a helpful tool in our quest to increase what we make in india, how should we export more? the answer is simple – improve productivity by building out infrastructure ; improve human capital with better schools, colleges, vocational and on - the - job training ; simplify business regulation and taxation ; and improve access to finance. fortunately, all this is what the government is focused on. i am often asked, “ what industries should we focus on, what should we encourage? ” learning from our past, i would say let us not encourage anything ; that might be the surest way of killing it. instead, let us make sure we create a good business environment that can support any kind of activity, and then let our myriad entrepreneurs figure out what new and interesting businesses they will create. in the 1990s, the iits that pandit jawaharlal nehru created to supply engineers to the commanding public sector heights of the economy instead supplied managers and programmers to body shops focused on dealing with the y2k bug. these in turn evolved into our world - beating software giants. while the government did not create the software industry, it was not inconsequential by any means to its emergence and development. similarly, let us enable business activity but not try and impose too much design on it. ideas and analysis before concluding, let me emphasize one additional area of engagement with the world, ideas and analysis. today, we have a seat at most international tables, many countries want to draw us into bilateral and multilateral treaties. when we were unimportant, we used to rail against the proposals that were inimical to us, knowing it would not make an iota of difference. as we get more power, we need to develop the capability of using it effectively. today, it is an unfortunate reality that international meets are still dominated by the old powers. but it is less through brute power politics and more through the power of ideas, agenda setting, and organization that they dominate. agendas in the g - 20 are still largely set by elements of the old g - 7, and often we find that they have already agreed on their preferred approach. it is only when the big powers disagree that the rest of us have some hope of influencing outcomes. the fault is not in the power structure, it is in us. unless we amongst the emerging world put forward our agenda, build the intellectual and analytical basis for pushing it, and create coalitions to support it, we will have no chance

in assessing this impact on sectors and the economy. lastly, it would be remiss of me not to mention in this forum the role of investors. the creation and subsequent development of green bonds, aside from official initiatives and, essentially, in response to private investor demand, shows the growing interest for responsible investment. a brief look at the press will prove that this is a consolidated trend. in sum, the financial sphere, including both the banking sector and investors, supervisors and central banks, is committed to achieving sustainability goals ; but, as is known, transparency and information must be enhanced in order to continue moving forward. clearly, just as business solvency cannot be analysed without reliable and uniform accounting information, the risk of environmental activity cannot be evaluated in the absence of comparable information. allow me to conclude by stressing the importance of us all making every effort to row in the same direction so as to achieve an ambitious goal such as decarbonisation. events like today demonstrate the resolve and commitment of all those involved with this challenge. we must act realistically, mindful of the limitations, but also with sufficient ambition to overcome the difficulties we will have to face. i wish you all a very productive session. 2 / 3 bis central bankers'speeches thank you. 3 / 3 bis central bankers'speeches