India great example of how financial inclusion can work: German envoy

Auster was a part of the delegation at the first Global Partnership for Financial Inclusion meeting of the G20, which was held from January 9-11

India's G20 presidency
Press Trust of India Kolkata
2 min read Last Updated : Jan 12 2023 | 3:01 PM IST

India is a great example of how to bring about financial inclusion and it needs to share this experience with the world at large, a German diplomat, who was a part of the delegation at a recent G20 meeting in Kolkata, said.

He also said that India has taken over the G20 presidency from Indonesia at a crucial time for world development.

"India is a great example of how financial inclusion can work. Over the last 10-odd years, you have made tremendous progress, and are much further advanced when it comes to electronic payment methods than, say, Germany for example," Manfred Auster, the Consul General of Germany in Kolkata, told PTI.

Auster was a part of the delegation at the first Global Partnership for Financial Inclusion meeting of the G20, which was held from January 9-11.

"In India, you pay everything with Unified Payments Interface (UPI), every small vendor will accept it. But in Germany, we still use quite a lot of cash Financial inclusion is important as common people, especially women, can participate in the economy.

"Bring your experience in this field to the world at large, make the know-how available to other countries, which have not had that opportunity to advance in terms of financial inclusion," the envoy said.

Auster said India's G20 motto of 'One Earth, One Family, One Future' captures the spirit of the world.

India assumed the presidency of the influential bloc G20 at its annual summit in Bali in November last year.

"The country has taken over presidency from Indonesia at a crucial time for world development. Its motto definitely makes sense when we are faced with so many crises ranging from climate change to the Russian war against Ukraine," Auster added.

G20 leaders are understood to have discussed a wide range of issues on digital financial inclusion, remittances and availability of finance for SMEs during the three-day meeting in Kolkata.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :Financial InclusionIndia GermanyGermany

First Published: Jan 12 2023 | 3:01 PM IST

Next Story