India hosts G20 finance ministers in first major meeting of its presidency

India took on the rotating presidency of the group in December last year

The G20 logo at the Prestige Golfshire in Bengaluru, the venue for the second meeting of the G20 finance and central bank deputies under India’s G20 presidency. AFP

India will from Friday host finance ministers and central bank governors of G20 members for two days of talks on global economic challenges, health and international taxation.

The meetings in Bengaluru, India's IT capital and the main city in the southern state of Karnataka, will be the first of more than 200 G20 events the country will host this year after assuming the presidency of the group from Indonesia.

The G20 is an intergovernment forum of the world’s major economies — 19 countries and the EU — that addresses issues related to the economy, financial stability, climate change and sustainable development.

India’s Finance Minister Nirmala Sitharaman and Shaktikanta Das, governor of the Reserve Bank of India, will jointly lead the first meeting.

Ms Sitharaman will also hold talks with representatives of more than 10 countries, including the US, Italy, Spain, Indonesia and the UK.

India's Finance Minister Nirmala Sitharaman in New Delhi. EPA

Seventy-two delegates will attend the meetings, which will be held over three sessions. The G7 countries — Canada, France, Germany, Italy, Japan, the UK and the US — will be taking part under the leadership of Japan.

Jeremy Hunt, the UK's Chancellor of the Exchequer, is expected in Bengaluru on Thursday and will meet the heads and founders of Indian tech companies for talks on boosting partnerships with Britain.

The start of the G20 event coincides with the first anniversary of Russia’s invasion of Ukraine, and the global effects from the ongoing conflict are expected to be part of the talks.

Delegates will also discuss strengthening multilateral development banks; leveraging digital public infrastructure for advancing financial inclusion and productivity gains; and financing for resilient, inclusive and sustainable “cities of tomorrow”, the Indian government said.

Anurag Thakur, Minister for Information and Broadcasting, said India was seeking to facilitate the G20's contribution to finding "pragmatic global solutions" to the problems facing the world.