Page 110 - Nirmala Sitharaman

Coal to be back again as gas becoming unaffordable: FM Nirmala Sitharaman

Given the global energy crisis, Finance Minister Nirmala Sitharaman has said that coal is going to be back again as gas has become unaffordable. Sitharaman, who attended the annual meetings of the International Monetary Fund and the World Bank, said the western world has seen countries moving to coal. The Western world has seen countries moving to coal. Austria has already said, and todaythey are going back to coal, Sitharaman told a group of reporters from India during an interaction on Saturday. Russia has sharply curtailed natural gas shipments to Europe in retaliation for sanctions that the West put in place after its invasion of Ukraine. In late April, Russia cut off gas supplies to Bulgaria and Poland after they refused Moscow's demand to pay for the deliveries in rubles, Russia's currency. Also, apart from that many countries in the West are moving away from coal to generate electricity as it contributes to climate change and air pollution. Responding to a question on her

World Bank offers to take India's digitisation to rest of world: Sitharaman

World Bank President David Malpass has offered to work with India to take its successful digitisation efforts to other countries so that they can also benefit from it, Finance Minister Nirmala Sitharaman has said. Speaking to Indian reporters on Saturday during a press conference towards the end of her trip to Washington city where she attended the annual meetings of the International Monetary Fund and the World Bank, Sitharaman said there was a request extended to India to showcase how Indian people have accepted the deepening digital applications. In fact, today, in my meeting with the World Bank President David Malpass, he said that you should now showcase the deepening of digital applications in India and how common people have accepted it, Sitharaman said after she met Malpass at the World Bank headquarters here. He said he will be happy from the World Bank side, to work together with India to be able to take it to the other parts of the world. There is not just the World Bank

India aims to develop tech-driven crypto regulatory framework: Sitharaman

India is aiming at developing standard operating procedures for cryptocurrency during its G20 presidency next year, Finance Minister Nirmala Sitharaman has said, underlining that all countries want the technology to survive but not be misutilised. That (crypto) will also be part of India's thing (agenda during G-20 presidency), Sitharaman told a group of Indian reporters on Saturday before concluding her trip to Washington DC to attend the annual meetings of the International Monetary Fund and the World Bank. India will assume the Presidency of the G20 for one year from December 1, 2022 to November 30, 2023. Under its Presidency, India is expected to host over 200 G20 meetings across the country, beginning December 2022. Sitharaman has been making a strong case for global regulation of cryptocurrencies to tackle the risks on money laundering and terror funding. Noting that institutions, which are associated with the G-20 or the World Bank or any such organisation, are doing their o

ED 'completely independent'; not used for vindictive purpose: Sitharaman

The Enforcement Directorate is "completely independent" in what it does, Finance Minister Nirmala Sitharaman has said, refuting allegations that it is being used by the government for political or vindictive purposes. Speaking at a news conference on Saturday towards the end of her trip to Washington where she attended the annual meetings of the International Monetary Fund and the World Bank, Sitharaman denied causing any kind of fear in the corporate sector and the civil societies through two of its wingsthe Income Tax and the Enforcement Directorate (ED). Well, the ED is completely independent in what it does and it is an agency which follows on predicate offences. The first offence is already picked up by any other agency, whether it is a Central Bureau of Investigation or any other agency, and it is post that the ED comes into the picture, Sitharaman said. She dismissed fears that there is any malafide intent of using such institutions to go after sections of private capital and

Indian Rupee has performed much better, says FM Nirmala Sitharaman

Union Minister for Finance & Corporate Affairs Nirmala Sitharaman on Saturday (local time) said that Indian Rupee has performed much better than many other emerging market currencies in reference to the value of Rs dropping against the USD as geo-political tensions continue to rise.Speaking at a media briefing on her official US visit, she explained that it was not the Rs weakening rather USD was strengthening.Responding to ANI on measures being taken to tackle the slide, she said, "First of all, I will look at it, not Rupee sliding and look at it as USD strengthening incessantly. So, obviously, all other currencies are performing against the strengthening of the USD. It is a matter of fact that Indian Rupee has probably stood this USD rates going up, exchange rate in favour of the USD. The Indian rupee has performed much better than many other emerging market currencies. The efforts of RBI are more towards seeing that there is not too much volatility, it is not to intervene in .

Countries concerned of effects of developed nations' decisions: Sitharaman

During the just concluded annual meetings of the International Monetary Fund and the World Bank, several countries including India expressed concern over the spillover effects of political and economic decisions of developed nations, Union Finance Minister Nirmala Sitharaman said. The minister said she raised the issue prominently during her meetings here. Earlier this week, Sitharaman had said that in the near-term, advanced nations must take responsibility for the global spillover of their political and economic decisions and put in place safety nets rather than impose sanctions on nations who are merely fulfilling their moral and democratic obligations for their people. Her remarks came in the wake of the push by the US-led western countries to reduce their oil purchase from Russia and warning to other nations that they would face sanctions if they continued to do so. In an interaction with a group of Indian reporters here on Saturday, she said she raised the issue during her ..

Inflation 'manageable' at 7.4%, love to see it down to 4%, says Sitharaman

However, anticipating critics, Sitharaman added that the government is working to bring it down under 6% and would like to bring it down under 6% and "ideally" to 4%

Sitharaman flags downside risks due to economic slowdown at IMF meet

Nirmala Sitharaman shared concerns on key downside risks to the economy owing to slowdown in growth in major economies during a meeting at the IMF headquarters

Remain steadfast on principles of common responsibilities: FM to World Bank

Nirmala Sitharaman 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

Sitharaman discusses global economic situation with EU economy commissioner

India's Finance Minister Nirmala Sitharaman met European Union's Commissioner of Economy Paolo Gentiloni here and the two leaders discussed the current global economic situation, the Union Ministry of Finance said. Sitharaman is here to attend the annual meetings of the International Monetary Fund and the World Bank. On the sidelines of these, she has been holding a number of bilateral and multilateral meetings. During their meeting on Friday, Sitharaman and Gentiloni discussed issues related to the global economy and furthering India-EU collaboration during India's Presidency of the G-20 in 2023, the ministry said. They also discussed the need to further strengthen Multilateral Development Banks to enable them to help countries in need, it said. So far, Sitharaman has held nearly a dozen bilateral meetings with her counterparts from major countries and those from the neighbourhood. She met German Finance Minister Christian Lindner on Thursday. The two ministers discussed several

Despite global headwinds, Indian economy will stay on course: Sitharaman

The Indian economy will stay on course despite global headwinds and is projected to grow at seven per cent in fiscal 2022-23, Finance Minister Nirmala Sitharaman has said, attributing this to the conducive domestic policy environment and focus on key structural reforms. Sitharaman's remarks came during her intervention at the plenary session of the international Monetary Finance Committee (IMFC) on Friday. The meeting itself, she said, is being held at a juncture when the global economic outlook is clouded by key downside risks: growth slowdown in major economies, cross-border effects due to the ongoing geopolitical situation, inflationary pressures led by escalating food and energy prices that have adversely impacted vulnerable economies. Despite global headwinds, the Indian economy will stay on course and is projected to grow at seven per cent in FY 2022-23. This is an outcome of the conducive domestic policy environment and the government's focus on key structural reforms to boos

Decline in India's forex largely due to appreciating US dollar: Sitharaman

The decline in India's foreign exchange reserves is largely due to the valuation changes arising from an appreciating US dollar, Union Finance Minister Nirmala Sitharaman said. She made the remarks while addressing the International Monetary Finance Committee (IMFC) during the ongoing annual meeting of the World Bank and the International Monetary Fund (IMF) here on Friday. "India's foreign exchange reserves at USD 537.5 billion as on September 23, 2022, compare favourably with most peer economies. Two-thirds of the decline in reserves is due to valuation changes arising from an appreciating US dollar and higher US bond yields," Sitharaman said. Indeed, there has been an accretion of USD 4.6 billion to the forex reserves in Q1:2022-23 on a balance of payments (BoP) basis. Other external indicators like net international investment position and short-term debt also indicate lower vulnerability, she said. In fact, India's external debt to GDP ratio is the lowest among major emerging

India among very few standout performers in a world of uncertainties: FM

In a world of uncertainties, India is one of the very few standout performers, Union Finance Minister Nirmala Sitharaman said on Friday, a day after the International Monetary Fund described the country as a bright spot in a global economy which is facing an imminent recession. Sitharaman was addressing the International Monetary Finance Committee during the ongoing annual meeting of the World Bank and the IMF. "In a world of uncertainties, India is one of the very few standout performers," the minister said. She said India's National Statistical Organisation (NSO) has now placed the GDP growth for Q1 of the current financial year 2022-23 at 13.5 per cent on a year-on-year basis the highest among the large economies. Sitharaman said this was achieved despite the fact that India started the monetary normalisation process quite early: surplus liquidity is being absorbed with the Standing Deposit Facility instituted in April 2022 and interest rate hikes from May this year. The centr

FM Sitharaman offers open source network India Stack to other countries

Separately on Thursday, at the G-20 meeting, Sitharaman called on her counterparts to work together from the current geopolitical risks from worsening

India briefs G20 FMs, central bank governors on its 2023 presidency agenda

India on Thursday briefed the finance ministers and central bank governors of G-20 countries about its agenda for the next year when it assumes the rotating annual presidency of the grouping. India will take over the G20 Presidency in 2023, including the finance track. The ministers and governors have been briefed about the proposed main priority agendas from the 2023 India Presidency, Indonesian Finance Minister Sri Mulyani Indrawati told reporters during a press conference held here on the sidelines of the annual meetings of the International Monetary Fund and the World Bank. Indonesia currently holds the presidency of G-20 countries. On Thursday Indrawati chaired meetings of finance ministers and central bank governors of G-20 countries, which among others was attended by Union Finance Minister Nirmala Sitharaman and Reserve Bank of India Governor Shaktikanta Das. It is during this meeting and the breakfast meeting hosted by Sitharaman earlier in the day for the finance minister

India's 5G technology is completely indigenous, says FM Sitharaman

Ushering in a new technological era, Prime Minister Narendra Modi launched 5G services this month

India has set global benchmarks; economic revival on sustained path: FM

Union Finance Minister Nirmala Sitharaman said that India is setting the global benchmarks on the digital front and that it will be able to face geopolitical and economic uncertainties

India's public goods are available for countries in need: FM Sitharaman

Observing digitalisation has become the biggest advantage in India in the last two years, Union Finance Minister Nirmala Sitharaman on Thursday said that India's public goods are available for countries that need them. Sitharaman said the open-source network that the government of India has created as a public good is helping small and medium industries to scale up their operations. Standing here I want to reiterate that India's public goods are available for countries which so they need it, Sitharaman told students of the Johns Hopkins School of Advanced International Studies (SAIS) during an interactive session on India's unique Digital Public Goods. The minister asserted that India has a digital stack that other countries can use. So if India today can talk of a digital stack, it's not talking of just payment where UPI, which is today acceptable in Singapore, UAE, and many other countries, she said. We are not talking of just Rupay cards, we are not talking of credit cards, we'

India's 5G indigenous; can reach other countries as well: FM Sitharaman

India has launched its indigenously developed 5G infrastructure and is ready to share it with other countries as well, Union Finance Minister Nirmala Sitharaman said on Thursday. The story (of India's 5G) is yet to reach the public, Sitharaman said in her interaction with students at the Johns Hopkins School of Advanced International Studies (SAIS). The 5G that we've launched in our country is completely standalone, she said in response to a question. There could be some parts coming from, say, countries like (South) Korea, but (not) coming from somebody else. So complete indigenous technology that we can now provide 5G (to any country) who wants it, she said. So, our 5G is not imported from somewhere else. It's our own product, Sitharaman said. The 5G services were recently launched by Prime Minister Narendra Modi in select Indian cities and are likely to cover the entire nation by 2024, she said. On 5G, I think, we can be immensely proud of India's achievements, Sitharaman said

FM Sitharaman calls for effective tax reporting regime on crypto assets

Finance Minister Nirmala Sitharaman on Thursday called for an effective tax reporting regime and information exchange between jurisdictions for crypto assets to combat offshore tax evasions. Participating in the G20 Finance Ministers and Central Bank Governors meeting here on the sidelines of the annual meetings of the IMF and the World Bank, Sitharaman intervened on a number of critical issues, including infrastructure, investments and international taxation. On scaling up sustainable and digital infrastructure investments, she highlighted the need to leverage private sector participation. She also spoke on mobilising finance at sub-national level for inclusive and quality infrastructure. The last session of the ongoing G20 meeting saw discussions on the progress made on the agenda of international taxation during this year. On the two-pillar solution, the finance minister called for participative engagement of all jurisdictions in negotiations and prioritising capacity building.