Participating in a virtual session of G20 Finance Ministers and Central Bank Governors (FMCBG) hosted by Saudi Arabia, Finance Minister
also talked about the measures taken by the Indian government to provide the vulnerable sections with swift, timely and targeted assistance.
In her intervention, the minister talked about the role the member countries can play in “safeguarding the lives and livelihood of people while maintaining macroeconomic stability in a sustainable manner”, said an official release.
She also shared with her G20 counterparts the measures taken by the Indian government to provide the vulnerable sections with swift, timely and targeted assistance. In her address on Wednesday, she said that within a couple of weeks India has disbursed financial assistance amounting to $3.9 billion to more than 320 million people, with a special focus on direct benefit transfer through digital technology so that the exposure of beneficiaries to public places is minimised.
Sitharaman also said that the policy measures undertaken by the Government of India, RBI and other regulators have helped in de-freezing the market and catalysing credit flows.
An action plan has been prepared by G20 members on the directions of G20 leaders to protect lives, safeguard people’s jobs and incomes, restore confidence, preserve financial stability, revive growth and recover stronger, provide help to countries needing assistance, coordinate on public health and financial measures and minimise disruption to global supply chain.
Referring to the action plan, Sitharaman said that it was a step in the right direction and would guide individual and collective actions for the G20 members in responding to Covid-19 pandemic in short and medium term.