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Intervention by the Union Finance Minister Shri Arun Jaitley at the G20 Finance Ministers and Central Bank Governors Meeting on Global Economy and Framework for Strong Sustainable and Balanced Growth as Lead Speaker in Washington D.C. yesterday;

News and Press Release - Dated:- 15-4-2016 - Press Information Bureau Government of India Ministry of Finance 15-April-2016 12:26 IST Calls for need to articulate an effective and tangible policy response by the countries to revive the trade engine of the global economy; Emphasises that countries must avoid trade protectionist measures, and refrain from competitive devaluations. Following is the text of the Intervention made by the Union Finance Minister Shri Arun Jaitley at the G20 Finance Mini .....

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rd revisions.[1] (See Foot Note at end) India has consistently recorded the highest growth figures in the world for the last three quarters. We expect this momentum to continue, assuming a normal monsoon. That being said, the fading impact of lower input costs on value addition in manufacturing, persisting corporate sector stress and risk aversion in the banking system, and the weaker global growth and trade outlook pose as downside risks to India s growth outlook. We are dealing with these chal .....

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d create necessary space for manufacturing activity in other countries. Further, we feel that the efficacy of monetary policy instruments has reached its limits and that its pass through has not been seamless. The time is ripe for a re-evaluation of the fiscal policy space, with a greater focus placed on public investment. Declines in both imports and exports were recorded in all G20 economies in 2015. We, therefore, need to articulate an effective and tangible policy response to revive the trad .....

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