Bengaluru, India: India’s Prime Minister Mr. Narendra Modi has urged that policymakers of the Group of 20 (G20) major nations should concentrate on assisting the most disadvantaged people in the globe as high-level finance talks get underway close to Bengaluru, India’s technology capital.

“You represent the leadership of global finance and economy at a time when the world is facing serious economic difficulties,” Mr. Modi stated in a video address to the finance ministers, central bank governors and other leaders attending the two-day meeting at the Nandi Hills resort on the outskirts of Bengaluru.

“It is up to you, the custodians of the leading economies and market systems … to bring back stability, confidence and growth to the global economy,” Mr. Modi remarked. As countries deal with a slew of challenges in the aftermath of the pandemic, including unsustainable debt, conflict, inflation and eroding trust in international financial institutions, Mr. Modi cited that, “I urge you to focus on the most vulnerable people in the world.”

“Even as the world population has crossed eight billion, progress on sustainable development goals seems to be slowing down. We need to collectively work to strengthen multilateral development banks for meeting global challenges like climate change and high debt levels,” Mr. Modi added.

The discussions in Bengaluru are expected to cover a wide range of topics, including as climate change, digital payments and currencies, World Bank reform, and financial inclusion. Nevertheless, bigger topics like the conflict in Ukraine are also casting a shadow over the negotiations.  Particularly because of disagreements on the Ukraine crisis, it was uncertain whether delegates in Bengaluru would be able to reach a consensus on a joint statement. The previous three meetings did not succeed in doing so.

The G20 wants to avoid discussing additional penalties against Russia, and India, which is currently in charge of the group, wants to avoid using the word “war” to describe the fight, according to G20 sources who spoke to Reuters. New Delhi has continued to support both sides of the conflict while significantly expanding its imports of less expensive Russian oil. “Special military operation” is how Russia refers to its actions in Ukraine.

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