India to take up currency devaluation issue at G20

New Delhi: Ahead of the meeting of G20 finance ministers and central bank governors in Turkey, India today said competitive devaluation of currency is a major threat to stability in the global economy. "Competitive currency devaluations, at a time when global demand is sluggish, is a major threat to stability in the global economy," an official release said as Finance Minister Arun Jaitley left for Ankara. He would participate in a two-day conference of G20 finance ministers and central bank governors, who will take stock of the global economic situation and review the member nations' growth strategies. "The main purpose of these meetings is to review ongoing global economic developments, growth prospects, investment and infrastructure, international financial architecture and international tax issues among others," the release said.