The IMF has said that India is among the few bright spots in the global economy as G20 Finance Ministers began their two-day meeting here yesterday against the backdrop of concerns over Chinese economic slowdown looming large on world markets.

The remarks from the International Monetary Fund (IMF) Chief, Christine Lagarde, came at the meeting of G20 Finance Ministers and Central Bank Governors where they also discussed monetary policy uncertainties.

Lagarde told the gathering that between advanced and emerging economies, there are problems in most places in the advanced world while in emerging economies, there are problems in China although not that big as stock markets are making it to be, according to officials present at the meeting.

Among emerging economies if there is any growth, that is in India. India is among the few bright spots in the global economy, the officials said quoting Lagarde.

Officials said that the RBI Governor, Raghuram Rajan, said at the meeting that they are surrounded by economic gloom probably hinting at concerns over slowdown in China.

The meeting continued well beyond its schedule time till late into the night.

Policymakers from South Korea, Australia, China and the US were among those who were present at the meeting.

Meanwhile, China assured other G20 member countries that its economy would not collapse and would continue to grow at a slower pace, officials said.

They added that draft declaration has so far not named the US or China.

On Thursday, India had deprecated the recent devaluation of major currencies followed by currency depreciation in a large number of emerging markets which raises the risk of competitive devaluations.

Currency devaluation at a time when the global demand is sluggish is a major threat to stability in the global economy, India had said.

Earlier in the day, Rajan said global economies witnessing sustainable growth need to hike rates although not in a “one go, big bang” manner.

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