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HIGHLIGHTS:

  • The Finance Minister of India Nirmala Sitharaman attended the Ministerial level committee of the International Monetary Fund (IMF)
  • Nirmala Sitharaman spoke about the Atmanirbhar Bharat Package initiative taken by the Modi Government
  • Reportedly, in September 2020, the PMI had reached the highest level in the last eight years
  • Coming to the low-income and developing countries, Sitharaman spoke about the challenge to protect and ensure livelihood for millions below the poverty line

NEW DELHI: Today, the Finance Minister of India Nirmala Sitharaman attended the Ministerial level committee of the International Monetary Fund (IMF). The meeting was conducted via video conference and was based on IMF Director’s Global Policy Agenda named ‘Catalyzing a Resilient Recovery.’

During the meeting, Nirmala Sitharaman spoke about the Atmanirbhar Bharat Package initiative taken by the Modi Government. The Finance Minister highlighted the steps under the package which would encourage a quick and more vigorous economic recovery in India. She further mentioned the V-shaped pattern recovery in various fields including manufacturing. In September 2020, the PMI had reached the highest level in the last eight years. “This pictures a vigorous prospect for the for the manufacturing sector,” she added.

Nirmala further spoke about the $10 billion package that had been introduced by her earlier to stimulate consumer spending. In the virtual meeting, she complimented IMF’s Director Ms. Kristalina Georgieva for providing wise counsel to the economies across the globe. She mentioned, “A premature withdrawal of policy support can trigger liquidity shortfalls and insolvencies.”

Coming to the low-income and developing countries, Sitharaman spoke about the challenge to protect and ensure livelihood for millions below the poverty line. “Recovery and rehabilitation efforts must not be allowed to be undermined in these countries,” she started.

The meeting is conducted by the committee to discuss matters of common concern affecting the global economy and advises the IMF on the direction of its work. This year, due to the COVID-19 outbreak, both the Spring and the Annual meetings took place through video-conference.

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