General Statement by India at the Fourth Session of the Intergovernmental Group of Experts on Financing for Development of UNCTAD, Geneva

25 – 27 January 2021 (Opening Session)

Thank You Mr. President,

Distinguished President, distinguished SG of UNCTAD and distinguished delegates,

At the outset, India aligns itself with the statement delivered by Afghanistan on behalf of the G-77 and China.

Mr. President,

2. This Inter-Governmental Group of Experts was set up following the Maafikiano mandate has been a significant platform for focused discussions on a subject as important as ‘Financing for Development’. As we move towards the next Ministerial Conference of UNCTAD in 2021, it is time for us to reflect on the trajectory charted since the last Ministerial Conference in Nairobi.

3. Our vision following the Addis Agenda must be to go beyond merely ‘financing for development' and aim at ‘making development happen’. Our enhanced ambition on development finance must be coupled with a genuine effort at creating a global system conducive to development itself which is responsive to the needs of the developing countries. Today, through its own domestic efforts, India is playing a salient role in achieving Agenda 2030 and the Sustainable Development Goals. We are also supporting other developing countries in meeting their Sustainable Development Goals. The success of the implementation of SDGs hinges on the mobilization of adequate resources, fact recognized in SDG17.

4. In order to achieve SDGs by 2030, the international financial system needs to ensure adequate financial flows to developing countries and LDCs. The covid19 pandemic has shown that the global financial system is still beset with structural weaknesses. These weaknesses have disproportionately hit the developing economies the hardest. There is a need for greater coordination of macroeconomic policies of major economies. The international financial system needs to incentivize long term investments in sustainable development. The rising weight of dynamic emerging market economies also needs to be adequately reflected in the global decision-making process.

5. Tax revenue remains the most important means for developing countries for mobilizing resources to meet the ambitious targets of the 2030 Agenda and attaining the Sustainable Development Goals. As is widely recognized in a world of cross-border trade, investment and finance, there are limits to what can be done by domestic policy alone, necessitating strengthened international cooperation in tax matters. The long-standing matter on upgrading the UN Committee of Experts on international cooperation on tax matters into an intergovernmental body needs to be taken seriously.

Mr. President,

6. India’s development efforts are guided by the motto Sabka Saath, Sabka Vikas, Sabka Vishwas’– meaning ‘Together, for everyone’s growth, with everyone’s trust’. This resonates with the core SDG principle of leaving no one behind. The COVID-19 pandemic has severely tested the resilience of all nations. In India, we have tried to make the fight against the pandemic a people's movement, by combining the efforts of Government and society. We have put forward a vision of 'Aatmanirbhar Bharat' a self-reliant and Resilient India, integrated with the global economy.

7. As one of the largest vaccines manufactures in the world, we recognize our responsibility in leading the global fight against the Coivd19 pandemic. In line with Prime Minister Narendra Modi’s message that Indian vaccine production and delivery capacity would be used for the benefit of all humanity to fight the Covid19 pandemic, Under the Mission Vaccine Maitri, Made-in-India vaccines have already reached Bhutan, Maldives, Bangladesh, Nepal, Myanmar, Seychelles, Brazil, among others. India will continue to supply COVID-19 vaccines to partner countries over the coming weeks and months in a phased manner.

8. India attaches importance to its engagement with developing countries and is believes in sharing its expertise and development experience for the benefits of the developing world. Our approach to development-aid is one based on solidarity and is voluntary in nature. India’s approach has always been sensitive to the needs and requirements of our development partners and is guided by their developmental priorities. In this spirit; we established the India-UN Development Fund in 2017 to take our South-South development cooperation engagement even further. To date, The India-UN Development Partnership Fund has supported 59 projects in 48 countries, through $47.8 million in contributions from a $150 million multi-year pledge by the Government of India. However, we believe Triangular and South-South Cooperation can only supplement the international obligations to Development Assistance.

Mr. President,

9. India believes that the Intergovernmental Group of Experts on Financing for Development remains critical to ensuring enhanced and predictable flows of finance and resources to assist developing countries in pursuing their development priorities and it is important to ensure adequate follow-up action on the IGE’s recommendations. We look forward to constructively engaging in the discussions in this session of the IGE.

Thank You