Will FM's Appeal To G20 Nations Be Helpful For Global Business Growth?
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Finance Ministry is in a bid to augment the economic and GDP growth of the nation, for which it has been conducting meetings and conferences with national and international delegates. Recently, Finance Minister Nirmala Sitharaman called on G20 nations to discuss upon the economic growth revival globally.
According to the Mint, Sitharaman said “it is the responsibility of the G20 nations, comprising 19 countries and European Union, to “navigate the global policy coordination" by taking strong steps towards “building buffers and catalyzing a second wave of reforms".
She delivered a vibrant message for deliberate activity despite worldwide slowdown and featured that developing business sector economies specifically face the test of accomplishing monetary development and comprehensive improvement while pursuing supportable financing.
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G20 nations like China, United States, UAE, Russia and France have already been the strategic partners of India for business push during the slump period. Remaining nations are being approached via delegation meet in order to obtain economic stability at global altitude. Taking these efforts into account, Finance Minister Nirmala Sitharaman urged G20 nations to bring progressive reforms in the global policy structure for financial stability.
At present, FM Nirmala Sitharaman is heading the Indian delegation to the IMF (International Monetary Fund) yearly meeting in Washington DC.
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According to the IMF records, it has observed the depreciation to 3 per cent in the global growth for 2019. It has been noticed that it is the slowest pace of global growth since the financial crisis. IMF has also recorded the massive fall of figures for Indian economy with 6.1 per cent in the present fiscal year from 7 per cent in the July, citing weaker-than-expected outlook for domestic demand. Up sloping of uncertain figures related to the trade and manufacturing has been notified as the reason behind the emerging slowdown in the several economies across the globe.
During her recent meet with the G20 and BRICS Finance Ministers along with the financial experts’, FM Sitharaman stated about the reform measures taken by the Indian government to counter slump in several sectors. She mentioned “We have reduced the corporate tax from 30 per cent to 22 per cent, thereby making India one of the lowest corporate tax imposing countries in the world today. This will spur investments in the country for better business structure”