Statement by India at the Sixth Session of the Intergovernmental Group of Experts on Financing for Development of UNCTAD delivered by Amb. Priyanka Chauhan, Deputy Permanent Representative under Agenda Item 3 : Financing for Development to Respond and Recover in an Era of Interrelated and Global Crises;(Geneva, 30th November 2022)

Thank you Chair.

Excellencies,

Distinguished delegates,

Ladies and gentlemen,

Let me begin by congratulating the distinguished Chair and Vice-Chair for their election to steer the proceedings of this IGE. I would also like to thank Secretary General Grynspan and the UNCTAD Secretariat for preparing the Background Note for discussion under this agenda item and the insightful presentations made by the panelists today.

India aligns itself with the statement delivered by Tanzania on behalf of the G77 and China, and by Philippines on behalf of the Asia Pacific Group.

Mr. Chair,

2. The Covid pandemic and ongoing conflicts, including in Ukraine, have severely impacted the lives of ordinary people, particularly in developing countries, with spiraling energy, food, and commodity inflation and shortages, aggravated by disruptions in logistical supply chains. Even countries like India, who have adequate food stocks, have seen a steep increase in prices. These global crises have diminished the ability of developing countries to mobilize development funds, and have also exposed the debt accumulation in some fragile economies.

3. The focus in advanced economies shifting to controlling their domestic inflation situation has led to withdrawal of capital from developing economies, widening the financing gaps to achieve the 2030 Agenda. There is, therefore, a need to rethink financing for development to scale up sustainable development finance.

4. We all agree that success in implementing the Sustainable Development Goals hinges on the mobilization of adequate resources. India’s model of SDG localization has successfully integrated the 2030 Agenda from national to local governance, all the way to individual households. India has not only taken several measures to alleviate the immediate distress and provide necessary protection to vulnerable sections of our population, but we are also supporting other developing countries in their efforts to meet the SDGs.

5. India has always reiterated that financial responsibility, transparency, and viability must be at the forefront when looking at financing options, including financing of infrastructure projects, to avoid imposing further unsustainable debt burdens on already vulnerable communities. It is equally important for project sustainability that they be accompanied by skill and technology transfer. Therefore, India’s approach to financing for development is based on solidarity, is voluntary in nature, and is guided by the developmental priorities identified by the partner countries. Our assistance does not create indebtedness and is without conditionalities. 

6. Our concessional Lines of Credit of over US$ 30 billion and our substantial grants-in-aid projects are all designed with this approach. Our flagship training and capacity building project under the Indian Technical and Economic Cooperation or ITEC program, is providing training to about thirteen thousand students every year, a majority of them from developing countries. The US$ 150 million India-UN Development Partnership Fund continues to support South-owned and South-led transformational sustainable development projects with a focus on LDCs, LLDCs and SIDS.

Mr. Chair,

7. India believes that the world is one family, which is the context that we have placed for the theme of our G20 Presidency which begins tomorrow, as “One Earth, One Family, One Future”.

8. During our Presidency, we will strive to ensure that the G-20 acts as a global prime mover to envision new ideas and accelerate collective action so that the benefits of development are universal and lead towards an equitable, inclusive and sustainable global recovery. We will also focus on “Data for Development” as the key component of digital transformation efforts, where the use of digital technologies can become a force multiplier in the decades-long global fight against poverty, climate change and financial inclusion.

Mr. Chair,

9. In conclusion, I would like to reiterate the need for the international community to step up its efforts to fulfil the commitments undertaken for an effective global partnership for meeting the SDGs and Agenda 2030, and look forward to further discussions today.

I thank you.