Udaipur when the G20 Sherpa met. Furthermore, experiencing the rich cultural heritage and hospitality of Rajasthan, the delegates also took part in a half-day excursion to Kumbhalgarh Fort, a UNESCO World Heritage Site, said officials.

The event held at a protected central site, immediately after the Sherpa meeting in Udaipur, is a half-day excursion for delegates to Elephanta Caves in Maharashtra from December 12-15, he said. declared.

And, tentatively, the monuments shortlisted for the delegation-level visit also include the Bhoga Nandeeshwara temple in Karnataka and a gala dinner, the source said, adding that the itinerary for the December-March period is only known at this day.

There are a total of 3,693 heritage sites in India protected by the Archaeological Survey of India (ASI) which falls under the purview of the Union Ministry of Culture.

The planned G20 meetings are to be held not only in major metros, but even in Tier 2 and Tier 3 cities, and the ASI is also preparing to do its best.

G20 delegates will be able to see India’s architectural and cultural diversity from all corners of the country, and from January 23-24, they will immerse themselves in the heritage experience in Gujarat, they said.

Around January 28, a half-day visit will be organized for delegates to Charminar and Golconda Fort in Hyderabad.

From January 31 to February 2, they will be hosted at the famous Shore Temple of Mamallapuram in Tamil Nadu.

In early February, a half-day excursion was planned for delegates to Mandore Fort and Mandore Garden in Rajasthan.

From February 13 to 15, many delegates will also travel to Lucknow to see the famous Imambara and the residence.

Cultural sites play an important role during India’s G20 Presidency, also seen in Udaipur, and ASI lit up its 100 iconic sites across India from December 1-7, emblazoned with the G20 logo to mark the occasion when India assumed the chairmanship of the influential bloc.

Later that month, the itinerary also mentions visiting Kerala from March 22 to 24, and sites include Matthancherry Palace, St. Francis Church in Kochi, and again to Elephanta Caves from March 28 to March 30, followed by an excursion to Gujarat again from March 30 to April. 1, sources said.


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