Page 43 - NIS English 16-31 August 2023

G-20 under the presidency of India Nation

Finance Minister Nirmala Sitharaman and
Indonesia's Finance Minister Mulyani Indrawati
also announced the launch of the 'India-Indonesia
Economic and Financial Dialogue'. The progress
on India's 'Act East Policy' has facilitated rapid
growth in the commercial and cultural sector
with Indonesia. The India-Indonesia trade sector
has grown manifold and is expected to reach $38
billion in the year 2022-23. The Finance Ministers
concluded that this dialogue would not only deepen
bilateral relations between India and Indonesia,
but also contribute to the broader economic and
financial stability of Southeast Asia and the world. Call for preparing responsive and
effective strategy for employment
Transformational role of digital
n The fourth meeting of the Employment Working Group
public infrastructure in rapid
was held on July 19 and 20 in Indore, Madhya Pradesh,
development which culminated in the unanimous adoption of three
n The third meeting of the G-20 Finance Ministers outcome documents at the Labour and Employment
Ministers' meeting on July 21.
and Central Bank Governors (FMCBG) was held in
Gandhinagar on July 17-18. The FMCBG was preceded by n Addressing the meeting chaired by Union Labour and
a meeting of G-20 Finance and Central Bank Deputies
Employment Minister Bhupender Yadav, Prime Minister
on 14–15 July.
Narendra Modi made it clear that the world is on
n The meeting was jointly chaired by Union Finance and the threshold of some of the biggest changes in the
employment sector.
Corporate Affairs Minister Nirmala Sitharaman and
Reserve Bank of India Governor Shaktikanta Das. In the n India has the experience of creating a large number
welcome address, the Union Finance & Corporate Minister
of jobs during technology based transformations. Skill,
reiterated the collective responsibility of the G-20 to lead
reskill and upskill are the mantras for the workforce of
strong, sustainable, balanced and inclusive growth.
the future. India's 'Skill India Mission' is a campaign to
n In the meeting, the members discussed the global connect with this reality. Under 'Pradhan Mantri Kaushal
Vikas Yojana', more than 1.25 crore youth have been
economic outlook and risks, as well as endorsed
trained so far.
the G-20 report on climate change and emerging
trade economic risks. Appreciated the efforts of the n While giving his perspective on the ever-evolving world
Independent Special Group constituted under the
of work, Prime Minister Modi emphasized that “mobile
chairmanship of India to prioritize strengthening
workforce is going to be a reality in the future. Therefore,
Multilateral Development Banks (MBDs) whose first report
now is the time to truly globalize the development and
has been published.
sharing of skills. G-20 should play a leading role in this.
n The India's presidency has put forth the Digital Public n India made an 'e-Shram portal' in which more than 28
Infrastructure (DPI) agenda in the G-20 discussions.
crore workers have been registered in a year itself. Prime
Member States have appreciated India's efforts while
Minister Modi said that with the international level of
acknowledging the transformative role of DPI in rapidly
action now, it becomes important for each country to
advancing financial inclusion and productivity gains.
adopt common solutions. India would be happy to share
n The G-20 FMCBG approved the new G-20 Financial Inclusion its experience in this context.
Action Plan (FIAP) for three years 2024-26 which India will n The three outcome documents adopted at the
lead as co-chair for the next three years from 2024.
ministerial meeting include G20 Policy Priorities on
n India has submitted a 'Presidency Note' to the G20 adequate and sustainable social protection and decent
work for Gig and Platform Workers and G20 Policy
membership laying down important inputs for a
Options for Sustainable Financing of Social Protection
roadmap on crypto assets
New India Samachar August 16-31, 2023 41