Chidambaram in Japan to attend WB, IMF meets

After announcing big ticket reforms and defending the need for more reforms to steer Indian economy on the path of high economic growth, Union Finance Minister P. Chidambram will now impress global audience during an official tour to Tokyo, Japan to attend annual meetings of World Bank and IMF.

Finance Minister who left the Capital on Tuesday night will also attend BRICS Finance Ministers’ and G 24 Ministerial Meeting also during his this visit.

 This will be the first visit abroad of the Finance Minister Chidambram after taking over as the Finance Minister on August 1, 2012.

His visit comes at a time a when multilateral institutions and global agencies have revised India growth forecasts and downgraded India's rating during last few months.

On Tuesday IMF had revised the growth forecast for Indian economy at 4.9 per cent as against 6.2 per cent its earlier forecast and Asian Development Bank has now pegged it at 5.6 per cent as against 7 per cent for 2012.
 
Back home India's growth forecast too took a beating. The Reserve Bank of India has estimated the growth forecast for Indian economy at 6.5 per cent against its earlier forecast of 7.3 per cent while Planning Commission has revised it downward to 6 per cent from earlier 6.5 per cent.
 
Chidambaram will also hold bilateral meetings with Finance Ministers of Bangladesh, Canada, Iran, Australia, Bhutan, Senior Minister of International Monetary Cooperation, Sri Lanka, Secretary of Finance and Public Credit of Mexico, British Chancellor of the Exchequer and UK Secretary of State for Financial Development among others on the sidelines of the Annual Meetings of IMF and World Bank.

He will also hold meetings with World Bank President Jim Yong Kim, Akihiko Tanaka, President, Japan International Cooperation Agency and 2nd  Informal East Asia Finance Ministers’ Meeting during the visit.

During his visit, Finance Minister Chidambaram would impress the policy makers across the globe about how India has kicked off big ticket reforms whether allowing foreign direct investment in multi-brand retail, aviation, insurance and pension among other things.

The Finance Minister will leave for Bangkok on October 14, 2012 after completing his Tokyo visit.