Govt. of India, RBI to 3rd Meeting of G-20 FWG in Varanasi; to discuss current state economy

G-20 Framework Working Group (FWG) in its third meeting at Varanasi held discussions over the state of the global economy as well asG-20 agenda on inclusive growth and reports on strong, sustainable and balanced growth and G-20 enhanced structural reform agenda among others.

The Ministry of Finance, Government of India along with Reserve Bank of India (RBI) hosted the two day third meeting of the G-20 Framework Working Group (FWG) in Varanasi (UP) on March 28th and 29th.

The G-20 FWG deliberates on matters related to global economy and on the policy co-ordination that is required between the major economies of the world to face global economic challenges. India co-chairs this group with Canada.

The meeting started with opening remarks by Dinesh Sharma, Special Secretary (Economic Affairs), Ministry of Finance and Rajeswar Rao, Executive Director, RBI. Sharma welcomed the delegates to Varanasi and gave an overview of the agenda of the meeting.

He emphasized that though there has been recent positive momentum in

global economic growth, the challenge is to ensure that this momentum is maintained and the benefits of growth are redistributed effectively and equitably.

In this context, he congratulated the FWG for formulating a timely agenda that focuses on the growth challenges as well as on policy responses to achieve inclusive growth. Rajeswar Rao, in his Opening Remarks, congratulated the FWG for the finalization of the Note on Economic Resilience which details the guiding principles that members can use while formulating economically resilient macro policies.

The opening remarks were followed by Session one on "Global Economic Conjuncture and Outlook" wherein countries discussed on the current state of the global economy.

Session two was focused on the update from IMF on the Report on Strong, Sustainable and Balanced Growth which is currently under preparation.

Session three and four dealt with the draft OECD Report on G-20 Enhanced Structural Reform Agenda. Sessions-IV and V were devoted to inclusive growth agenda given the tremendous policy focus of both advanced economies and emerging market economies on this agenda.

There were detailed interventions by members on the presentations made by the international organizations. These would help in refining strategies and tools to further calibrate individual policy responses. Members, in general, expressed satisfaction at the progress achieved during this meeting towards the goals set for this round.

The fourth meeting of G-20 FWG under the German Presidency will be held in Buenos Aires, Argentina.