He also asked them to keep infrastructure financing in developing countries as a key priority.
In his lead intervention at G20 Working Lunch on Development and Climate Change, PM Modi offered seven points for consideration which include shift from 'carbon credit' to 'green credit' and increase in share of traffic on public transport in cities by 30 per cent by 2030.
"I propose that we consider how G20 can build support systems that focus on countries with maximum growth potential, help address specific bottlenecks there and facilitate implementation of country strategies," he said, adding that the grouping of world's top 20 economies including US and China must continue to focus on infrastructure.
Clean energy and environment friendly infrastructure, PM Modi said, will address both development and climate change. "Bridging the current gap in infrastructure finance in the developing countries should remain our key priority.
"Through bold economic and governance reforms, we have achieved a growth rate of nearly 7.5 per cent with strong prospects for a higher growth rate in the near future... Given our size and scale, India can become a pillar of global growth and stability," he said.
With India being the largest recipient of remittances in the world, PM Modi asked G20 to cut transaction cost for transferring money from abroad.
"Remittances are a key source of income for households and support for the economy in developing countries. We should define a target date before 2030 to reduce the high costs of transferring remittances," he said.
The transaction cost which was about 10 per cent has come down to 7.5 per cent because of sustained campaign by India. The target is to bring it down to three per cent by 2030 but PM Modi wants this to be achieved earlier.
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