Union Finance Minister Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman

New Delhi: Speaking at the annual meeting of the International Monetary Fund (IMF) and World Bank in Washington, Finance Minister Nirmala Sitharaman called for 'concerted action' to mitigate the disruption on account of synchronous slowdown and to invoke the spirit of multilateralism for global growth.

With protectionism taking toll on the growth of the world economy and affecting many countries, Sitharaman said that the ongoing trade wars have caused uncertainties and will ultimately impact the flow of capital, goods and services.

Drawing the attention of major countries to the current economic issues, Sitharaman said the increased trade integration, geopolitical uncertainties, and high accumulated debt levels necessitate strong global coordination.

"We need not wait for the slowdown to become a crisis," she cautioned as per a Finance Ministry statement.

Sitharaman also led the Indian delegation to the G20 Finance Ministers and Central Bank Governors meeting in which the discussions centred

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