G20 well placed to catalyse international policy co-ordination to deal with macroeconomic consequences, says FM

Our Bureau | | Updated on: Apr 21, 2022

Nirmala Sitharaman calls for joint action towards protecting economies

Finance Minister Nirmala Sitharaman has called for proactive collective efforts towards protecting economies at G20.

She shared her views while attending the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting in Washington. The meeting was held here on Wednesday under the presidency of Indonesia. Its agenda included global economic outlook and risk, international financial architecture and global health.

“FM noted that global growth momentum is dampened by prolonged inflation, supply chain disruption, volatility in energy markets and investor uncertainty,” Finance Ministry said in a tweet. In another tweet, she was quoted saying G20 is well placed to catalyse international policy co-ordination to deal with macroeconomic consequences and called for proactive collective efforts towards protecting economies.

Sitharaman arrived in Washington on Monday for the IMF-World Bank Spring Meetings 2022. The finance minister held talks with International Monetary Fund chief Kristalina Georgieva here on Tuesday. On Wednesday, she met US Secretary of Commerce Gina Raimondo and discussed ways to strengthen the economic cooperation in the bilateral and global contexts.

Sitharaman also met John Neuffer, President and CEO of the Semiconductor Industry Association, on the sidelines of IMF-World Bank Spring Meetings 2022. The finance minister apprised Neuffer about the initiatives and policies rolled out by the government to attract and support foreign investment in semiconductor industry, including development of sustainable semiconductor and display ecosystem with an outlay of $10 billion in India.

“Mr John Neuffer pointed out to FM Smt.@nsitharaman that he is upbeat about the initiatives taken by GOI to promote investment in Semiconductor ecosystem and appreciated India’s commitment to become a reliable player in global supply chain,” the Ministry said in another tweet.

Earlier on Monday, in her first public appearance before the Atlantic Council think-tank, the finance minister told a select group of Washington audience about how the people together with the Indian government successfully faced the challenge posed by Covid-19 and the subsequent lockdowns.

Describing the Indian economy’s recovery from the Covid-19 pandemic as ‘distinct’ and ‘pronounced’, Sitharaman exuded confidence about India posting robust economic growth this decade. 

IMF upbeat on India

Meanwhile, Kristalina Georgieva, Managing Director of the International Monetary Fund said that India’s high growth rate positive news for world. Though the multilateral agency has cut growth rate by 80 basis points to 8.2 per cent for current fiscal, still, it will be fastest growing economy.

“India is one of the economies that are growing at a high rate. Even with the small downgrade, growth is projected for this year to be 8.2 per cent. Healthy for India, but also positive in a world where growth slowdown is creating a major problem,” Georgieva told reporters at a news conference here on the sidelines of the annual spring meeting of the IMF and the World Bank on Wednesday.

Published on April 21, 2022
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