Prime Minister Narendra Modi spoke about key financial issues in the G20's agenda, concerns around the regulation of cryptocurrency and the adoption of India’s UPI technology by other countries. Here are some excerpts from his exclusive interview with Business Today Executive Director Rahul Kanwal, Business Today Editor Sourav Majumdar and BTTV Managing Editor Siddharth Zarabi
Talking about the important financial issues that are a part of India’s G20 agenda, PM Modi said, “The G20 has prioritised addressing debt vulnerabilities in low- and middle-income countries since 2021. Achieving the 2030 SDG agenda depends on these countries’ progress, yet debt servicing hinders their efforts, limiting fiscal space for SDG investments.”
"In 2023, under India’s presidency, the G20 gave a significant boost to debt restructuring through the Common Framework. Before India’s lead, only Chad underwent debt restructuring under this framework. With India’s focus, Zambia, Ethiopia, and Ghana have made notable advancements. India played a pivotal role, being a key creditor. Outside the Common Framework, G20 forums facilitated debt restructuring coordination for Sri Lanka, with a committee co-chaired by India, Japan, and France," PM Modi told Business Today
“The Indian presidency also saw the inception of the Global Sovereign Debt Roundtable, co-chaired by the IMF, World Bank, and G20 presidency. The Roundtable aims to strengthen communication and foster a common understanding among key stakeholders, both within and outside the Common Framework, for facilitating effective debt treatments,” said PM Modi
Talking about the need for a global framework for the regulation of cryptocurrencies, PM Modi pointed out the rapid change of technology and the need to adopt it, democratise it and handle it with a unified approach. He said, “At the same time, the rules, regulations and framework around it should not belong to one country or a group of countries. So not only crypto, but all emerging technologies need a global framework and regulations. A global consensus-based model is needed, especially one which considers the concerns of the Global South.”
PM Modi further said, “India’s G20 presidency expanded the crypto conversation beyond financial stability to consider its broader macroeconomic implications, especially for emerging markets and developing economies. The G20 reached a consensus on these matters, guiding standard-setting bodies accordingly. Our presidency also hosted enriching seminars and discussions, deepening insights into crypto assets.”
PM Modi talked about the adoption of India’s digital payment services by other countries during the exclusive interaction with Business Today. He said, “Today, there is a global acknowledgement of India’s success in promoting and using digital public infrastructure towards socio-economic development of our people. The fact that 46 per cent of global digital payments transactions are now in India is one shining example of the success of our policies.”
Prime Minister Narendra Modi further said, “India’s digital public infrastructure has a diverse stack of products which find utility in both the Global South and the developed world. Many countries are interested in learning from our experience, and we have successfully initiated co-operation with at least a dozen countries.”
“We are working with G20 countries to accelerate global development by leveraging technology, particularly promoting the concept of digital public goods through a common approach to digital public infrastructure. And this has been deeply appreciated by the G20 membership at large. We are confident that the growing popularity of India’s digital public infrastructure will go a long way in accelerating global financial inclusion and ease of living,” PM Modi told Business Today Editors Rahul Kanwal, Sourav Majumdar and Siddharth Zarabi.