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.

Highlighting structural reforms in India such as corporate tax cuts, the Finance Minister stressed the importance of structural reforms to restore growth to emerging economies. She also noted that the EMIS faced the challenge of achieving economic growth and inclusive development while ensuring sustainable financing.

She added that investment would increase after the government cut corporate tax from 30 percent to 22 percent, making India one of the lowest corporate tax countries in the world to date. At the G20 meeting of Finance Ministers and Central Bank governors, the Indian delegation also noted that the government’s measures regarding Aadhar are based on direct benefit transfer policy and universal health policy.

DURING the BRICS FMCBG meeting, issues related to the New development Bank, which has received strong support from India in expanding its membership, were discussed. India also encouraged the NDB leadership to continue the progress made so far in this regard. 

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