Modi govt focussed on ‘women-led’ development rather than ‘women-centric’: FM

Finance Minister Nirmala Sitharaman, during her ongoing official visit to the US, met with World Bank chief David Malpass and David Solomon, CEO, Goldman Sachs, and the leaders discussed ways to empower women as entrepreneurs and leaders.

Starting a business is a powerful tool for women to build a better future, said Malpass, adding that enabling access to finance, skills and digital technology is the key. "If women could start and grow businesses at the same rate as men, that would mean $5-6 trillion in extra capital in the world. But there are various barriers." He said PM Modi is deeply interested and concerned about the financial inclusion of women and is pushing on the issue.

Sitharaman said India has taken several steps in the areas of credit and providing capital resources to women. "In 2014, I was a junior minister of finance, and that's when the financial inclusion programme was launched in a major way. PM's line till today is that it has to be a women-led development for India, rather than just women-centric."

"Under Mudra loans, 390 million loans to accounts have been given and the total amount of loan money given stands at ₹22 trillion. Under the National Rural Livelihood Mission (NRLM), during COVID, 'Patrakaar Didis' went around to far-flung tribal areas & built awareness about the pandemic & how to handle it. This made resonance with the people & they’ve obeyed them," said the FM.

She said women are being given gas cylinders at a discounted rate than global prices. “Govt of India gives them a subsidy of Rs 200/cylinder, so they don't bear the burden of int'l price fluctuations," she said.

David Solomon said that if governments can help people participate in economic activity around the world, the world is better and life is better for everyone. 

Finance Minister Nirmala Sitharaman and Reserve Bank Governor Shaktikanta Das jointly chaired the 2nd meeting of G20 Finance Ministers and Central Bank Governors under the G20 India Presidency in Washington DC. The meeting saw the participation of around 350 delegates from G20 members, 13 invitee countries, and various international and regional organisations.

FMs and governors recognised the urgency to address debt vulnerabilities, including strengthening multilateral coordination toward addressing increasing debt distress in low-income and vulnerable middle-income countries. G20 members appreciated India's Presidency's focus on the important agenda around reforming and strengthening Multilateral Development Banks to address global challenges of the 21st century, including economic development and climate finance.

During the meeting, FM said: "Discussion of climate finance is moving in a positive direction, not just the current flow but also the quantum required for meeting climate challenges. Private financing, transitional costs and technological requirements are also being looked into."

“When we're talking about crypto & DPI, cross-border payment issues also get subsumed,” said the FM, adding that the cross-border payments issue has the strength of being a very important instrument to be a good buy-in from all the G20 countries.

Members also discussed the key challenges to the global economic outlook, including the war in Ukraine, food and energy insecurity, climate change, and recent risks to financial stability.