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Union Finance Minister Nirmala Sitharaman on Wednesday interacted with the Minister of Economy and Finance of Italy, Daniele Franco.

The virtual interaction took place ahead of the third meeting of G20 finance ministers and central bank governors which is scheduled on July 9 and 10, 2021, under the Italian G20 presidency. This will be the first in-person Finance Track meeting since February 2020.

"Ahead of the Third #G20 Finance Ministers and Central Bank Governors Meeting, Union Finance Minister Smt @nsitharaman virtually interacted with H.E. Daniele Franco, Minister of Economy and Finance, Italy and discussed matters of global economic importance," said a tweet by the Finance Ministry.

The upcoming meeting of the G20 finance ministers gains significance amid the severe second wave of the Covid-19 pandemic which has hit India hard. Further prospects of a global recovery and unprecedented low interest rates across countries leading to concerns of inflation are also major issues.

According to information on the G20 website, its members will progress their discussions on issues related to international economy and global health, and on the efforts geared towards economic recovery and promoting a more sustainable growth.

Ministers and governors will also touch upon the link between the digital revolution and productivity, support to the most vulnerable countries, international taxation matters, financial sector issues, and financing the green transition, said a statement on the website.