NEW DELHI: India Prime Minister Narendra Modi today, February 24, urged upon developed nations to bring back stability and optimism in global economy.

Speaking at the first meeting of the Finance Ministers and Central Bank Governors (FMCBG) under India's G20 presidency in Bangalore virtually, Prime Minsiter  said: "It is up to the custodians of the leading economies and monetary systems of the world to bring back stability, confidence and growth to the global economy." 

He exhorted the members to focus their discussions on the most vulnerable citizens of the world and stressed that global economic leadership can win back the confidence of the world only by creating an inclusive agenda. Global economic leadership can win back the confidence of the world only by creating an inclusive agenda," PM stressed.

He cited the COVID pandemic and its effects on the world economy as examples, along with rising geopolitical tensions, disruptions in global supply chains, price increases, the security of food and energy, unmanageable debt levels that are threatening the viability of many nations, and the decline in confidence in international financial institutions as a result of their slow pace of reform.

When praising India's digital development, he noted that the nation has established a very safe, very reliable, and very effective public digital infrastructure in its digital payments ecosystem. The prime minister continued, "Our ecosystem for digital payments has been developed as a free public good.

Instances like UPI can serve as models for many other nations. In highlighting the robustness of the Indian economy, Modi claimed that it demonstrated the consumers' and producers' excitement about the country's economic future. He expressed the hope that the member participants would be inspired and spread the same optimistic spirit to a worldwide level.

The G20 Finance Track goals during India's presidency of the G20 in 2023 will be discussed at the two-day FMCBG summit, along with other topics like strengthening multilateral development banks, global debt vulnerabilities, crypto assets, and health.

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