Finance ministers and central bank governors of G20 nations, including India, will brainstorm here for two days beginning tomorrow to chalk out strategies for faster and sustainable global growth, taxation reform and infrastructure funding.
Besides, developing countries such as India will pitch for the much-awaited quota reforms in the International Monetary Fund (IMF), seeking a greater say in global affairs. The global economy and infrastructure are key discussion points on the agenda for the G20.
India's Finance Minister P Chidambaram will discuss key challenges facing the global economy, IMF quota reforms, issues related to investment and infrastructure, financial regulation and tax matters, according to a statement.
Earlier in the day, US Treasury Secretary Jack Lew said further progress is needed globally to achieve faster and more balanced growth around the world. "Despite signs of improvement, global growth remains uneven and well below potential, while unemployment remains stubbornly high in many places," the G20 portal quoted him as saying. Treasurer of host Australia Joe Hockey said over the next few days, infrastructure will be the key discussion point. For many of our countries, we've run out of money, from the government perspective...we need to facilitate more private sector investment in infrastructure and particularly in essential, productive infrastructure in order to get the growth that is so necessary for our economies," he said.
About USD 57 trillion is needed to fund infrastructure globally by 2030, according to McKinsey Global Institute. Lew said tax reform was among the G20's most crucial initiatives. "The G20's work on tax cooperation is among our most important new initiatives," AFP quoted Lew as saying.
"Automatic exchange of information has quickly become the new global standard, and I believe that the G20 should continue to provide its full support and encourage all nations to adopt the standard," he added.