In the context of current weak global recovery, India has called for a pro-growth bias in the G20's economic policies and a careful calibration of pro-cyclical policies so as not to affect growth in developing countries, said the Union Finance Minister P Chidambaram on September 19. He was addressing the international conference on Governance and Development at at Indian Council for Research on International Economic Relations (ICRIER) in Delhi.
G20 or Group of Twenty is a group of finance ministers and central bank governors from 20 major economies: 19 countries plus the European Union, which is represented by the President of the European Council and by the European Central Bank.[
The Minister said that since growth in emerging markets is crucial to the strength of the global economy, the G20 should coordinate policy action in a way to boost growth in developing countries, India's finance minister P Chidambarm said while addressing a conference on governance and development.
He reminded that it was the 2008 global financial crisis that brought the G20 into the centre of global economic governance. G20 owes pre-eminence to its quick, effective and coordinated response to the financial crisis resulting in the designation of the G20 as the premier forum for international economic cooperation among its members, he added.
'In fact the G20 Leaders’ process is one of the most significant developments in the history of global economic cooperation as it has led to a significant geopolitical shift regarding global economic governance. It has a different balance of power where both advanced and emerging countries come together as equal partners allowing for a more inclusive deliberation and more effective response to today’s complex global challenges and opportunities,' Chidambaram said.