Nirmala Sitharaman Finance Minister called up G20 nation to take necessary steps to revive global growth. It is the responsibility of G20 nations, comprising 19 countries and European Union, ‘to navigate the global policy coordination’ by taking strong steps towards ‘building buffer and catalyzing the second wave of reforms’, said by the minister. Sitharaman is leading the Indian delegation to the International Monetary Fund (IMF) annual meeting in Washington DC.
The IMF downgraded global growth for 2019 to 3 per cent, its slowest pace since the global financial crisis. It also slashed economic growth forecast for India to 6.1 per cent for the current fiscal from its July projection of 7 per cent, citing weaker than expected outlook for domestic demand. Rising protectionism and uncertainty around trade and geopolitics has affected the growth prospects of several emerging economies.
Read EquityPandit’s Nifty Outlook for the Week