G20 conference on financial inclusion to commence today in Mumbai

Discussions during the summit will focus on the financial inclusion agenda being worked on by the G20 India Presidency in the areas of digital financial inclusion and SME financing

An official announcement on Wednesday announced that a three-day G20 meeting on financial inclusion would begin on Thursday in Mumbai.

According to the announcement, more than 50 representatives from G20 member nations, special invitee nations, and international organisations will attend the fourth G20 Global Partnership for Financial Inclusion (GPFI). Discussions during the summit will focus on the financial inclusion agenda being worked on by the G20 India Presidency in the areas of digital financial inclusion and SME financing.

On September 14, a symposium on the use of digital public infrastructure to energise MSMEs will be held in advance of the summit. On September 16, there will be a symposium on the topic of “Advancing financial inclusion through digital public infrastructure: Empowering consumers through digital and financial literacy and consumer protection.”

Let’s revisit what has been accomplished at the G20 Summit 2023

Key Highlights of the G20 Summit

1. The African Union (AU) was given permanent membership in the Group of 20 largest economies (G20) at the first session of the two-day G20 Summit.

2. The New Delhi Leaders Summit Declaration was also ratified by the G20. The New Delhi Declaration of the G20 countries on Saturday declared that “today’s era must not be of war” and urged all states to uphold the fundamentals of international law, including territorial integrity and sovereignty. It also stressed the importance of diplomacy and dialogue in finding peaceful solutions to disputes.

3. In order to create the India-Middle East-Europe Economic Corridor, India, the US, the UAE, Saudi Arabia, France, Germany, Italy, and the European Union signed a Memorandum of Understanding (MoU) during the G20 Summit. It was a “game-changing” regional investment, according to Biden. To connect the Middle East, Europe, and India—regions that together make up nearly a third of the world economy—the economic corridor of rail and shipping links was created. Its goal is to increase trade between these three regions.

4. At the G20 Leaders Summit on Sunday in New Delhi, UK Prime Minister Rishi Sunak announced that Britain would pledge to donate $2 billion to the Green Climate Fund (GCF) to assist developing nations in adjusting to climate change. The Green Climate Fund (GFC), the largest such fund in the world, was established as part of the United Nations’ climate change negotiations to help poor states acquire the funding they need to reach their goals for reducing carbon emissions, creating cleaner energy sources, and adapting to a warming planet.