Asheville, North Carolina — Reserve Bank of India Governor Sanjay Malhotra met Federal Reserve Chairman Kevin Warsh and other global financial leaders on the sidelines of the G20 Finance Ministers and Central Bank Governors meeting in Asheville, North Carolina.
According to a post by the RBI on X, Malhotra also met International Monetary Fund First Deputy Managing Director Dan Katz during the gathering.
India is participating in the two-day G20 finance meeting under the U.S. presidency, with Finance Minister Nirmala Sitharaman leading the Indian delegation. Discussions are focused on global 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 improved productivity as countries grapple with rising debt burdens.
India is using the meeting to emphasize the concerns of emerging economies while promoting sustainable growth, trade and investment. New Delhi is also seeking to deepen economic ties with other G20 members and position India as a major destination for manufacturing, technology and innovation.
On the sidelines of the meeting, Sitharaman held talks with U.K. Chancellor of the Exchequer John Healey on expanding trade and investment cooperation. She also met 3M CEO William Brown to discuss India’s manufacturing capabilities, technology sector and skilled workforce.
Global trade imbalances, particularly China’s large trade surplus, have emerged as another major issue at the meeting. The United States has pushed for more balanced trade and stronger domestic consumption in China amid concerns that excess Chinese industrial capacity is contributing to a surge in low-cost exports.
At the meeting, Bessent led 19 other G20 members in supporting language aimed at addressing non-market policies and excessive external trade surpluses.
China declined to support the proposed consensus. People’s Bank of China Governor Pan Gongsheng argued that global economic imbalances require structural reforms by both deficit and surplus countries, while warning that protectionism and unpredictable policies can worsen economic pressures.
Because China did not support the language, the G20 was unable to issue its traditional joint communique. The United States, as host, instead released a chair’s statement summarizing the discussions. (Source: IANS)
