Amidst expectations of modest global growth this year as well, finance ministers of G20 countries are set to discuss measures to improve economic growth when they meet later this week in Australia.
“The week recovery in global growth is one of the crucial issues before the finance ministers and revised growth strategies will be discussed by member countries,” said an official familiar with the development, adding that India would highlight its measures in the Budget to given an impetus to the economy.
“This is the first meeting of the G20 finance ministers since the new government has been formed in India. The Budget too has been presented and we will list out policy measures announced in the Budget to improve growth,” said the official.
India is also expected to take up issues of black money stashed abroad as well as the issue of finding a permanent solution on food subsidies in the WTO at the meet, said a second official.
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“Tax avoidance is one of the key issues at the G20 meet where a timeline for implementing the common reporting standards will also be finalised. So it will be the perfect platform for India to raise the issue of black money stashed abroad in countries like Switzerland,” said the official.
The G20 finance ministers summit is scheduled to be held at Cairns, Australia on September 20-21. India’s G20 delegation will be led by minister of state for commerce and industry (independent charge) and finance Nirmala Sitharaman, who will be accompanied by finance secretary Arvind Mayaram and senior finance ministry officials.
The discussions at the Summit are crucial and will lead up to the meeting of heads of states of G20 countries at Brisbane in November. The G-20 finance minsters are expected to discuss concrete measures that can be taken to boost global GDP by an additional two per cent by 2018. The issue was also earlier deliberated at the G20 deputies meeting in June this year as well.
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