Satisfied with G20 outcome, concerns on board: Chidambaram

Satisfied with the outcome of G20 meeting, finance minister P Chidambaram today said India's concerns with regard to withdrawal of US stimulus and the need to expedite IMF quota reforms have been taken on board by the group of rich and developing nations.

"The communique has been drawn by the deputies sitting together and our concerns have been fully reflected in the communique," he told PTI in an interview after conclusion of the G20 Finance Ministers and Central Bank Governors meet.

The Minister said "yes", when asked whether he was satisfied with the G20 communique.

The communique was released at the end of the conference which among others was attended by Finance Ministers of several important countries including the US, Japan, France and Australia.

Representatives of global bodies like the International Monetary Fund (IMF) and European Central Bank also participated in the conference.

Collectively G20 represents 85% of the global economy.

India, Chidambaram said, has expressed concern over impact of monetary easing by the US Federal Reserve on the developing countries and underlined the need to expedite the IMF quota reforms which seeks to give greater say to emerging economies in the multilateral lending body.

"...When countries withdraw from quantitative easing they should keep in mind the spillovers on the developing countries," he said.

Emerging economies followed the advice of the IMF when the major economies went through a period of downturn after the 2008 global financial crisis, Chidambaram said.

"So when they (developed world) sought our cooperation during the economic downturn it is only fair that they cooperate with developing countries during the economic recovery," he said, while referring to the remarks of German Finance Minister Wolfgang Schaeuble that India should not attribute its problems to monetary polices of developed nations.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Signalling good times, current account deficit is likely to grow from here on

    The current account deficit (CAD) numbers for April-June quarter declined sharply to 1.7 per cent of GDP.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Arun Nigavekar

Disruptive innovation in education

The past two weeks had a fair share of interesting ...

Rajgopal Nidamboor

Regain the spirit of focused power

For aeons, the human race has been experimenting with a ...

Gautam Gupta

Manufacturing must keep workers’ welfare in mind

It may be early days yet, but the labour reforms ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture