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Exchange of ideas on interoperability of fast payment systems will be key focus of G20: FM

Union Finance Minister Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Tuesday said that the primary focus for G20 is prioritising the exchange of information regarding national experiences and international efforts related to the interoperability of fast payment systems.

This is aimed at improving cross-border payments, she said during her address at the Global Fintech Fest 2023 in Mumbai.

“We’re talking about responsible financial ecosystem today when globalisation is being questioned. Globalisation has helped remove poverty. Disparity is not just in wealth, but also in well-being, demography, access to resources, digital literacy globally,” she said further.

Sitharaman further noted that the income tax data released in August is the biggest signal of the wide-scale formalisation of the Indian economy.

She added that taxable workforce will rise to 85.3 per cent from the current level of 22.5 per cent.

“There will be 48.2 crore income tax filers in 2047, as opposed to 7 crores in FY23,” said Sitharaman.

The Finance Minister added that all tax slabs have seen a minimum three times increase in tax filing, some even seeing a four-times surge.

“Each tax slab has seen a minimum of three-fold surge in tax filings. Maharashtra continues to be the leader in ITR filings,” she said.

The minister said that she wants the banking ecosystem, the financial ecosystem as well as the mutual funds and stock markets to keep in mind that when someone deals with customer’s money, the organisations will have to think about the future and ensure that customers nominate their heir and give their details.

Referring to changing global dynamics, Sitharaman called for collaboration across different areas, including regulating cryptocurrencies, tackling tax evasion, and easing global debt distress.

She said global collaboration in today’s world with more intensity is the key.

“Global cooperation is absolutely critical for financial ecosystems to thrive. Hence today we are gathering 100+ countries at this festival. Fintechs technologies like UPI and ONDC are driving more inclusion, resilience and sustainability in India. Technology is the common tool available to everyone regardless of the disparities globally,” the Minister informed.

Also read: From Aadhar to DIKSHA, India to showcase its digital might at G20 summit