Banking On Tech: Karnataka Hosts 1st G20 Finance Ministers & Central Bank Governors Meeting In Bengaluru

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Bengaluru is hosting the first meeting of finance ministers and central bank governors on February 23–24 as part of India’s G20 Presidency. The meeting is jointly chaired by Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das.

The meeting is being attended by finance ministers and central bank governors of G20 member states, along with heads of international organisations and other invitees. Around 500 foreign delegates have gathered in Bengaluru for the first G20 FMCBG meeting.

The meeting’s agenda is expected to include discussions on macroeconomic concerns, climate financing, and debt sustainability, along with the role of multilateral development banks and their reform. Other areas of discussion include creating sustainable infrastructure in cities and digitisation of economies.

As per a tweet from the Ministry of Finance, Sitharaman met US Treasury Secretary Jenet L Yellen on February 23 ahead of the meeting. The two leaders exchanged views on G20 Finance Track priorities under G20 India Presidency. Sitharaman also met Giancarlo Giorgetti, Italian minister of economy and finance.

Ahead of the meet, a number of related events were organised on February 23. Central Bank deputies held a discussion on Road to Policy Consensus on Crypto Assets and Policy Perspectives. A ministerial-level symposium on digital public infrastructure and a Central Bank Deputies level discussion on leveraging national payment systems to enhance cross border arrangements were also held.

During the event, Sitharaman will hold bilateral discussions with representatives of over 10 countries, including Italy, US, Spain, Indonesia, and UK, along with international organisations.

India’s G20 Presidency will accelerate new ideas and innovation to solve global challenges. As a nation with strengths in IT and innovation, India has put forth digital technology governance and the use of data for social development as the centrepieces of its presidency.

The finance ministers and central bank governors meeting will focus on reorienting international financial institutions to meet the shared global challenges of the 21st century, financing cities of the future, management of debt vulnerabilities of various nations, financing climate action and sustainable development goals, advancing financial inclusion and productivity gains, advancing the international taxation agenda, and a globally coordinated approach to unbacked crypto assets.

Considering the enormous focus on technology, Karnataka as a state and Bengaluru as its capital is shouldering a huge part of the responsibility by hosting 14 G20 events. Bengaluru—“India’s Silicon Valley” and one of the world’s fastest growing technology hubs—is in the spotlight as the seat for multiple meetings. It has already hosted delegates of the Energy Transition Working Group and the Environment and Climate Working Group in earlier meets, and the ongoing finance ministers and central bank governors meeting was preceded by that of finance and central bank deputies.

Bengaluru is the fourth largest technology cluster in the world and boasts one of the most mature and fastest growing tech ecosystems. It is home to over 3500 domestic and international IT/ITeS companies spread across world-renowned technology parks. It also has around 13,000 active start-ups, including unicorns such as Swiggy, Ola, BigBasket, Byju's and Razorpay.

Karnataka is poised to get more high-tech cities in the near future, including in Mysuru, Hubbali, Mangaluru, Dharwad, central Karnataka, and one near Bengaluru, along with a dedicated start-up park. Through the G20 meetings, the state will attempt to draw delegates’ attention to the impressive IT infrastructure and the incredible role it can play in the technology-powered progress of world economies.

In addition, thanks to Karnataka's rich and unique culture—which makes the state the cultural heart of India—delegates from across the globe will get to experience many worlds in one incredible state as they convene in Bengaluru for the G20 events.

Along with being the hub of high-tech in India, Karnataka is a land of incredible natural and man-made wonders. Asianet Suvarna News network, in association with Karnataka Tourism, has declared the seven wonders of Karnataka out of 100 destinations from the state. They are the megalithic site of Hire Benakal, the temple site of Hampi, Gola Gummata mausoleum, Shravanabelagola pilgrimage centre, Mysore Palace, Jog Falls, and Netrani Island. The announcement came on the heels of Karnataka government looking to promote the tourism potential of the state on the sidelines of the G20 meetings.

Throughout India's G20 Presidency, Bengaluru will also be hosting events such as Global Partnership for Financial Inclusion Meeting, Space Economy Leaders Meeting, Trade & Investment Working Group meet, and Digital Economy Working Group meeting. Other events hosted by Karnataka include the Think 20 Summit in Mysuru and the Culture Working Group Meeting in Hampi.