LIVE: Many nations mentioned about UPI success story at G20 meet, says Das

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7:54 PM

Bali paragraph introduced in final statement, but Russia and China had a reservation: FM

Bali paragraph was introduced in the final statement but Russia and China had a reservation, and hence it had to be a Chair summary, and not a communique, says Finance Minister Nirmala Sitharaman at the G20 Media Briefing 

7:46 PM

Effort is to develop international framework and architecture to deal with crypto assets: RBI Governor Das

7:40 PM

Finance ministers of various countries mentioned about success story of UPI: RBI Governor

7:39 PM

G20 ends without a communique after no consensus on war in Ukraine

A meeting of finance leaders of the world's 20 biggest economies, referred as the group of 20 or G20, ended on Saturday without a joint communique after faultlines over how to describe Russia's invasion of Ukraine could not be bridged.

 

Instead, a G20 Chair's Summary and Outcome Document were released after the two-day meeting of finance ministers and central bank governors here.

 

Coinciding with the first anniversary of Russia's invasion of Ukraine, leaders from countries such as the US and France wanted a condemnation of Moscow for the invasion while host India felt G20 was not the forum to address such an issue and wanted a more neutral term like "crisis" or a "challenge" to describe the "geopolitical situation".

7:29 PM

G20 stood up to challenge and arrived at a common language for debt stress issue: FM

Seminar on global cryptocurrency to foster better understanding of the broader implications of crypto assets held at G20. G20 stood up to the challenge and arrived at a common language for the debt stress issue, says the Finance Minister Nirmala Sitharaman

7:17 PM

Urgent action needed to strengthen international financial architecture: IMF MD to G20

IMF Managing Director Kristalina Georgieva on Saturday said there is an urgent need to strengthen the international financial architecture, especially in the area of debt resolution and Global Financial Safety Net at a time when global growth is set to slow in 2023.

Terming India a relative bright spot, she said, it is an important engine of growth for the world economy, representing about 15 per cent of global growth in 2023.

India's remarkable progress on Digital Public Infrastructure provides a strong basis to secure robust and inclusive growth over the medium term, she said at the first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under India Presidency here.

7:16 PM

G20: India has always made an effort to be a voice of the global south, says FM

India has always made an effort to be a voice of the global south: FM Nirmala Sitharaman

 

7:07 PM

LIVE: FM Sitharaman addresses media after first G20 FMCBG meeting

7:06 PM

Seminar on crypto assets was of great interest to the participants: FM Nirmala Sitharaman

The seminar on crypto assets was of great interest to the participants: FM Nirmala Sitharaman

 

7:05 PM

G20 members of Indonesia, Brazil, and India shared success stories on digital public infrastructure: FM

G20 troika members of Indonesia, Brazil, and India shared their success stories on digital public infrastructure: FM

6:55 PM

Indigenously developed Tejas aircraft to make debut at foreign air exercise

Five Tejas Light Combat Aircraft (LCA) of the Indian Air Force will participate in a multilateral exercise in the United Arab Emirates (UAE) in the first participation of the indigenously developed jets in a military wargame in a foreign country.

 

An IAF contingent comprising of 110 air warriors has arrived at Al Dahfra air base of United Arab Emirates for participating in the exercise Desert Flag, officials said.

 

The IAF would be participating with five Tejas and two C-17 Globemaster III aircraft.

6:49 PM

PM Modi, Chancellor Scholz interact with top CEOs on ways to boost economic ties

Prime Minister Narendra Modi and German Chancellor Olaf Scholz interacted with top executives from Indian and German companies on Saturday to discuss ways to deepen economic ties.

 

The focus areas for mutual cooperation include digital transformation, financial technology, IT and telecom.

 

"Chancellor @OlafScholz and I met top CEOs to discuss ways to strengthen economic relations between our nations. Sectors like digital transformation, FinTech, IT and Telecom featured prominently in the meeting," Prime Minister Modi tweeted.

 

Scholz arrived in Delhi on Saturday on a two-day visit to India, his first to the country after he became the German chancellor in December 2021, following Angela Merkel's historic 16-year tenure at the top post.

 

Modi and the German Chancellor held wide-ranging talks with a focus on boosting the bilateral ties in the areas of clean energy, trade and new technologies.

6:25 PM

PM Modi, German Chancellor hold talks in Delhi

Prime Minister Narendra Modi and German Chancellor Olaf Scholz held talks here on Saturday.

"The strong ties which India and Germany share are based on shared democratic values, and a deep understanding of each other's interests. The two countries also share a long history of cultural and economic exchanges between them. Along with being our largest trading partner in Europe, Germany is also an important source of investment in India," PM Modi said during the joint press meet.

He said "apart from being our largest trading partner in Europe", Germany is also an important source of investment in India.

6:06 PM

India set to become 3rd largest economy in 5 years; says Goyal; hails PM's 2019 snub to RCEP

India would become the third largest economy in the world in the next five years and by 2047 could be at the level the United States of America is at present, Union Minister Piyush Goyal said on Saturday.

 

He also called the Regional Comprehensive Economic Partnership trade deal as a "disaster in the making" and it "was music to my ears" when Prime Minister Narendra Modi said the country would not be joining it.

 

The Union Minister of Commerce and Industry was speaking at the Asia Economic Dialogue 2023 event here.

 

"I think in the next four to five years, India will be the third largest economy in the world (from fifth position at present). By 2047, we will be at the level that the United States of America is today. The 1.4 billion people of India are going to make our economy a USD 30-40 trillion one," he said.

6:00 PM

FM Sitharaman meets heads of World Bank, IMF; discusses debt restructuring

Finance Minister Nirmala Sitharaman on Saturday held a roundtable with the heads of the World Bank and the IMF and discussed the issue of debt restructuring faced by some of the countries.

 

The roundtable with World Bank President David Malpass and IMF managing director Kristalina Georgieva held on the sidelines of the first G20 Finance Ministers and Central Bank Governors meeting here discussed the issue of debt restructuring challenges and debt vulnerabilities.

 

"Finance Minister Smt. @nsitharaman flagged the need to acknowledge today's diverse creditor landscape and build a common understanding of challenges and ways to address them," a tweet from the Finance Ministry said.