G-20 panel to mull taking leaf from India's digital ecosystem: Amitabh Kant

The Indian model, which is distinct from Fintech and European ones, has grown in 10 years instead of the 50 it would otherwise have taken, says India's

The Development Working Group (DWG) under India’s G20 Presidency will dwell on building upon the country's digital technology and ecosystem for inclusive and sustainable growth across the world, according to India’s G20 Sherpa, Amitabh Kant.

The Indian model, which is distinct from the Fintech and European ones, has grown 10 years which otherwise could have taken 50 years, Kant said. This has helped in providing digital identity, financial inclusion and direct benefit transfer, Kant asserted at a media briefing ahead of DWG’s meeting in the financial capital of the country.

This is for the first time that India will set an agenda of G20 Presidency and also act as a voice of the Global South. It also provides an opportunity to use the G20 chair to forge win-win collaborations between developing countries and advanced economies, Kant said.

The first meeting of the DWG, under India’s G20 Presidency, is taking place from December 13-16, 2022. India assumed the G20 presidency on December 1. There will be two sessions--“Data for Development: Role of G20 in advancing the 2030 Agenda” and “Infusing new LiFE into Green Development”--before the official meeting of the Working Group.

Stressing on reforming multilateral institutions, Kant said they provide direct funding to nations. But they do not provide blended finance nor give credit enhancement and first loss guarantee. There will be discussion on restructuring of institutions and their working.

Beyond multilateral funding agencies like IMF and World bank, there are many other institutions like the World Trade Organization and World health Organization which would be in focus for discussion.      

India's presidency lies at a crucial midpoint of the 2030 Agenda for Sustainable Development, adopted in 2015. Review of progress of Sustainable development Goals (SDG) and G20’s efforts to achieve the SDG targets would be discussed at the DWG meeting. In the context of Green Development, focus areas would include climate finance and technology, as well as just energy transitions for developing countries, he added.

The issue of climate change cuts across industry, society, and sectors. In this backdrop, India’s rich, ancient and sustainable traditions, to nudge consumers, and in-turn markets, to adopt environmentally-conscious practices, would be deliberated upon.