India's policies support citizens through credit guarantees, direct transfers, food guarantees: Sitharaman at G20 Finance Ministers meet

Union Minister for Finance and Corporate Affairs Nirmala Sitharaman virtually participated in the first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the Italian Presidency on Friday to discuss policy actions for transformative and equitable recovery.

Other issues on the agenda of the meeting were global economic outlook, financial sector issues, financial inclusion, and sustainable finance, read a release by the Ministry of Finance.

According to an official release, Sitharaman spoke about India's policy response to the pandemic. The Finance Minister said that India's domestic policies have been based broadly on supporting citizens through measures such as credit guarantees, direct transfers, food guarantees, economic stimulus packages, and accelerating structural reform.

Sitharaman also spoke about India's vaccination programme, which is the world's largest and the most ambitious vaccination drive. The Finance Minister mentioned that India has extended vaccine support to several countries.

During the meeting, G20 Finance Ministers and Central Bank Governors also discussed the implications of climate change on global growth and financial stability.

Speaking on the Presidency's proposal to undertake systematic policy dialogue on climate risk and environmental taxation, Sitharaman suggested that these conversations should remain within the ambit of the Paris Agreement and should be based on the principles of common but differentiated responsibility, respective capability, and the voluntary nature of the commitments, the release said.

The Finance Minister also stressed the importance of the transfer of green technologies and the scaling up of climate finance, the release added.

( With inputs from ANI )