RBI Governor Sanjay Malhotra Meets Fed Chairman Kevin Warsh at G20 Finance Meeting
Asheville, N.C. — Reserve Bank of India Governor Sanjay Malhotra met Federal Reserve Chairman Kevin Warsh on the sidelines of the G20 Finance Ministers and Central Bank Governors meeting in Asheville, North Carolina, as officials from the world’s largest economies gathered to discuss global growth and financial stability.
Malhotra also held talks with International Monetary Fund First Deputy Managing Director Dan Katz, according to a post by the RBI on X.
India is participating in the two-day G20 meeting with Finance Minister Nirmala Sitharaman leading the country’s delegation. Discussions under the U.S. G20 presidency are focused on economic growth, financial stability, rising debt levels, trade, investment and reforms to the international financial system.
U.S. Treasury Secretary Scott Bessent has called for stronger economic growth, increased investment and higher productivity as governments grapple with mounting global debt.
India is using the meeting to raise issues affecting emerging economies while promoting sustainable growth, trade and investment. New Delhi is also seeking to strengthen economic ties with other G20 nations and reinforce India’s position as a center for manufacturing, technology and innovation.
On the sidelines of the meeting, Sitharaman held discussions with British Chancellor of the Exchequer John Healey on trade and investment cooperation. She also met 3M CEO William Brown to discuss India’s manufacturing capabilities, technology sector and skilled workforce.
China’s large trade surplus has emerged as another major issue at the meeting, with the United States pushing for more balanced global trade and stronger domestic consumption in China.
Bessent led 19 other G20 members in supporting language calling for action against non-market economic policies and excessive external trade surpluses.
China declined to support the language. People’s Bank of China Governor Pan Gongsheng argued that global economic imbalances require structural reforms in both deficit and surplus countries and warned that protectionism and unpredictable economic policies could intensify existing pressures.
China’s objections prevented the group from issuing a traditional joint communiqué, prompting the United States, as host, to release a chair’s statement instead. (Source: IANS)
