G20 Summit: India’s development pitch

economictimes.indiatimes.com:

G20 nations — which together contribute over 80% to global output — when they meet this weekend in New Delhi. ET looks at the finance track of the G20, which focuses on key economic issues the world is grappling with.

Progress so far

• FMs and central bank chiefs have had 4 meetings
• 10 issues, put forth by India, endorsed by membership
• 17 deliverables welcomed by the membership
• Deputies have had 5 meetings, 18 working group meets

Key agenda items:
Multilateral Development Bank (MDB) reforms

• Recommendations of NK Singh and Larry Summers-headed expert group lined up
• New Delhi batted for making MDBs nimble-footed, 21st century-ready
• Group’s 2nd volume to be presented at Oct meet

Financial inclusion and digital public infra

• Financial Inclusion Action Plan is a key input from India’s Presidency to be carried forward
• Use of digital tools was emphasised as key

Managing global debt vulnerabilities

• New Delhi pushed for global debt roundtable
• Proposed faster resolution to address concerns of debt-laden nations Backed a common framework with tailormade solutions for each country
• China has some reservations on contours of global debt resolution framework

Financing cities of tomorrow

• New Delhi prepared compendium of models to finance cities of future
• This lays down various customisable tools to enhance institutional capacity
• MDBs & Development Finance Institutions to identify pilot cases

Climate transition and finance

• India pushed for country-driven assessment of macroeconomic impact
• Backed country-specific transition pathway; ways of price & non-price tools
• Proposed mobilising more resources to tackle climate transition
• Solution for greater flow of private capital for climate transition
• On Saudi concerns, text changed to