Asheville: Reserve Bank of India Governor Sanjay Malhotra participated in the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting in Asheville, in the US state of North Carolina, engaging with global counterparts on key economic and financial priorities.
The Governor also met Federal Reserve Chairman Kevin Warsh and the International Monetary Fund’s (IMF) First Deputy Managing Director Dan Katz on the sidelines of the FMCBG meeting, according to an RBI post on X.
India is taking part in the two-day G20 FMCBG meeting, with Finance Minister Nirmala Sitharaman is leading India’s delegation. The meeting, under the US G20 presidency, is focusing on global economic growth, financial stability, rising debt, trade, investment and reforms to the international financial system. US Treasury Secretary Scott Bessent has stressed the need for stronger growth, higher investment and better productivity to tackle growing global debt.
India is using the meeting to highlight the needs of emerging economies and promote sustainable growth, trade and investment. New Delhi also wants to strengthen economic ties with G20 countries and present India as a major hub for manufacturing, technology and innovation.
Finance Minister Sitharaman held talks with UK Chancellor of the Exchequer John Healey on trade and investment cooperation on the sidelines of the meet. She also met 3M CEO William Brown to discuss India’s manufacturing, technology and skilled workforce.
China’s large trade surplus is another key issue, with the US pushing for more balanced global trade and greater domestic consumption in China. China is saddled with excess industrial capacity as domestic demand is weak. This is resulting in cheap exports of Chinese goods flooding other countries where local industries are getting hurt, and workers are losing jobs.
At the G20 finance meeting, US Treasury Secretary Bessent led 19 other member nations in backing language to curb non-market policies and excessive external trade surpluses.
China was the lone holdout, refusing to sign the consensus. People’s Bank of China Governor Pan Gongsheng argued that global imbalances require structural reforms from both deficit and surplus nations, noting that protectionism and unpredictable policies worsen economic strains.
Because of China’s objection, the G20 failed to release a traditional joint communique, forcing the US host to issue a chair’s statement instead.