Finance Minister Nirmala Sitharaman has said the global growth momentum has been dampened by prolonged inflation, supply chain disruption, volatility in energy markets and investor uncertainty. She was speaking at the G20 Finance Ministers & Central Bank Governors (FMCBG) meeting under the Indonesia presidency in Washington DC.
The agenda at the G20 meeting included global economic outlook and risk, international financial architecture, and global health. “Finance Minister Smt. @nsitharaman said #G20 is well placed to catalyse international #policy co-ordination to deal with #macroeconomic consequences and called for #proactive #collective efforts towards protecting economies,” the Ministry of Finance said on Thursday in a series of tweets.
The finance minister said there is an urgent need for coordinated action across countries to not only enable swift post-pandemic recovery but also to build resilience to future shocks, as she attended the G20 Emerging Market Economies meeting on the sidelines of the G20 Finance Ministers & Central Bank Governors. Reserve Bank of India (RBI) governor Shaktikanta Das, chief economic advisor Venkatraman Anantha Nageswaran and RBI deputy governor Michael Patra also attended this meeting.
She shared her insights on the economic outlook, risks and near-term policy challenges for EMEs (emerging market economies) such as food and energy security and tightening of global financial conditions, the ministry said in a tweet.
“Discussing #future of #work and #debt vulnerabilities, FM Smt. @nsitharaman said that there is an urgent need for coordinated action across countries to not only enable swift post-pandemic recovery but also to build resilience to future shocks,” it added.
Speaking on the need for environmentally sustainable and financially viable alternatives to energy sources, Sitharaman said the International Solar Alliance can be an effective platform to catalyse efforts in this direction.
Sitharaman also met US Secretary of Commerce Gina Raimondo on Thursday in Washington DC and discussed ways to strengthen economic cooperation in the bilateral and global contexts.
She also met Semiconductor Industry Association President and CEO John Neuffer on the sidelines of IMF-World Bank Spring Meetings 2022. “FM Smt. @nsitharaman apprised Mr Neuffer about the initiatives & policies rolled out by GOI to attract & support foreign investment in #semiconductor industry, including development of sustainable semiconductor and display ecosystem with an outlay of $10 billion, in India.”
Neuffer pointed out to Sitharaman that he is upbeat about the initiatives taken by the Government of India to promote investment in the semiconductor ecosystem and appreciated India’s commitment to becoming a reliable player in the global supply chain, the finance ministry said in a tweet.
The International Monetary Fund (IMF) on Tuesday cut its growth forecasts for Indian as well as global economy by 80 basis points (bps) each from its January projections and said that the Russia-Ukraine conflict has set back worldwide economic recovery. It reduced its FY23 India growth forecast to 8.2 per cent and its global projection to 3.6 per cent for 2022.
The IMF also scaled back its global trade growth projection by 100 bps for 2022 from an earlier forecast. It warned that even these forecasts were fraught with heightened uncertainties, with risks tilted to the downside.
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