FMCBG G20 meet: UPI, CoWin, eKYC leading India’s economic transformation, says FM

Finance Minister Nirmala Sitharaman, during the second day of the Finance Ministers and Central Bank Governors (FMCBG) meeting today, shared the success of India's Aadhaar-enabled DPI such as UPI, CoWin, AccountAggregator, and eKYC in leading the economic transformation and empowerment of billions of people in India. The symposium on Digital Public Infrastructure also saw insightful discussions on inclusive growth, resilience and innovation.

The symposium on Digital Public Infrastructure was held at the outset of the 1st G20 FMCBG meeting in Bengaluru today. The symposium saw the participation of finance minister Nirmala Sitharaman, Indonesia FM Mulyani Indrawati, IMF MD Kristalina Georgieva, Brazil Central Bank governor Roberto de Oliveira Campos Neto, Bank for International Settlements GM Agustin Carstens. The show was moderated by Nandan Nilekani.

Apart from the high-level symposium, the Day 2 of the FMCBG meeting will see two main events, including the road to policy consensus on crypto assets, and leveraging national payment systems to enhance cross-border payment arrangements.

On the sidelines of the FMCBG meeting, a curtain raiser on the RBI's e-₹ (digital currency) was also showcased. Digital Rupee, India’s Central Bank Digital Currency (CBDC), is issued by the Reserve Bank of India as a digital token representing legal tender and is considered fiat money. Digital Rupee is issued in the same denominations as the paper currency and coins currently in use.

"I am so proud & happy that all Finance Ministers & Central Governors of G20 countries who’ve come here to attend FMCBG Meeting can see the splendour of Karnataka," said the FM after the symposium.

Meanwhile, World Bank Group President David Malpass met with Prime Minister Narendra Modi on Wednesday, and the two discussed India in “Amrit Kaal” and the goal to achieve and sustain 8% growth as India approaches the 100th anniversary of its independence in 2047.

President Malpass noted the importance of increasing private sector investment and commercial credit growth as India builds competitiveness in global value chains. He also encouraged expanded capital markets and more pathways to the de-listing of companies as steps to attracting large new inflows of foreign direct investment.

"Had a great discussion with you on diverse subjects, particularly futuristic sectors of growth and innovation," PM Modi said today. Malpass and PM Modi also discussed the role and cost of various subsidies and the importance of targeted support for small farmers and vulnerable sectors.

Kristalina Georgieva, MD, IMF (International Monetary Fund), in her latest write-up, has said at a time of heightened uncertainties for the global economy, India’s strong performance remains a bright spot. "Emerging markets and developing economies, including India and China, are expected to account for about 80% of global growth this year and next, with India alone expected to contribute over 15%," shows an IMF analysis.

Georgieva said beyond its role as a global growth engine, India is uniquely positioned to bring countries together. "In a world facing multiple challenges and rising geopolitical tensions, this leadership is critical — and beautifully captured in the theme of India’s G20 presidency: One Earth, One Family, One Future," she writes.