Diplomacyindia.com

Chandigarh, Jan 30 (IANS) Underlining the need for a renewed faith in multilateralism, Union Agriculture Minister Narendra Singh Tomar on Monday said India is developing rapidly due to science and innovation, both of which are closely related to the country’s future.

Addressing the day one of the First International Financial Architecture Working Group Meeting of G20 here, Tomar said India has leveraged technology to create digital public infrastructure.

“The world today is faced with a number of complex challenges, which are deeply interlinked and are not defined by borders alone,” he said.

“The challenges being faced are global in nature and require global solutions, therefore, the world community today needs to lay greater emphasis on globally coordinated policies and actions. There is also a need for a renewed faith in multilateralism.”

The theme of India’s G20 Presidency — “Vasudhaiva Kutumbakam” or “One Earth, One Family, One Future” –is drawn from the ancient Sanskrit text of the Maha Upanishad. It underlines the message of equitable development and a shared future for all.

India’s endeavour will be to facilitate constructive dialogue, share knowledge and work together towards the collective aspiration for a secure, peaceful and prosperous world, said Tomar in his address in Hindi.

Tomar said India is ready to fulfill the responsibility given to it. “We would be happy to share the template of our successful growth model, so we’re open to learning from everyone as well.”

“This year, through our priorities and outcomes, we seek to find practical global solutions through dialogue. In doing so, we will also take a keen interest in amplifying the voices of developing countries.”

He said India cannot leave anyone behind now. “Through our G20’s inclusive, ambitious, action-oriented and decisive agenda, we aim to reveal the true spirit of ‘Vasudhaiva Kutumbakam’.”

Noting G20’s exemplary contribution in providing assistance to the most vulnerable and low-income developing countries in recent years, he said the measures taken to address rising credit insecurity were particularly noteworthy.

“The growing momentum of these efforts will continue with India’s presidency in 2023. At the same time, G20 will take advantage of its good position to consider how we can redesign global and financial governance.”

Under the chairmanship of India, G20 will seek to explore how multilateral development banks, the principal agents of development, can be better equipped to meet the global challenges of the 21st century.

Union Minister of Food Processing Industries Pashupati Kumar Paras, who jointly inaugurated the First International Financial Architecture Working Group Meeting along with his colleague Tomar, said India’s endeavour would be to facilitate constructive dialogue, share knowledge and work together towards the collective aspiration for a secure, peaceful and prosperous world.

He said the Indian Presidency of G-20 has the responsibility to build on the progress made so far and ensure that the international financial architecture remains well equipped to meet the “acute challenges it faces today and provide maximum support to vulnerable groups”.

Prime Minister Narendra Modi, in his address at the World Economic Forum in Davos last year, questioned whether multilateral organisations “are ready to deal with the new world order and new challenges,” he said.

Over 100 delegates are attending the first G20 International Financial Architecture Working Group meeting, under the G20 Indian Presidency, in Chandigarh.

The International Financial Architecture Working Group is one of the important work streams under the G20 Finance Track with a focus on strengthening international financial architecture.

It also aims to address multiple challenges faced by vulnerable countries.

The discussions during the two-day meeting will be jointly steered by the Ministry of Finance and the Reserve Bank of India along with France and South Korea, who are the Co-chairs of the International Financial Architecture Working Group.