Digital age technologies have profound implications : Garg

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New Delhi : Secretary, Department of Economic Affairs (DEA), Ministry of Finance, Government of India, Subhash Chandra Garg, led the Indian Delegation to the G-20 Finance Ministers and Central Bank Governors (FMCBG) meeting held in Washington DC on April 19 & 20, 2018. The main agenda of the meeting was 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.

In his address, Garg highlighted that the digital age technologies have profound implications for policies concerning every aspects of the economy. It also has enormous implications for emerging markets and developing countries. He said that the response to such a transformation will have to shift from ‘catch up’ growth to adoption/adaption of digital technologies for development and growth.

Garg stated that India has 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. Citing the example of expanding Mobile Data Access, he mentioned that India is now the largest consumer of mobile data in the world with 11 gigabytes mobile data consumption per month. He informed that India is investing in digital technologies, encouraging private sector to adapt these technologies and also addressing the taxation related issues by introducing equalisation levy, according to a PIB release.

The Secretary, Department of Economic Affairs, also participated in the Development Committee Ministerial Lunch Session focused on Rising Public Debt Vulnerabilities in Low-Income Developing Countries (LIDCs). He stressed that in addressing the Sustainable Development Goals, the increasing debt burden in LIDCs is, clearly, a massive hindrance. LIDCs face challenges centered on equitable growth, resilience, finance and partnerships, and leveraging external public and private finance.

To mitigate the growing debt concerns of LIDCs, Garg said that the IMF and World Bank, and other international organisations 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.

Garg is currently on an official tour to Washington DC to attend the Spring Meetings of the International Monetary Fund (IMF) and the World Bank and other associated meetings. He is accompanied by Urjit Patel, Governor, RBI, and other senior officials.