The first meeting of Finance and Central Bank Deputies (FCBD) under India's G20 Presidency will begin in Bengaluru on Tuesday. The three-day meet is expected to offer an effective forum for global economic discourse and policy coordination.
India set the stage for its G20 Presidency on December 1 by hosting the Sherpa track, which kicked off in Udaipur. The first set of discussions had winded up last week.
Sources said the finance track meetings will be hosted jointly by the Ministry of Finance and the Reserve Bank of India. The G20 Finance Track, led by Finance Ministers and Central Bank Governors of G20 countries, focuses on economic and financial issues.
While Ajay Seth, secretary, Department of Economic Affairs, and Dr Michael D Patra, Deputy Governor of RBI, will chair the meetings, attendees include their counterparts from G20 member countries and representatives from global organisations who received an invite from India.
The first Finance Ministers and Central Bank Governors Meeting will be held between February 23-25, 2023 in Bengaluru.
Key issues
The sessions, aimed to prepare the pitch for the first Finance Ministers and Central Bank Governors meeting to be held between February 23-25, 2023, in Bengaluru, will discuss key issues of relevance for the global economy.
These include reorienting international financial institutions to meet the shared global challenges of the 21st century, financing cities of tomorrow, managing global debt vulnerabilities, advancing financial inclusion and productivity gains, financing for climate action and Sustainable Development Goals (SDG), a globally coordinated approach to unbacked crypto assets and advancing the international taxation agenda.
There will also be a panel discussion on 'Strengthening Multilateral Development Banks to Address Shared Global Challenges of the 21st Century'. A seminar on the 'Role of Central Banks in Green Financing' will also be held.
Approximately 40 meetings of the Finance Track will be held in several locations in India.
Grand welcome
The Karnataka government has planned a grand welcome to the delegates and is eyeing to use the opportunity to reinforce 'Brand Karnataka.'
The state will host 14 G20 meetings, which include 11 in Bengaluru, two in Hampi and one in Mysuru. The delegates will be offered trips within Bengaluru city as well as to Nandi Hills, Bhoga Nandishwara Temple, Mysuru and Hampi.
According to the state government, efforts have been made for the smooth conduct of the G20 meetings concerning venue management, accommodation arrangements, security, transportation, cultural program, excursions and gifts and souvenirs for delegates.
(With inputs from PTI)