NEW DELHI: India Finance Minister Nirmala Sitharaman today, May 12, highlighted the dilemmas faced by emerging markets and developing economies (EMDEs) between climate security and growth since they manage overlapping crises and socio-economic transformation.
Speaking at a G7 seminar on economic policies for welfare in Niigata, Japan, the Finance Minister shared that technology improves access for the poor to markets and basic services. The Finance Minster further underscored that access to digital connectivity has empowered people and there is a need to discuss ways to measure empowerment going beyond GDP indicators.
She also emphasised the significance of sustainable growth and the environment and the need for balancing the two in the short and long run.
The Finance Minister shared India's focus on technology, digital public infrastructure and green Hydrogen as a foundation for sustainable and inclusive growth and as an example of innovative policy toolkits by emerging markets and developing economies.
On the sidelines of the G7FMCBG meeting, She also met her counterpart Haddad Fernando from Brazil. According to a tweet from the Finance Ministry, Mr. Fernando praised India for organising the G20 presidency and for taking the lead on important global economic concerns. The two ministers talked about concerns like debt vulnerabilities, bolstering multilateral development banks (MDBs), and digital public infrastructure (DPI).
The Finance minister reiterated her support for Brazil's planned 2024 G20 leadership. The country of South America will preside over the G20 from December 1, 2023, until November 30, 2024.
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