India's digital payments ecosystem has radically transformed governance, says PM Modi at G20 FMCBG meet

Addressing the Finance Ministers' & Central Bank Governors' Meeting at the G20 Summit being held under India's stewardship, Prime Minister Narendra Modi talked of the digital economy built by the country, as well as the global economic turmoil, war and finances.

"Over the past few years, we've created a highly secure, trusted and efficient public digital infrastructure. Our Digital payments ecosystem has radically transformed governance, financial inclusion & ease of living," Modi said, via a video link.

Prime Minister Modi also called the global economic situation into focus, saying that trust in international financial institutions has eroded, while adding that G20 discussions should focus on the world's most vulnerable citizens.


"You represent the leadership of global finance and economy at a time when the world is facing serious economic difficulties. The COVID-19 pandemic has delivered a once-in-a-century blow to the global economy. Many countries, especially developing economies, are still coping with its after-effects. We are also witnessing rising geopolitical tensions in different parts of the world," Modi said in a video message.

He also talked about India's role in the global economy and how the country is confident about the future, adding that he "hopes that the same positive spirit will be transferred to the global economy."

The prime minister said even as the world population has crossed 8 billion, progress on Sustainable Development Goals seems to be slowing down.

"We need to collectively work to strengthen multilateral development banks for meeting global challenges like climate change and high debt levels," he said.