Annual International G-20 Conference- Highlights

13^th Annual International G-20 conference was held on October 6, 2021. India was represented by Finance Minister (FM) Nirmala Sitharaman.

Highlights

• During the conference, FM noted that, India is working for identifying the vacuum areas in international policy coordination, in the backdrop of assuming the G20 presidency in 2023.
• India is also working for strengthening the effectiveness of institutions such as FATF (Financial Action Task Force)and IMF (International Monetary Fund).
• According to FM, G20 presidency will provide an excellent platform for India for putting forward its vision regarding the future reflecting sustainability, innovation, inclusiveness and justice.
• Road to India’s 2023 presidency is interesting and challenging.

Presidency of G20

Emerging market economies will hold the presidency for G20 presidency till 2025. Indonesia will hold it in 2022 while India in 2023.

Themes and Priorities set by India

Themes and priorities that India has placed before the G20 reflects those issues wherein emerging market economies can work jointly in order to enable G20 to play a more constructive role across the global policy arena. The theme will also reaffirm the importance of multilateral cooperation and ensure that multilateralism leads to expansion of opportunities. It will also provide direction to G20 in reaching out to global community beyond the G20 membership.

Impact of US taper tantrum on India

On US ‘taper tantrum’ impact on India, FM said, India has learnt its lessons from the taper tantrum that led India to being included in ‘fragile five’ economies.

What is taper tantrum phenomenon?

The taper tantrum phenomenon denotes the 2013 collective reactionary response which triggered an increase in US treasury yields, after investors came to know that US Federal Reserve was slowly putting holds on its quantitative easing (QE) programme. This move has led to inflation in double digits across the emerging economies.

Month: Current Affairs - October, 2021