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Intervention of Finance Minister on Global Economy and Framework for Strong Sustainable and Balanced Growth at G-20

Dated:- 20-4-2015 - Following is the text of the Intervention made by the Union Finance Minister Shri Arun Jaitley during his visit to Washington D.C.: Once again the global economic situation requires ambitious policy reforms and international coordination. The growth in some advanced countries has not improved as much as we had anticipated. Emerging market economies face a high risk of negative spill-overs from un-conventional monetary policy actions of advanced economies. The uncertainties ab .....

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which will create confidence in EME investors and prevent currency crises. As we have seen from the crises of the 90s in East Asia and Latin America, policies which place the burden of tackling the impact of capital flight solely on affected countries, are ineffective. We need to co-operate to cushion the impact of unconventional policies and their normalisation on affected economies which may face a flight of capital shortly similar to that of the taper tantrum of 2013. The lack of infrastruct .....

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nflation which has been brought down to five percent. Many legislative changes have been made to boost investment, many sectors have been opened up for investment and steps have been taken for easing business and industrial activities. Ambitious taxation reforms are on the anvil. We are committed to build 100 new smart cities and there is special focus on building rail, road and rural infrastructure. We believe that improvement in investment avenues and infrastructure will provide the necessary .....

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