Wednesday July 17, 2019
Home India G20 finance m...

G20 finance ministers affirms steps to keep economic recovery sturdy

0
//
credit: www.worldculturepictoral.com

By NewsGram Staff-Writer

Finance ministers and central bank governor of G20 nations met for a two-day meeting at Ankara. They pledged take appropriate action to maintain and strengthen the economic recovery.

The communique said that G20 finance ministers and central bank governors will try to avoid persistent exchange rate misalignments and continue to monitor developments, assess spillovers and address emerging risks as needed to foster confidence and financial stability, Xinhua reported.

“Monetary policies will continue to support economic activity consistent with central banks’ mandates,” the communique said, adding “monetary policy tightening is more likely in some advanced economies”.

On the issue of currency wars, they said: “We reiterate our commitment to move toward more market-determined exchange rate systems and exchange rate flexibility to reflect underlying fundamentals, and avoid persistent exchange rate misalignments. We will refrain from competitive devaluations, and resist all forms of protectionism.”

Facing the worldwide challenges, finance ministers and central bank governors said that they will carefully calibrate and clearly communicate their actions, especially against the backdrop of major monetary and other policy decisions, to minimize negative spillovers, mitigate uncertainty and promote transparency.

13083532363_f1b4bdd38b_bThe communique said: “We remain committed to timely and effective implementation of our growth strategies that include measures to support demand and lift potential growth.”

International Monetary Fund (IMF) managing director Christine Lagarde said: “Downside risks to the outlook have increased, particularly for emerging market economies. Against this backdrop, policy priorities have taken on even more urgency since we last met in April.”

The major challenge facing the global economy is that growth remains moderate and uneven, she said. For the advanced economies, activity is projected to pick up only modestly this year and next.

For the emerging market economies, prospects have weakened in 2015 relative to last year, though some rebound is projected next year. For both the advanced and emerging economies, productivity growth continues to be low,” she said.

The IMF chief called for a concerted policy effort from the members states to address these challenges, including continued accommodative monetary policy in advanced economies; growth-friendly fiscal policies; and structural reforms to boost potential output and productivity.

With inputs from IANS

 

 

Next Story

India: Government Aims to Increase Present $2.7 Trillion Economy to $5 Trillion by 2025

The middle class literally wailed when the petrol prices shot up by Rs 2.50 per litre, diesel prices hiked up by Rs 2.30 per litre

0
India, Government, Economy
Instead of making US dollar a bench mark of aspirational currency, why not work on making Indian Rupee stronger? PIxabay

The moment after the “bahikhaata” Union Budget was presented on Friday, people took to social media platforms that erupted with angry and perplexed reactions.

“Your folder is sanskaari, symbolising ‘departure from slavery of western thought’, but your aspirations are 3 trillion ‘US DOLLARS’ economy, huh hypocrite!” tweeted a user.

Finance Minister Nirmala Sitharaman announced that the government aims to increase the present $2.7 trillion economy to $5 trillion by 2025.

“Instead of making US dollar a bench mark of aspirational currency, why not work on making Indian Rupee stronger?” another user posted.

India, Government, Economy
The moment after the “bahikhaata” Union Budget was presented on Friday, people took to social media platforms. Pixabay

Another social media user shared the lines from an old song: “Achcha sila diya tune mere pyar ka”.

The middle class literally wailed when the petrol prices shot up by Rs 2.50 per litre, diesel prices hiked up by Rs 2.30 per litre just hours after the union budget was presented.

“This has been one of the poorest budgets for common honest tax payer and middle class. You are bound to lose many supporters,” a user wrote in reply to former finance minister Arun Jaitley’s tweet on the budget.

“Petrol prices, diesel prices higher. What are the benefits for honest tax payers? What is the tax benefit, pension benefit, gratuity amount holding by corporate companies?? You really care for honest people (Salaried)?” another person tweeted.

Also Read- Dark Connection: Nationalism and Nazi Spooning

The budget also announced that for I-T returns, PAN and Aadhaar cards would be made interchangeable to help tax payers file their returns.

“So ‘PAN and Aadhaar will become interchangeable’ is somehow a tax benefit to middle-class Indians? So, you first introduce a problem, and then increase the problem, make it more complicated, and then reduce it again (but still keep it confusing) – that somehow becomes a benefit?” a user questioned the decision.

“PAN and Aadhaar interchangeable will not help middle class,” another user tweeted.

People also criticised that the issue of unemployment was not addressed seriously.

India, Government, Economy
Finance Minister Nirmala Sitharaman announced that the government aims to increase the present $2.7 trillion economy to $5 trillion. Pixabay

“Hopeless budget 2019… no help or news for unemployment,” a tweet said.

The millennials, however, had some fun with the budget.

“So, the budget has been declared, still there is no announcement on subsidy for annual subscription of Netflix, Prime and Hotstar. Is this the India we want to live in?” posted a Twitter user.

The funny memes also kept circulating.

Also Read- Banning e-cigarettes But Not Tobacco is Contradictory: Industry

Depicting the “before budget” and “after budget” feelings, a meme showed Prime Minister Narendra Modi first sitting on a rock, and then lying down flat on the rock.

The images and videos of former Congress President Rahul Gandhi looking blank and later dozing off went viral. (IANS)