New Delhi, Apr 15 (UNI) India has called for a credible policy response to revive trade and boost sagging global economic growth while avoiding protectionist measures and competitive currency devaluation. “Declines in both imports and exports were recorded in all G20 economies in 2015. We, therefore, need to articulate an effective and tangible policy response to revive the trade engine of the global economy. Countries must avoid trade protectionist measures, and refrain from competitive devaluations,” Finance Minister Arun Jaitley said yesterday while addressing G20 finance ministers and central bank governors meeting on ‘Global Economy and Framework for Strong, Sustainable and Balanced Growth’ in Washington DC. Significantly, addressing an event of International Monetary Fund last month, Prime Minister Narendra Modi had hinted that India will not use currency devaluation as a strategy to shore up its exports. Mr Jaitley said weak demand, tighter financial markets, softening trade and volatile capital flows are the key downside risks that could derail the fragile global recovery, a statement released here said. “In order to move out of the current equilibrium of low global growth, it is important for us to correctly identify and remove vulnerabilities and build a resilient set of institutions. Timely and coordinated efforts by all G20 members can have a positive impact by preventing further deterioration in the economic outlook and creating conditions which will be conducive for higher global growth,” Mr Jaitley added. He also underscored the asymmetry in the global financial net, saying emerging economies like India do not have access to swap lines unlike advanced countries, meaning they have to use their own reserves in times of currency shocks. UNI NM AE 1639