“In 2016, G20 leaders established the Digital Economy Task Force in Hangzhou, China to propose a common understanding, principles and key areas for development and cooperation in the digital space. The task force focused on its core agenda of bridging the digital divide, innovation and boosting investment in information and communication technologies. The 2020 Saudi G20 presidency put cybersecurity on the digital agenda and made it a priority of the Digital Economy Task Force.
In February 2020, she convened the G20 Cybersecurity Dialogue, where participants from government and industry discussed ways to strengthen security, especially for micro, small and medium-sized enterprises. India can enrich the discussion by including critical financial infrastructures – the financial markets, intermediaries and now the fintech platforms that form the basis of all economies. It will also serve India’s internal goals,” according to the book, titled India In The G20: Rule-Taker to Rule-Maker, edited by Manjeet Kripalani, Executive Director, The Gateway House.
In 2023, India will host the G20, or Group of 20 Nations, the world’s most influential multilateral economic forum. India has an ambitious goal of becoming a $1 trillion digital economy by 2025.
Central to this goal are critical financial infrastructure and digital payment systems that require uninterrupted operations and resilience to cyber threats.”… An early start can be made by formulating a common definition of critical financial infrastructure, as countries define it differently depending on their risk perception ; Encourage member states to voluntarily offer best practices for securing networks through hardware specifications, information security practices for staff and third parties, and supply chain management. Some G20 members such as Japan and Singapore have already offered their national critical infrastructure protection practices during G20 meetings. The Digital Economy Task Force can examine these, and similar policies can be developed for critical financial infrastructure,” the book suggested
“For countries like India, the G20 is a unique global institution in which developed and developing countries have equal rights. The latter can demonstrate their global political, economic and intellectual leadership role on an equal footing with the most powerful countries in the world. It is the agenda-setting body that guides international financial institutions and the global standards-setting body that develops and enforces rules of global economic governance.”
The country’s domestic economy is beginning to recover thanks to serious structural economic reforms. Central government is economically stronger and states are beginning to learn economic independence.
In addition to the well-established issues of financial regulation, trade and other issues, India can lead on several issues, most notably the reform of the Bretton Woods institutions, the overhaul of global financial regulations, the shaping of a new framework for trade in services and the digital economy and creating better cross-border standards for the transparency of financial flows, the book says.