Newly elected Finance Minister Nirmala Sitharaman will attend the two-day meeting of G-20 Finance Ministers and central bank governors in Japan starting 8 June, said a government official.
This will be the first overseas visit of Sitharaman as the Finance Minister. She was sworn in as the first full-time woman Finance Minister of India last week.
Besides Sitharaman, RBI Governor Shaktikanta Das is also likely to attend the meeting at Fukuoka in Japan.
They are likely to focus on risks and challenges being faced by the global economy, investment in infrastructure and international taxation. The deliberations at the meeting would be followed by the G-20 Leaders’ Summit scheduled on June 28-29 at Osaka.
At the meeting, Sitharaman will present India’s views on taxation of the digital economy. The Organisation for Economic Co-operation and Development (OECD) will submit a report on taxation, urging greater cooperation among nations.
The meeting of the Finance Ministers would also deliberate on issues like increasing protectionism and its implication on global growth and trade.
India has been actively participating in the OECD-G20 efforts to create a global consensus on the taxation of the digital economy.
The International Monetary Fund (IMF) has slashed its forecast for global growth from 3.6 per cent last year to 3.3 per cent in 2019. In this context, the meeting deliberations would focus on surveillance of global economic risks, global imbalances, ageing population and its policy implications, addressing financial market fragmentation and opportunities and challenges in financial innovation.
G-20, which is a group of developing and developed nations, include India, the US, the UK, China, Russia, Saudi Arabia, Brazil, France and Australia among others. The G20 meetings have been convening annually since 1999. They provide a forum for key countries in the international financial system to discuss major international economic issues and to coordinate to achieve the stable and sustainable growth of the global economy.