Chidambaram to sell India's rejuvenated reform story in Tokyo

In his first official engagement abroad, the Finance Minister is slated to attend IMF-World Bank annual meetings during Oct 9-14

With the latest round of reforms spree to talk about and impress upon the rating agencies and global investors, India will have a high-level presence led by Finance Minister P Chidambaram in Tokyo next month at the critical fund bank meetings.

Considered to be one of the most important event every year to discuss the global economic scenario, this year’s deliberations are crucial in the backdrop of persisting crisis in Europe and the US and its apparent effects on India, China and other countries, which were supposed to be driving growth.

In his first official visit abroad as Finance Minister in the current tenure, Chidambaram would be attending the International Monetary Fund (IMF) and world Bank annual meetings in the Japanese capital city, to be held during October 9-14.

According to the ministry officials, the Finance Minister is slated to attend the meetings but the exact dates on which he would be there is yet to be finalised.

Chidambaram has already been briefed by the senior ministry officials led by economic affairs secretary Arvind Mayaram, who would also be accompanying him, about the agenda and likely deliberations.

Deputy chairman of the Planning Commission Montek Singh Ahluwalia and chairman of the Unique Identification and Development Authority of India (UIDAI) Nandan Nilekani are also slated to take part in the discussions associated with the event.

US Treasury Secretary Tim Geithner is visiting India on October 9-10, and will also attend the annual IMF-World Bank meetings in Tokyo during October 11-13.

On October 9, Geithner will be in Delhi to participate in the third annual meeting of the US-India Economic and Financial Partnership with Chidambaram. On October 10, he will meet Reserve Bank of India Governor D Subbarao in Mumbai.

Prime Minister Manmohan Singh, who held the additional charge of finance ministry after Pranab Mukherjee’s resignation, had indicated that keeping in mind this fund bank meeting, he would be handing over the job to a full-time Finance Minister before September.

Chidambaram took over as Finance Minister on August 1 and his first appearance on a significant international platform would be watched with keen interest as the country faces a rating downgrade threat on account of fiscal pressure.

The Finance Minister is expected to project the recent measures of the government to curb fiscal deficit and FDI reforms as a major step forward, shrugging off the policy paralysis.

The annual meetings of the International Monetary Fund (IMF) and the World Bank Group each year bring together central bankers, ministers of finance and development, private sector executives, and academics to discuss issues of global concern.

The meetings, which generally take place in September-October, have customarily been held in Washington for two consecutive years and in another member country in the third year. 

Ahluwalia would be speaking at a seminar -- Restoring Hope: Policy Options for Jobs & Growth – on October 11. Nilekani will take part on the same day in a debate on ‘Globalisation at Crossroads".