Economic Affairs Secy urges enhanced public debt transparency

In a bid to mitigate the growing debt concerns of Low Income Developing Countries (LIDCs), Department of Economic Affairs (DEA) Secretary Subhash Chandra Garg urged the World Bank, International Monetary Fund (IMF) and other international organisations to develop and articulate a clear strategy for enhancing public debt transparency on both the debtor and creditor's side.

Speaking at the G-20 Finance Ministers and Central Bank Governors (FMCBG) meeting here, Garg stressed that in tackling Sustainable Development Goals, the increasing debt burden in LIDCs is a massive hindrance, as they face challenges centered on equitable growth, resilience, finance and partnerships, and leveraging external public and private finance.

The DEA Secretary further informed that India is investing in digital technologies, encouraging private sector to adapt these technologies and also addressing the taxation related issues by introducing equalisation levy.

"The scope of strengthening bilateral and regional financing agreements is also important. India has started adopting policies and programmes for transforming systems of delivery of services using digital technologies and connecting every Indian with digital technologies and access through Aadhaar and other such means. Digital age technologies also have enormous implications for emerging markets and developing countries," he added.

Garg, who also attended an event hosted by the US-India Strategic Partnership Forum on 'Indian Economy: Prospect and Challenges', said the reforms undertaken by the government for raising economic growth and maintaining macroeconomic stability have made India one of the fastest growing major economies in the world.

"The launch of the Goods and Services Tax (GST) represents an historic economic and political achievement, unprecedented in Indian tax and economic reforms, which has rekindled optimism on structural reforms. India carried out such major reforms when the global economy was slow. With the cyclical recovery in global growth amid supportive monetary conditions and the transient impact of the major structural reforms over, India will continue to perform robustly," he added.

On the sidelines of the 2018 Spring Meetings of the World Bank and IMF in Washington, Garg also held bilateral meetings with the General Director of Treasury, France; CEO, GEF; and CEO, MIGA. He also met with the United States Agency for International Development (USAID) and discussed areas of cooperation for cost effective innovations and best practices in the field of development.

The top Finance Ministry official is currently on an official tour to Washington to attend the spring meetings of the IMF, World Bank and other associated meetings, and is being accompanied by Reserve Bank of India (RBI) governor Urjit Patel and other senior officials.