G20 Seminar on 'Strong, Sustainable, Balanced and Inclusive Growth'

Ministry of Finance, in association with the Ministry of Labour and Employment and the Ministry of Commerce and Industry, organised the G20 seminar on 'Strong, Sustainable, Balanced and Inclusive Growth'. The seminar was inaugurated in New Delhi by Hon’ble Finance Minister Smt. Nirmala Sitharaman, the Union Minister for Finance and Corporate Affairs, Mr. Ajay Seth, Secretary, Department of Economic Affairs and Dr. V. Anantha Nageswaran, Chief Economic Advisor. During the G20 Summit, which took place in Delhi on September 9–10, 2023, the leaders of the G20 adopted the G20 New Delhi Leaders' Declaration (NDLD). Strong, sustainable, balanced, and inclusive growth (SSBIG) is the main objective of the NDLD.

During her speech, Smt. Sitharaman emphasised that the NDLD tackles urgent issues in the world economy and offers policy recommendations for a future based on partnerships based on trust and people-focused values. She said that the NDLD acknowledges the advantages of having workers who are well-integrated and have the necessary skills for both origin and destination nations, underscoring the significance of bridging skill shortages on a global scale. Comprehensive policy guidelines on resolving skill gaps are provided by the NDLD. These guidelines include enabling cross-national comparability and mutual recognition of degrees and skills, as well as offering toolkits for reskilling and upskilling. The seminar was divided into three panel discussions.

The first panel discussion was on "Unlocking Trade for Growth”. The session was moderated by Mr. Sunil Barthwal, Commerce Secretary. Distinguished panelists, Mr. Mondher Mimouni, Director - ITC, Mr. P.K Singh, CEO, GeM, Mr. T. Koshy, CEO, ONDC, Dr. Deepak Mishra, Director ICRIER, discussed about the adoption of the  Jaipur Call for Action, which was formed by the G20 Trade Ministers on 23rd -25th  August, 2023 in Jaipur to Enhance MSMEs’ Access to Information. It is essentially about using the latest technologies to upgrade the Global Help desk, to provide analytical, user-friendly and easily accessible trade information for MSMEs. ITC along with UNCTAD and WTO has been designated by the G20 to work on a detailed implementation plan to upgrade the Global Trade Helpdesk for knowledge sharing and hand holding.  The goal is to make it easier for small businesses to join global trade. Dr. Deepak Mishra informed the audience about the proposal of the Indian presidency to develop an A.I. powered interface (Meta Information Interface), that draws all the necessary existing information about markets, regulations, H.S.N Code, etc. and presents the information in multiple languages.

The following panel discussion was on “Preparing for the Future of Work” moderated by Mr. Atul Kumar Tiwari, Secretary, Ministry of Skill Development & Entrepreneurship. The panel, featuring Mr. Mark Keese, Head of the Skills and Employability Division, OECD, Mr. Srinivas B Reddy, Chief of Skills and Employability Branch, ILO, Dr. Shubnum Singh, Principal Advisor, Healthcare CII, Mr. Hiranmaya Pandya, President, Bharatiya Mazdoor Sangh, talked about the lack of skills worldwide, the need for strategic planning and collaborative efforts to bridge these gaps. Mr. Hiranmay Pandya mentioned the need for reskilling the skilled population as well for better growth and productivity. The panel also talked about creating an international framework that sorts jobs based on the skills and qualifications of the masses. The panel stressed the importance of working together and forming partnerships between all the people and groups involved to solve this issue.

The last panel discussion was on “Financial Inclusion and Productivity Gains through Digital Public Infrastructure for Strong and Sustainable Growth: The Way Forward” moderated by Dr. V. Anantha Nageswaran, Chief Economic Advisor. The panelists, namely Mr. S. Ramann, Chairman and Managing Director, SIDBI, Mr. Rajesh Bansal, Chief Executive Officer, RBI Innovation Hub, Prof.  Sachin Chaturvedi, Director General, Research and Information System for Developing Countries (RIS) focused on helping to advance financial inclusion in support of inclusive growth and sustainable development. Mr. S. Ramann shared about SIDBI’s plan to introduce “Venture Debts” dedicated for Research & Development stage of small businesses. The panel discussed the role of digital public infrastructure (DPI) in advancing financial inclusion and supporting inclusive growth and sustainable development and how using DPI can create a safe environment for digital financial services and lead to strong, long-lasting, and fair growth in the G20 countries and beyond.