FM Sitharaman calls for proactive collective efforts towards protecting economies at G20 FMCBG meet in US

PTI, Apr 21, 2022, 9:10 AM IST

Global growth momentum is dampened by prolonged inflation, supply chain disruption, volatility in energy markets and investor uncertainty, Finance Minister Nirmala Sitharaman has said as she attended the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting here.

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 Smt. @nsitharaman noted that global growth momentum is dampened by prolonged inflation, supply chain disruption, volatility in energy markets and investor uncertainty,” The Ministry of Finance said in a tweet.

”Finance Minister Smt. @nsitharama 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,” it said.

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 USD 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.