The 4th G20 Global Partnership for Financial Inclusion (GPFI) meeting, which was held in Mumbai, concluded recently. The three-day meeting from 14th to 16th September, 2023 saw G20 GPFI delegates engaging over discussions on energising growth for Micro, Small and Medium Enterprises (MSMEs), empowering consumers through digital financial literacy and consumer protection as well as key priority areas of GPFI, namely, digital financial inclusion and SME Finance.
On day one, a symposium was organised involving international experts engaging around two key themes “Energising MSMEs for Higher Economic Growth through Digital Public Infrastructure” and “Credit Guarantees and SME ecosystems.” The symposium was addressed by Ajay Seth, Secretary — Economic Affairs, Ministry of Finance; T Rabi Sankar, Deputy Governor, RBI; Mohamed Gouled, Vice President, International Finance Corporation and Dr Arjun Kumar Karki, Global Coordinator-LDC Watch and Former Ambassador of Nepal to the USA.
Seth highlighted that through the New Delhi Leaders Declaration, the G20 Leaders renewed their commitment to accelerate “strong, sustainable, balanced and inclusive growth” and “the full and effective implementation of the 2030 Agenda for Sustainable Development” and underscored that MSMEs will be central in fulfilling both the commitments. Through two panel discussions, eminent global panellists deliberated upon approaches to bridge the challenges faced by MSMEs through innovative measures like DPI for bridging the credit gap, promoting transparency, enhance affordability and drive innovations and productivity gains.
On day two and three, the GPFI Plenary Meeting saw discussions on implementation of G20 GPFI High Level Principles for Digital Financial Inclusion, Update of National Remittance Plans and SME best practices and innovative instruments to overcome common constraints in SME financing. The discussions contributed towards the culmination of the remaining work of the ongoing three-year FIAP 2020 which is in its terminal year and is being implemented by the GPFI.
Day three further witnessed a symposium on “Advancing Financial Inclusion through Digital Public Infrastructure: Empowering Consumers through Digital and Financial Literacy and Consumer Protection.” The symposium was addressed by Harsh Vardhan Shringla, Chief Coordinator, G20, India; Dr V Anantha Nageswaran, Chief Economic Adviser, Ministry of Finance and KV Shaji Kumar, Chairman, NABARD. There were also deliberations on building digital ecosystems which enable digitally and financially empowered individuals and enterprises.
Lastly, GPFI members agreed to continue working towards the vision of universal financial inclusion under the new G20 Financial Inclusion Action Plan.
