New Delhi/Washington (NVI): Finance Minister Nirmala Sitharaman gave a clarion call to G-20 countries to take concrete action in the face of global slowdown so as to enable global growth to regain pace.
“G20 has the responsibility to navigate the global policy coordination in effective fashion by identifying and taking strong measures for building buffers and catalysing the second wave of reforms,” Sitharaman said in Washington.
The finance minister is leading the Indian delegation to the IMF/WB Annual Meetings held in Washington D.C on October 17. Meanwhile, she also met the G20 Finance Ministers and Central Bank Governors as well as the BRICS Finance Ministers and Central Bank Governors.
“The current challenges to the global economy and possible responses to mitigate them was the focus of discussions in the G20 Finance Ministers and Central Bank Governors meeting,” said an official statement.
She also highlighted that the emerging market economies, in particular, face the challenge of achieving economic growth and inclusive development while pursuing sustainable financing.
At the meeting, Sitharaman emphasized on the importance of countries pursuing structural reform measures to counter the growth slowdown.
“The structural reform measures undertaken by India was also highlighted by the Finance Minister particularly, the recent measures such as reduction of Corporate tax,” said statement.
“She indicated that India has reduced the Corporate tax from 30% to 22% thereby making India one of the lowest corporate tax imposing countries in the world today. This will spur investment. Alongside the Corporate tax reform, Government of India’s measures pertaining to Aaadhar based Direct Benefit Transfer as well as Universal Health Care policy received special mention from the Finance Minister,” the statement added.
“In conclusion, the finance minister re-emphasized the need for G20 to ensure collective action so as to enable global growth to regain pace.”
During the BRICS FMCBG meeting, the main issues discussed, pertaining to New Development Bank (such as membership expansion and enhancing the effectiveness of the utilization of the NDB’s Project Preparation Facility) and developing the way forward on IMF resources as well as formulating a consensus co-operation on Authorized Economic Operators Programme.
“Prior to the G20 FMCBG, the G20 Finance and Central Bank Deputies also met to discuss the way forward on priority G20 agenda items such as Quality Infrastructure Investment, building effective country platforms, attaining debt sustainability as well as strengthening universal health care financing. Secretary, Economic Affairs Shri Atanu Chakraborty as India’s G20 Finance Deputy led the Ministry of Finance delegation for this meeting,” said the statement.