Page 32 - NIS English January 16-31,2023

Cover Story India's G20 Presidency

MINIMISING THE IMPACTS OF INFLATION BY

COORDINATING INTERNATIONAL TAXATION AND

POLICIES DISCUSSED

THE FINANCE TRACK HELD ITS FIRST
MEETING IN BENGALURU

The first meeting of Finance and Central Bank session, there was a discussion about how to tax
Representatives under the Finance Track was and distribute IT-related companies that provide
held in Bengaluru, India, from December 13-15, services to countries across the border. It was
as part of the Indian G20 Presidency. Apart from also discussed what needs to be done to combat
discussing the challenges in the finance track the Covid epidemic. During the discussions on
related to global economic issues, it was also fuel and other global inflation, it was also agreed
discussed where the money would come from for on how to reduce the impact of inflation on the
what was decided in the Sherpa track. Through common man by coordinating the policies of
extensive consultations, the Finance Ministry has different countries. Payment systems, data for
developed a robust agenda that will be included in development, and other aspects of digital public
the G20 Leaders' Declaration and will contribute infrastructure were also discussed.
to sustainable and inclusive growth, as well as The meeting of the financial track includes finding
increased global economic resilience. solutions to the world's inflation rate and the
The G20 presidency is critical for India's global recession. More than 40 meetings on the
continued growth as the world's fastest-growing financial track are to be held. Such solutions are
economy. The meeting was co-hosted by the expected to emerge from these meetings, easing
Ministry of Finance and the Reserve Bank of India the economic situation in G-20 countries. A series
in Bengaluru, a city known for its tech industry. of meetings of finance ministers and governors of
The meeting also covered the global economy, central banks have been scheduled in Bengaluru
international financial architecture, infrastructure, in February for further discussions. Issues such
sustainable finance, and international banking as financial inclusion, health financing, and
and taxation systems. In addition to international international taxation are included in the series of
taxation, global health, and financial inclusion, the discussions. The delegates attending the meeting
officials discussed the need for banking reforms were also taken on a tour of the Indian Institute
and financial support for green technology. of Science, Bengaluru, where startups displayed
During the meeting's international taxation works showcasing their potential.

30 New India Samachar January 16-31, 2023