As a part of Finance Track for the G20 Leaders Summit 2020, which is to be hosted by Saudi Arabia at the end of 2020, the 3rd G20 (Group of Twenty) Finance Ministers and Central Bank Governors (FMCBG) meeting was held virtually on July 18, 2020. It was organized under the Saudi Arabian Presidency where Indian side was represented by Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman.
- The objective of the meet was to discuss the global economic outlook amid evolving COVID-19 pandemic crisis along with other G20 Finance Track priorities for the year 2020.
The meet was consisted of two sessions:
First session of the meeting: Discussion about G20 Action Plan held
In this the participants talked about the G20 Action Plan in response to COVID-19 which was endorsed by the G20 Finance Ministers and Central Bank Governors in their previous meeting on April 15, 2020, aimed at co-coordinating G20 efforts to fight the pandemic.
- Efforts towards plan by India: India’s comprehensive economic package to address recovery and growth amounting to over $295 Billion, about 10% of India’s GDP (Rs 20 lakh crore package under the Atmanirbhar Bharat Abhiyan). The nation is also working on ensuring this balance through credit schemes for greater liquidity, direct benefit transfers, and employment guarantee schemes.
Second session of the meeting: Discussed about developments on G20 Finance Track deliverables
In the second session of the meeting, the G20 Finance Ministers and Central Bank Governors discussed the developments on G20 Finance Track deliverables under the Saudi Arabian Presidency. From Indian side following two deliverables were discussed:
- First, enhancing access to opportunities for Women, Youth and Small and mid-size enterprises (SMEs).
- Second, formulating solution for addressing the challenges related to digital taxation.
About G-20 or Group of Twenty:
Composition– 19 countries and the European Union (EU)
The 19 countries are Argentina, Australia, Brazil, Canada, China, Germany, France, India, Indonesia, Italy, Japan, Mexico, the Russian Federation, Saudi Arabia, South Africa, South Korea, Turkey, the UK, and the US.
2020 Presidency– Saudi Arabia
2020 theme– Realizing Opportunities of the 21st Century For All
Chairman– Saudi Arabian King Salman bin Abdulaziz Al Saud (2020)
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Ravi Shankar Prasad attended an extraordinary virtual ‘G20 Digital Economy Ministers’ meet on April 30, 2020, which was held to discuss the challenges posed by the outbreak of the COVID-19 pandemic and to forge a global coordinated response harnessing Digital Technologies. The meeting was attended by Digital Ministers of G20 Members, invited countries and International Organizations.