(a) whether India has convened a meeting of the Brazil, Russia, India, China and South Africa (BRICS)
Finance Ministers in September to discuss the current State of global economy and policy response
needed to combat it;
(b) if so, the details thereof;
(c) whether any concrete policy responses as independent nations and as BRICS collectively has been
adopted thereon; and
(d) if so, the details thereof and if not, the reasons therefor?
MINISTER OF THE STATE IN MINISTRY OF FINANCE (SHRI NAMO NARAIN MEENA)
(a) Yes, Sir. BRICS Finance Ministers and Central Bank Governors meeting under the Chairmanship of India
was held on 22nd September, 2011 at Washington DC on the sidelines of IMF/World Bank Annual Meetings.
(b) The meeting, among others, discussed the growing concern regarding the state of the global economy and
issued a communique at the end of the meeting on agreed issues including importance of maintaining
international policy cooperation and coordination to get growth back on track to ensure strong,
sustainable and balanced global growth and development.
(c) Yes, Sir. BRICS Finance Ministers and Central Bank Governors agreed that the current situation
required decisive actions.
(d) BRICS Finance Ministers and Central Bank Governors agreed to take necessary steps to secure economic
growth, maintain financial stability and contain inflation. They are also determined to speed up structural
reform to sustain strong growth which would advance development and poverty reduction at home and benefit
global growth and rebalancing. They will also work to intensify trade and investment flows among BRICS
countries to build upon their synergies.