India has underlined the need to understand the global spillovers of domestic policy actions, especially in the area of trade and financial regulations, the Finance Ministry said on Friday."It is important to understand the global spill-overs of domestic policy actions of individual member countries especially on matters related to trade and financial regulation," Finance Minister Arun Jaitley said while addressing the G-20 Finance Ministers and central bank governors meeting here on Thursday. Jaitley is on a week long official tour of the US to attend the annual meetings of the International Monetary Fund (IMF) and World Bank. Among other issues, the meeting here discussed the IMF's G-20 report on "Strong, Sustainable, and Balanced Growth", the statement said."The report is a useful starting point for studying present challenges facing the global economy and in formulating G-20 response towards addressing these challenges," the statement cited Jaitley as saying."Clear descriptions of the policy scenario in each country, the availability of policy space, key challenges and recommended actions may also be shared," he said with reference to the report. "This would allow for improved identification of challenges which are relevant to all members, as well as policies that can be undertaken in a coordinated manner," he added.