News

FM participates in G20 Finance Ministers’ virtual meeting

Our Bureau New Delhi | Updated on April 15, 2020 Published on April 15, 2020

Finance Minister Nirmala Sitharaman   -  PTI

Finance Minister Nirmala Sitharaman on Wednesday shared with G20 Finance Ministers the policy measures undertaken by the Government and RBI to support the poor, vulnerable and various sectors of the Indian economy to tide over the COVID-19 induced crisis.

Participating in the virtual session of the 2nd G20 Finance Ministers and Central Bank Governors meeting under Saudi Arabian presidency today, Sitharaman said that so far within a couple of weeks INDIA has disbursed financial assistance amounting to $ 3.9 billion to more than 320 million, with a special focus on direct benefit transfer through digital technology so that the exposure of beneficiaries to public places is minimised.

India is now reaping the benefits of the far-sighted measures of financial inclusion reforms, she added.

She also said that the monetary policy measures taken by the government, the RBI and other regulators have helped de-freeze the market and catalyse credit flows.

These measures include liquidity support of $50 billion, regulatory and supervisory measures for credit rating, relief in debt servicing through moratoriums in instalments of term loans, eased working capital financing and deferred interest payments on such financing.

She also said that that the G20 action plan — prepared by G20 members on the directions of G20 leaders — lays the foundations to “our individual and collective actions to fight the Covid-19 pandemic”.

Sitharaman expressed hope that the global community would soon overcome the Covid-19 crisis and that the lessons learnt would enable the G20 develop prudent policy measures to combat any such crisis in the future.

Published on April 15, 2020

A letter from the Editor


Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.