G20 Meeting: Finance Minister Nirmala Sitharaman said at the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting here that inflation remains high due to prolonged high levels, supply chain disruptions, volatility in energy markets and uncertainty among investors. Due to this the pace of global growth has been affected. This meeting was held on Wednesday under the chairmanship of Indonesia. Its agenda was the global economic landscape and risks, the international financial structure and global health.
The Finance Ministry tweeted, “Finance Minister Nirmala Sitharaman said that the pace of global growth was affected by prolonged high inflation, supply chain disruption, volatility in energy markets and uncertainty among investors.”
It further said, “The Finance Minister said that the G20 is well prepared to catalyze international policy coordination to address macroeconomic consequences. He also called for proactive collective efforts to protect economies.” Sitharaman arrived in Washington on Monday for the annual spring meetings of the IMF and the World Bank. On Tuesday, he met the head of the International Monetary Fund, Kristalina Georgieva.
On the sidelines of these meetings, the Finance Minister also met John Neufer, President and Chief Executive Officer of the Semiconductor Industry Association. In another tweet, the ministry said that John Neufer told Finance Minister Nirmala Sitaranam that he was excited by the Government of India’s initiatives to promote investments in the semiconductor ecosystem. He also appreciated India’s commitment to secure a trusted position in the global supply chain.