The Fourth G20 Global Partnership for Financial Inclusion (GPFI) Meeting concluded in Mumbai today. The three-day meeting saw G20 GPFI delegates engaging over thought-provoking discussions on energizing growth for MSMEs, empowering consumers through digital financial literacy and consumer protection as well as key priority areas of GPFI, namely, digital financial inclusion and SME (Small and Medium Enterprise) Finance.
 
Secretary (Economic Affairs) Ajay Seth highlighted that through the New Delhi Leaders Declaration, the G20 Leaders renewed their commitment to accelerate “strong, sustainable, balanced and inclusive growth” and “the full and effective implementation of the 2030 Agenda for Sustainable Development” and underscored that MSMEs will be central in fulfilling both the commitments. Through two panel discussions, eminent global panelists deliberated upon approaches to bridge the challenges faced by MSMEs through innovative measures like DPI (Digital Public Infrastructure) for bridging the credit gap, promoting transparency, enhancing affordability, and drive innovations and productivity gains.
 
The GPFI Plenary Meeting included discussions on GPFI work regarding implementation of G20 GPFI High-Level Principles for Digital Financial Inclusion, Update of National Remittance Plans and SME best practices and innovative instruments to overcome common constraints in SME financing. The discussions contributed towards the culmination of the remaining work of the ongoing three-year Financial Inclusion Action Plan FIAP 2020 which is in its terminal year and is being implemented by the GPFI. 
 
A Symposium was organized today on “Advancing Financial Inclusion through Digital Public Infrastructure: Empowering Consumers through Digital and Financial Literacy and Consumer Protection”. The Symposium witnessed engaging discussions on building digital ecosystems that enable digitally and financially empowered individuals and enterprises.
GPFI members agreed to continue working towards the vision of universal financial inclusion under the new G20 Financial Inclusion Action Plan.
 
Speaking to Akashvani News, Economic Advisor, Department of Economic Affairs, Ministry of Finance, Chanchal Sarkar said that during the 3-day GPFI meeting in Mumbai, insightful discussions took place as per the agenda. He added that discussions included how Digital Public Infrastructure can be used for advancing financial inclusion and for consumer protection and consumer literacy.