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'Prices of petroleum products burden on finances'

June 23, 2014

INDIA on Sunday assured the G-20 members, comprising the world's largest advanced and emerging economies, that the policies of the new government will deepen the reform process to put the economy on a strong sustainable and balanced growth path.

According to an official statement issued here, finance secretary Arvind Mayaram flagged the negative fallout of the Iraq crisis for the emerging economies at the G20 meeting in Melbourne, Australia Mayaram said the global context is increasingly challenging and becoming less supportive for the growth prospects of emerging economies.

He said that emerging markets are going through a phase of tepid economic activity with some of them seeing significant "negative output gaps". "Recent developments in Iraq have created huge uncertainties with an overhang on the global economy.

The volatility in petroleum prices have put pressure on the fisc in countries like India," Mayaram pointed out.

Mayaram also emphasised the need for the US to withdraw its monetary stimulus in close coordination with member countries of the group.

Mayaram also apprised the G20 meeting of the Narendra Modi-led government's new thrust on economic growth.

"We will be strengthening our growth strategies as per priorities of the new government."

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Source: Mail Today (India)

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