After the successful G20 Summit at Bharat Mandapam, New Delhi under India’s Presidency the Fourth G20 Global Partnership for Financial Inclusion (GPFI) meeting was held in Mumbai.
- A Symposium on Digital Public Infrastructure for energizing MSMEs was also held.
- Secretary of Economic Affairs, Ministry of Finance, Ajay Seth, Deputy Governor of Reserve Bank of India, T. Rabi Sankar, and Vice President of the International Finance Corporation Mohamed Gouled and others addressed the symposium.
About the symposium
The Symposium saw panel discussions involving international experts around two key themes “Energising MSMEs for Higher Economic Growth through Digital Public Infrastructure” and “Credit Guarantees and SME ecosystems”.
- The second panel discussion was on credit guarantees and SME ecosystems.
- The World Bank also presented the G20 Policy Recommendations for Advancing Financial Inclusion and Productivity Gains through Digital Public Infrastructure developed under G20 India Presidency which were recently endorsed by the G20 Leaders in the G20 Summit held in New Delhi.
- Over the course of the next two days, the GPFI members will discuss GPFI work regarding the implementation of G20 GPFI High-Level Principles for Digital Financial Inclusion, Update of National Remittance Plans and SME best practices and innovative instruments to overcome common constraints in SME financing.
Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way.
Financial inclusion has been identified as an enabler for 7 of the 17 Sustainable Development Goals.
The G20 committed to advance financial inclusion worldwide and reaffirmed its commitment to implement the G20 High-Level Principles for Digital Financial Inclusion.
G20- The Group of Twenty
The G20 was founded in 1999 after the Asian financial crisis as a forum for the Finance Ministers and Central Bank Governors in Berlin, Germany, to discuss global economic and financial issues.
- The Group of G20 (G20) comprises 19 countries, the European Union and the African Union. The member countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, and the United States.
- Recently at the G20 summit the African Union became a new member.
- G20 members currently account for more than 80% of world GDP, 75% of global trade, and 60% of the global population.
- The next 19th G20 Heads of State and Government Summit will be held in Rio de Janeiro, Brazil, in 2024.
- Prime Minister Narendra Modi symbolically handed over the G-20 Presidency to Brazilian President Luiz Inacio Lula De Silva at the end of the New Delhi summit. However, officially Brazil will take over the Presidency from 1 December 2023 till 30 November 2024.