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Digital Payment Infrastructure, One Of Key Takeaways At India’s G20: Sherpa Kant

By LokMarg 8th September 2023

One of the key takeaways of India’s G20 presidency is the revolutionization of Digital Payment Infrastructure, as initially very few people knew about it, but it has been taken forward extensively, G20 Sherpa Amitabh Kant said on Friday.

He further said that the digital payment infrastructure has been widely accepted as a way to bring financial inclusion.

Addressing the pre-summit briefing, Kant said, “When India started the G20 Presidency, very few people knew about Digital Payment Infrastructure and the open source model of it. This has been extensively taken forward, by both the Finance track and Sherpa track in a very rigorous manner. Digital Payment Infrastructure, has broadly been accepted as…the way to bring financial inclusion. This is the way to do fast payments, this is the way to drive the innovation of the future”.

“One of the key takeaways of India’s presidency is that it has completely revolutionalised digital payment infrastructure, which is a unique model. Its definition, its framework and how we take it forward, all of this has come into discussion in India’s G20 presidency,” he added.

He also said that the New Delhi leaders’ declaration at the end of the G20 Summit will reflect the voice of the Global South.

“The New Delhi leaders’ declaration that you will see post the Summit, you will see it as a Voice of Global South and the developing countries. No document in the world would have such a strong voice for the Global South and the developing countries,” he stated.

During the briefing, Ajay Seth, Secretary, of the Department of Economic Affairs, Ministry of Finance, said that under Prime Minister Narendra Modi’s leadership, India’s G20 presidency has focussed on issues that can make a difference in people’s lives.

“Under the leadership of our PM, the focus and the vision of India G 20 presidency is to bring focus to the global discourse issues which could make a difference to people’s lives,” he stated.

India is geared up to host the G20 Leader’s Summit in the national capital at the newly inaugurated Bharat Mandapam, Pragati Maidan.

India assumed the G20 presidency on December 1 last year and about 200 meetings related to G20 were organized in 60 cities across the country.

The 18th G20 Heads of State and Government Summit in New Delhi will be a culmination of all the G20 processes and meetings held throughout the year among ministers, senior officials, and civil societies.

A G20 Leaders’ Declaration will be adopted at the conclusion of the New Delhi Summit, stating leaders’ commitment towards the priorities discussed and agreed upon during the respective ministerial and working group meetings. (ANI)