India attends 2nd G20 FMCBG meeting

On April 15, Nirmala Sitharaman, the Union Minister for Finance & Corporate Affairs, participated in the virtual meeting of the G20 Finance Ministers and Central Bank Governors (FMCBG) under the Saudi Arabian Presidency

April 15, 2020

The minister appreciated the Saudi Presidency for their efforts in preparation for the G20 Action Plan in response to COVID-19

The G20 counterparts were informed about the measures taken by the Indian Govt to provide aid tie the vulnerable sections

An action plan has been prepared by G20 members to protect lives, preserve financial stability, provide help to countries in need

India has announced a US$22.5 billion relief plan, a DGFT helpdesk for traders and the Invest India Business Immunity Platform

On April 15, the Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman participated in the virtual session of the second meeting of the G20 Finance Ministers and Central Bank Governors (FMCBG) under the Saudi Arabian Presidency, to discuss the global economic outlook amid the evolving COVID-19 pandemic.

In the meeting, the minister appreciated the Saudi Presidency for their tireless efforts in delivering on the outcomes as mandated during the Extraordinary Leaders’ Summit on March 31, particularly in the preparation of the G20 Action Plan in Response to COVID-19. She also focused on the role of Finance Ministers and Central Bank Governors in safeguarding the lives and livelihood of people while sustainably maintaining macroeconomic stability. Additionally, the G20 counterparts were informed about the measures taken by the Government of India to provide the vulnerable sections with swift, timely, and targeted assistance. 

To best ride out the pandemic, an action plan has been prepared by G20 countries to protect lives, safeguard jobs and incomes, restore confidence, preserve financial stability, revive growth, and recover stronger. The plan also provides help to countries needing assistance on public health and financial measures to minimise disruption to the global supply chain. The Indian government is also taking various measures for the benefit of the general population as well as for businesses. 

India has announced a US$22.5 billion relief plan to help the most vulnerable sections of the society ride out the crisis. Meanwhile, the Directorate General of Foreign Trade (DGFT) in the Department of Commerce, Ministry of Commerce and Industry, has launched a help desk to assist with any COVID-19 related export and import issue. Additionally, the Invest India Business Immunity Platform has been launched to aid entrepreneurs and businesses during the slowdown brought forward by the crisis.