to economic agents and helps to enhance the transmission of policy impulses. this is particularly true in the case of the bank ’ s current policy framework of inflation targeting where the central bank ’ s ability to anchor private sectors ’ inflation expectations plays a crucial role in the achievement of its inflation targets. moreover, communication with the public and transparency are central tenets of inflation targeting and therefore underscore the role of the media in conveying policy decisions to economic agents. 5. members of the press, ladies and gentleman, remarkable progress was further made on the macroeconomic front in the past year. in particular, the latest economic data reflect strong growth prospects, single digit inflation since april 2018, and three consecutive years of record trade surpluses which has enhanced prospects of additional reserves build - up. monetary policy implementation has remained prudent to critically deal with inflationary risks in the outlook in support of broader macroeconomic objectives. 6. on the financial sector, the bank concluded the two - year comprehensive clean - up and recapitalisation reforms. these reforms have helped restore public confidence in the sector, strengthened financial sector stability and resilience, and promoted ethical banking practices. gains from these reforms have begun to reflect in key indicators of the industry including a rebound in credit growth and banks ’ profitability. the media has been particularly supportive in all our processes in carefully disseminating the central bank ’ s policies and outcomes to the public. let me thank you all once again for your various roles in this regard. 7. going forward, the bank will continue to pursue the appropriate mix of policies to sustain macroeconomic stability, a key pre - requisite for sustainable growth of the economy. the bank will also remain vigilant to sustain the progress made in restoring stability and confidence in the financial sector to forestall a recurrence of such malaise. it is clear at this stage that the media and journalists in general have a critical role to play in the sustenance of financial stability. in this regards, the bank will continue to expect your continued support in undertaking important tasks for the country. 8. before i conclude let me touch on the important significance of this year 2020. the year marks the first time fiscal policy management under a rule based regime will be tested in an election year and also from a monetary policy point of view, the first time the memorandum of understanding between the mof and the bog will also be tested in an election year. let me seize this opportunity to assure all that

keeping markets open – all derived in varying degrees from the g 20 package. five years on the crisis is still with us ; only its epicenter and the main actors have changed. during these five years, the world has also become privy to the differences on some vital issues within the g 20 membership. understandably therefore, there are concerns and apprehensions that the vaunted unity and sense of purpose that the g 20 showed earlier on are dissipating. my own view is that these differences should not be exaggerated. after all, in a world comprising nation states, there is no natural constituency for the global economy. there are bound to be differences when the agenda is so broad and country level compulsions are seen to be clashing with global interests. what is important is that we are able to resolve these differences with the realization that in a globalizing world, no country can be an “ island ”. what happens anywhere affects economies everywhere. global financial stability is a global public good, and there can be no more an effective forum than the g 20 to steer the world towards globally optimal solutions. having set that context, i will now address the following questions : ( i ) what is the g 20 and how does it function? ( ii ) why is the g 20 important? ( iii ) what have been / are the main issues on the g 20 agenda and india ’ s concerns regarding them? ( iv ) what are the future challenges for the g 20? what is the g 20? the g 20 is an informal club with 19 member countries and the european union which together represent 90 per cent of global gdp, 80 per cent of global trade and two - thirds of the global population. contrary to popular belief, the g 20 is not a new international grouping triggered by the global financial crisis. it was, in fact, triggered by an earlier crisis, the asian crisis of 1997. although, it has been meeting regularly since 1997, it acquired a higher profile and credibility in the aftermath of the global financial crisis during which time it was elevated from a finance ministers ’ forum to a leaders ’ forum. bis central bankers ’ speeches the chair of the g 20 rotates every year from country to country. the chair country takes the lead in formulating and driving the agenda. the g 20 leaders meet at the summit level once a year. 1 besides, the finance ministers and central bank governors of g 20 meet twice a year. all the meetings are typically held in, and hosted by,