G20 Central Bank Governors’ Meet- Highlights

The Finance Minister of India, Nirmala Sitharaman, attended the G20 Central Bank Governors’ meeting on February 26, 2021.  This was the first ever G20 Central Bank Governors’ meeting that was held under the Italian Presidency.

Highlights

  • During the meeting, the finance minister highlighted regarding the India’s policy response with respect to COVID-19 pandemic and the world’s largest inoculation drive with their G-20 counterparts.
  • She further stated that, India’s domestic policies is based broadly on the supporting citizens using the measures like direct transfer, credit guarantees, economic stimulus packages, food guarantees and accelerating structural reforms.
  • She also spoke regarding the vaccination drive in India. It is the world’s largest and ambitious vaccination drive. She also mentioned that India has extended its vaccine support to several countries.
  • The meeting also held discussions on the policy actions for the transformative and equitable recovery.
  • They also discussed the issues like financial sector issues, global economic outlook, financial inclusion and sustainable finance.
  • The G20 Finance Ministers and the Central Bank Governors also held discussion regarding the implications of climate change on global growth and financial stability.

G20 Grouping

It is an international forum for governments and central bank governors coming from the 19 countries and European Union (EU). The grouping was founded in the year 1999. It was established with the aim of discussing the policy regarding the promotion of the international financial stability. The grouping has also extended its agenda since 2008 from heads of government or state to the foreign ministers, finance ministers and think tanks. In the grouping, the EU is represented by European Commission & European Central Bank. The G20 economies account for 90 percent of the gross world product collectively.

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