Need to enhance global risk monitoring: Sitharaman

Finance Minister Nirmala Sitharaman on Saturday emphasized the need to enhance global risk monitoring and explore the scope for policy co-ordination to deal with such risks. Speaking at G-20 Finance Ministers and central bank governors meeting in Riyadh, she called upon all the member countries to enhance their efforts aimed at empowering women, youth and small and medium enterprises (SMEs).

"Finance Minister Smt @nsitharaman called upon the G20 to enhance global risk monitoring and explore the scope for policy co-ordination to deal with such global risks," a tweet by the Finance Ministry said. Sitharaman was the lead speaker during the session on "Enhancing Access to Opportunities for All" in the G20 Finance Ministers and Central Bank Governors Meeting on Saturday.

"Finance Minister Smt @nsitharaman emphasized that growing inequality has slowed down the pace of intergenerational mobility globally. She pointed out that identifying the causes and developing solutions require co-ordinated policy solutions," the ministry tweeted. The minister also highlighted the initiatives undertaken by the Indian government for empowering women such as 'Stand Up India' and the STEP scheme.

She emphasized the risk and collateral-free MUDRA scheme for the SME segment in the meeting, the ministry said. Sitharaman held bilateral talks with her counterparts from other countries and Organisation for Economic Co-operation and Development officials on the sidelines of the G20 event.

She expressed empathy with the people of China, suffering from the coronavirus epidemic and extended India's support in this hour of need, the ministry said in a tweet.