Washington (US): India is always concerned about the global economic outlook and geopolitical environment, said Union Finance Minister Nirmala Sitharaman. She added, “Despite this year’s projected growth rate of 7 per cent for the Indian economy, we are concerned about the global economic outlook.”
Union Finance Minister Smt. @nsitharaman attends the Development Committee Meeting of the World Bank-IMF, in Washington DC, today. (1/4) pic.twitter.com/3naWwuBzvp
— Ministry of Finance (@FinMinIndia) October 14, 2022
The Finance minister attended the Development Committee Meeting of the World Bank-IMF on October 14. Sitharaman said that reducing crop loss and food waste should also be the first intervention of choice to ensure food security. The Union Finance Minister urged the World Bank to avoid a unidimensional view of subsidies and not to lose focus on the internationally agreed basic principle of common but differentiated responsibilities.
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Food and Energy Crisis paper
She further mentioned that the “Food and Energy Crisis paper” rightly identifies Energy Efficiency as the ‘first fuel of choice’. “Similarly, reducing crop loss and food waste should also be the ‘first intervention of choice’ to ensure #FoodSecurity,” the finance ministry quoted Sitharaman as saying.
Sitharaman has held back-to-back bilaterals with global finance ministers and heads of the top international organizations in Washington DC on topics centered on important economic issues.
The Finance Minister met International Monetary Fund (IMF) Deputy Managing Director Gita Gopinath, on the sidelines of the IMF-WB meeting and discussed current global matters, including food and energy security issues.
India setting global standards
India is now setting global standards and countries around the world recognise this scale of achievement, Sitharaman responded to a question on India’s economic prospects in the face of global uncertainty.
At a university event on Thursday, Sitharaman said that India is setting global benchmarks on the digital front and that there is a sense of confidence in the country that it will be able to face geopolitical and economic uncertainties and still perform.
They also held talks on global debt vulnerabilities, climate matters, Digital Assets and the upcoming G20 India Presidency.
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G20 Finance Ministers
On Thursday, Finance Minister Sitharman participated in the second day of the G20 Finance Ministers and Central Bank Governors Meeting in Washington DC.
Her interventions focused on infrastructure investments and International Taxation during the meeting on the sidelines of the annual meetings of the IMF and the World Bank Group (WBG).
