FM Nirmala Sitharaman said that coordinating the global policy in effective fashion is the need of the hour.
Finance Minister Nirmala Sitharaman said that G20 is necessary to regain the pace of global growth. “Borrowed resources cannot provide full confidence in extreme crisis situations as creditor nations themselves may be in stress,” Nirmala Sitharaman added while speaking in the G20 Finance Ministers and Central Bank Governors meeting held in Washington yesterday. The minister also said that coordinating the global policy in effective fashion is the need of the situation, and identifying and taking strong measures for building buffers and catalysing the second wave of reforms is important. The focus of the meeting was on the current challenges to the global economy and possible responses to mitigate them.
FM Smt. @nsitharaman led the Indian delegation at G20 FMCBG as well as the BRICS FMCBG meetings on the side-lines of the IMF/World Bank Annual Meetings on 17th Oct in Washington DC. For more details: https://t.co/R0fnKLF5Km#WBGMeetings#IMFMeetingspic.twitter.com/tsz0Wctg8f
— Ministry of Finance (@FinMinIndia) October 18, 2019
Highlighting the structural reforms in India such as the reduction of Corporate tax, the Finance Minister emphasised the importance of structural reforms to regain the growth of emerging economies. She also said that EMs face the challenge of achieving economic growth and inclusive development while pursuing sustainable financing.
She added that the investments will increase after the government has reduced the corporate tax from 30 per cent to 22 per cent, making India one of the lowest corporate tax imposing countries in the world today. In the G20 Finance Ministers and Central Bank Governors Meeting, the Indian delegation also mentioned that the government’s measures pertaining to Aadhar based Direct Benefit Transfer and Universal Health Care policy.
During the BRICS FMCBG meeting, issues related to New Development Bank was discussed, which received strong support from India for its membership expansion. India also encouraged NDB Management to continue the good progress achieved on this issue till date.