While addressing the G20 meet with Finance Ministers and Central Bank Governors today, PM Narendra Modi said that “You represent the leadership of global finance and economy at a time when the world is facing severe economic difficulties.”He continued saying, “The Covid-19 pandemic had given a once-in-a-century shock to the global economy. Many countries, especially developing economies, are still facing its consequences. We are also witnessing rising geopolitical tensions in various parts of the world.”The Prime Minister even said that the progress on Sustainable Development Goals seems to be slowing down as the world population has crossed 8 billion. But Indian producers and consumers are optimistic and confident about their future.He also added, “Indian consumers and manufacturers are optimistic and confident about the future. We hope that you will be able to spread that same positive spirit to the global economy. I would urge that your discussion focus on the worlds most vulnerable citizens. Global economic leadership will be able to win back the trust of the world only by creating an inclusive agenda. In the world of finance, technology is increasingly taking over.”Digital payments have enabled contactless, seamless transactionsPrime Minister said that Indias digital payments ecosystem has drastically transformed governance, financial inclusion and ease of living in the country and we aim to encourage global economic operation. He mentioned that “During the pandemic, digital payments enabled contactless and seamless transactions. However, some of the recent innovations in digital finance also carry the risk of volatility and abuse.”During G20 chairmanship, we created a new system“Indias own experience can be a role model. During our G20 presidency, we created a new system. This allows our G20 guests to use Indias pioneering digital payments platform UPI. Examples like UPI can be templates for other countries too”, Prime Minister noted.Increase in Agriculture BudgetDuring the webinar, PM said, “In 2014, the agriculture budget was less than Rs 25,000 crore. Today, it has increased to more than Rs 1.25 lakh crore. The country is importing agricultural produce of various kinds. Along with that we eased the access of farmers to the domestic and international markets. However, we need to keep in mind that our target of import shouldnt be confined only to wheat and rice.”“Till the time we dont overcome the challenges related to agriculture, we cant achieve the target of complete development. Just like the revolution in Digital transactions, similarly, there are abundant possibilities in the investment and innovation of the agri-tech domain”, he added.“In this budget, we made an important announcement regarding agri-tech startups. For them, Accelerator Fund has been made available, and therefore, we are preparing funding avenues for you. A revolution is taking place in Indias Cooperative sector. Earlier, it was limited to a few regions. However, its being expanded across the country, the Cooperative sector has been given exemptions also”, he continued saying.
