Kolkata: India is a great instance of how to bring about financial inclusion and it needs to share this experience with the world at large, a German diplomat, who was a part of the delegation at a recent G20 meeting in Kolkata, said. He also noted that India has assumed the G20 presidency from Indonesia at a pivotal juncture for global progress.
"India is a wonderful illustration of how financial inclusion may succeed. You have made great strides over the past ten or so years and are far ahead of other countries, like Germany, in terms of electronic payment methods "German Consul General in Kolkata, Manfred Auster, said.
Auster was a member of the G20 delegation to the first meeting of the Global Partnership for Financial Inclusion, which took place from January 9 to 11.
"In India, you use the Unified Payments Interface (UPI) to pay for everything, and every tiny vendor will accept it. But in Germany, we still rely on cash quite a bit." Because it allows regular people, particularly women, to participate in the economy, financial inclusion is crucial.
Bring your expertise in this area to the globe at large, the ambassador said, and provide other nations with the know-how so they can grow in terms of financial inclusion. India's G20 motto, "One Earth, One Family, One Future," encapsulates the global ethos.
At the G20's yearly summit in Bali in November of last year, India took over as the organization's president.
"At a pivotal juncture in the evolution of the world, the nation has replaced Indonesia as the rotating president. When we are dealing with so many challenges, such as the Russian conflict against Ukraine and climate change, its motto makes perfect sense "Auster added.
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