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TOG NEWS

Technology deeply influences Govt policy in developing nations: Secy
By TOG News Service
Apr 21, 2018

TOG News Service, NEW DELHI, APR 21, 2018: THE Govt had sent a delegation to represent India at the G-20 Finance Ministers and Central Bank Governors (FMCBG) Meeting held in Washington D.C. on April 19 & 20, 2018, to discuss prospects and vulnerabilities of global economy, harnessing future of work for inclusive growth and take stock of progress made under G20 Compact with Africa Initiative. Such delegation was helmed by Mr Subhash Chandra Garg, Secretary, Department of Economic Affairs of the Ministry of Finance.

In his address, Mr Garg highlighted that the digital age technologies had profound implications for policies concerning every aspects of the economy. It also had enormous implications for emerging markets and developing countries. He expressed that the response to such a transformation will have to shift from ‘catch up' growth to adoption of digital technologies for development and growth.  He also informed that India had started adopting policies and programmes for transforming systems of delivery of services using digital technologies and connecting every Indian with digital technologies and access through Adhaar and other such means. While citing the example of expanding Mobile Data Access, he mentioned that India is now the largest consumer of mobile data in the world with an average 11 GB mobile data consumption per month. Mr Garg also stated that India is investing in digital technologies, encouraging private sector to adapt these technologies and also addressing the taxation related issues by introducing equalization levy.

Moreover, Mr Garg participated in the Development Committee Ministerial Lunch Session focused on Rising Public Debt Vulnerabilities in Low-Income Developing Countries. Speaking on the occasion, he emphasized that in addressing the Sustainable Development Goals, the increasing debt burden in LIDC's is clearly a massive hindrance. LIDC's face challenges centered on equitable growth, resilience, finance and partnerships, and leveraging external public and private finance. To mitigate the growing debt concerns of LIDC's, he strongly urged that the IMF and World Bank, and other international organizations must develop and articulate a clear strategy for enhancing public debt transparency on both the debtor and creditor side. The scope of strengthening bilateral and regional financing agreements was also stated by him as important. Mr Garg is currently on an official tour to Washington D.C. to attend the Spring Meetings of the International Monetary Fund (IMF) and the World Bank and other associated meetings. He is accompanied by Mr Urjit Patel, Governor, RBI and other senior officials.