Financial Institutions need reforms, countries need to find solutions for debt risk reduction: PM Modi

12 June, 2023 | Anupam Shrivastava

Pune National

PM Modi while addressing the G20 Development Ministers Meet said that gender equality and women's empowerment are critical to achieving the SDGs.

Prime Minister Narendra Modi has urged for increased investment in meeting the SDGs and finding solutions to the debt issues that many nations face, while also adding that international financial institutions should be reformed to guarantee that money is available to those in need.

Shifting focus from financial institutions, the Prime Minister also stated in a video message at G20 Development Ministers’ Meeting here on Monday that gender equality and women’s empowerment are critical to achieving the SDGs (Sustainable Development Goals).

Noting that development is a critical issue for the worldwide South, he stated that the interruptions caused by the worldwide Covid epidemic, as well as the food, fuel, and fertiliser crises caused by geopolitical tensions, have struck another blow to Financial Institutions.

“In such circumstances, the decisions you make carry great significance for humanity as a whole. I strongly believe that it is our collective responsibility not to let the Sustainable Development Goals fall behind. We must ensure that no one is left behind. It is imperative for this group to send a strong message to the world that we have an action plan to achieve this,” the Prime Minister said.

“Our efforts must be comprehensive, inclusive, fair, and sustainable. We should increase investment in fulfilling the SDGs and find solutions to address the debt risks faced by many countries. Multilateral financial institutions should be reformed to expand the eligibility criteria, ensuring that finance is accessible to those in need,” PM Modi further added.

The government worked to improve lives in 100 aspirational district: PM Modi

PM Modi stated that his administration has worked to improve people’s lives in over a hundred Aspirational Districts, which were formerly underdeveloped regions. “Our experience shows that they have now emerged as the catalysts of growth in the country. I urge the G20 Development Ministers to study this model of development. It may be relevant as you work towards accelerating Agenda 2030.”

He stated that India’s initiatives go beyond women’s empowerment to include women-led development. “In India, we hold great respect for rivers, trees, mountains, and all elements of nature. Traditional Indian thought promotes a pro-planet lifestyle. Last year, along with the UN Secretary-General, I launched Mission LiFE – Lifestyle. I am glad that this group is working to develop a set of High-Level Principles on LiFE. This would be a significant contribution to climate action,” he went on to say.

“Gender equality and women’s empowerment are crucial to achieve the SDGs. In India, we are not limited to women’s empowerment. Ours is a women-led development. Women are setting the agenda for development and are also the agents of growth and change. I urge you to adopt a game-changing Action Plan for Women-led Development,” Prime Minister went on to say.

One of the main challenges facing the ministers, according to PM Modi, is the widening digital divide. “High-quality data is critical for meaningful policy-making, efficient resource allocation, and effective public service delivery. Democratization of technology is an important tool to help bridge the data divide,” PM Modi said.

PM Modi also stated that digitization has brought about a revolutionary transformation in India. “Technology is being used as a tool to empower people, make data accessible, and ensure inclusivity. India is willing to share its experience with partner countries. I hope that your discussions will result in tangible actions to promote data for discourse, data for development and data for delivery in developing countries.”

Varanasi apt venue for G20 Development Ministers’ Meet: PM Modi

Varanasi, according to PM Modi, is an appropriate venue for the G20 Development Ministers Meeting. “Kashi has been a centre of knowledge, discussion, debate, culture, and spirituality for centuries. It has the essence of India’s diverse heritage and serves as a convergence point for people from all parts of the country. I am delighted that the G20 Development agenda has reached Kashi as well.”

He said the “spirit of Kashi” is energized by India’s timeless traditions and urged the visiting ministers to explore and experience the spirit of the city.

He invited the visiting ministers to explore and take in the city’s atmosphere, saying that the “spirit of Kashi” is energised by India’s eternal traditions. “I say this not only because Kashi is my constituency. I am confident that experiencing the Ganga Aarti and visiting Sarnath will inspire you to achieve your desired results,” the Prime Minister said.