Union Finance Minister Nirmala Sitharaman has participated virtually in the First G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the Italian Presidency to talk about policy actions for transformative and equitable recovery.

The other issues on meeting included global economic outlook, financial sector issues, financial inclusion and sustainable finance.

Finance Minister spoke about India's policy response to the covid pandemic. She said that India's domestic policies have been based widely on supporting citizens through steps such as credit guarantees, food guarantees, direct transfers,  economic stimulus packages and accelerating structural reform.

The FM also mentioned about India's vaccination programme, which is the world's largest and the most ambitious vaccination drive. She stated that India has extended vaccine support to several countries. During this 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 Finance Minister also stressed the importance of the transfer of green technologies and scaling up of climate finance.

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