Page 89 - Nirmala Sitharaman

India sees oil cuts, war impact as biggest risks to economy: FM Sitharaman

She also said possible recessions in the US or other developed countries could be a drag on India by hurting exports, particularly manufacturing

India, US working towards for strong, peaceful global community: Sitharaman

India and the US are together building a foundation for a strong, peaceful and harmonious global community, Union Finance Minister Nirmala Sitharaman has said. "When we celebrate diversity, celebrate inclusiveness, it is also the point that we share a lot of positive thoughts when we are doing this," the finance minister said. Today when "we celebrate togetherness, it is that spirit which governs India and US relationship: a positive thinking relationship of two democracies, which have their own share of challenges and their own share of internal problems, but we don't allow them to overwhelm us", she said. The minister was addressing Indian Americans at an event organised by the Indian Embassy here to celebrate the country's diversity. "We are together and building strong foundations for a strong, peaceful and harmonious global community. That's where, I think, the contribution of the Indian diaspora, here people of Indian origin, to the US is very important," she said. "You ...

Crypto issue requires immediate attention, says FM Nirmala Sitharaman

Issues related to crypto assets require immediate attention and the response of the G20 has to ensure that they do not lose any potential benefits while protecting economies from harm, Union Finance Minister Nirmala Sitharaman has said. Sitharaman was part of a brainstorming session on "Macrofinancial Implications of Crypto Assets" with G20 finance ministers and central bank governors at the IMF's headquarters here on Friday. India currently holds the rotating annual presidency of G20 countries. Issues related to crypto have emerged as a major point of discussion among G20 countries and there is unanimity among member nations about the urgency to regulate this sector. The brainstorming session was attended by global experts on this issue. In her remarks, Sitharaman said the G20 acknowledges the work of the International Monetary Fund (IMF) and the Financial Stability Board (FSB) in bringing out key elements of policy and regulatory framework. She also said a synthesis paper, which

Climate change hitting us from various different angles: Nirmala Sitharaman

The Finance Minister said: "You need to have more people talking about it, more influential people talking about it"

Top headlines: Adani row probe, Ambani's plan to take on Netflix, Disney

Business Standard brings you the top headlines at this hour

India projected to grow at 7% in 2022-23, says Sitharaman at IMF meet

She highlighted that conducive domestic policy environment along with the Indian government's focus on structural reforms has kept domestic economic activity in India robust

Digital Public Infrastructure to benefit both public, private sectors: FM

She said that digital payments and consent-based data sharing have helped India to improve governance, bring ease of doing business and enable ease of living for the people of the country

LIVE: Arvind Kejriwal's fight against corruption won't stop, says AAP

Catch live updates from across the globe here

Post-pandemic development requirements becoming lot more focussed: FM

Speaking at a press briefing in Washington on Thursday, Union Finance Minister Nirmala Sitharaman said that the third pillar will now have to be sustainable goals and other climate-related objectives, climate funding, and so forth.Underlining how India's presidency has brought attention to the necessity to incorporate these factors while still being compatible with World Bank objectives and not merely balancing on them, Sitharaman said that New Delhi from its presidency very clearly highlighted that it's going to be how a perfect balance is traced the developmental goals and climate finance.Addressing the media queries, Sitharaman also highlighted the post-pandemic development requirements and laid emphasis on how the focus should lie on them, solely."Not just development funding for low-income countries, post-pandemic development requirements becoming lot more focussed. We're also highlighting core 2 things for World Bank - extreme poverty alleviation & bringing prosperity post

FM Sitharaman attends high-level meeting on Sri Lankan debt issues

Finance minister Nirmala Sitharaman attended a high-level meeting on Sri Lankan debt issues and expressed India's commitment to support Colombo in dealing with its current economic crisis. She emphasised that a collaboration among creditors is important to ensure transparency and equality in treatment of all creditors in the debt restructuring discussions. The high-level meeting took place on the sidelines of the International Monetary Fund (IMF)- World Bank (WB) Spring Meetings here on Thursday. Japan Finance Minister Suzuki Shunichi, Sri Lanka State Finance Minister Shehan Semasinghe and Emmanuel Moulin, Director General of the Treasury, France were present in the meeting. Sri Lanka President Ranil Wickremesinghe participated virtually, an official statement said. The purpose of the event was to demonstrate the multilateral cooperation regarding the debt restructuring process among the creditors, together with Sri Lanka, it said. In the event, the ministers announced the launch

India, Japan can work together for greater synergy between G7-G20: FM

India and Japan can work together to achieve greater coordination and synergy between G7 and G20 member countries, Union Finance Minister Nirmala Sitharaman has said. India holds the annual revolving presidency of G20 countries and Japan is the current president of G7 countries. Sitharaman said Japan has invited her to the meeting of G7 finance ministers and central bank governors in May and she is considering attending it. We are certainly looking forward to having greater interaction with the Japanese government and because in its capacity as G7 president, we are exploring all the possible areas of cooperation and areas of mutual interest so that we are able to stand together and serve the global requirements as time demands, she said. Sitharaman said the two countries continue to have engagement in areas of food security, development finance, climate and energy, environment, digitalisation, disaster risk reduction and health. "These are topics on which we are specifically engag

G20 agrees that debt restructuring must be speedily dispensed with: FM

Debt restructuring and resolution are urgent issues for many low and middle income nations, and the G20 agrees that these matters must be speedily dispensed with, Union Finance Minister Nirmala Sitharaman has said. She told a press conference here on Thursday that discussions of G20 countries and multiple stakeholders on these issues on the sidelines of the annual spring meeting of the IMF and the World Bank were to ensure that resolution for countries in debt should happen in time. Representatives of some of the countries facing debt such as Sri Lanka, Zambia, Ghana and Ethiopia were present for the discussions. The finance minister said the Global Sovereign Debt Roundtable, held on Wednesday, has also brought in a certain avenue for people to talk about how they will have to work towards addressing debt distress and amid an emerging global debt landscape, Sitharaman said. Zambia did mention that it had applied almost a year and a half ago for debt resolution and is still waiting.

G20 consensus that regulations on crypto assets has to be global: FM

Members of the G20 agree that a globally coordinated understanding would be required not only to deal with the challenges posed by crypto assets but also to regulate them, Union Finance Minister Nirmala Sitharaman has said. The grouping has responded to the issue with alacrity and during India's presidency of the G20, a "synthesis paper" will be taken up on matters related to crypto assets, the minister told a press conference here on Thursday. "I am glad to say that there is a greater acceptance among all G20 members, that any action on crypto assets will have to be global," Sitharaman and added that "the G20, I think, has responded fairly with alacrity (on the crypto challenge)," she said. On the sidelines of the annual spring meeting of the International Monetary Fund (IMF) and the World Bank, Sitharaman along with Reserve Bank of India Governor Shantikanta Das co-chaired a meeting of finance ministers and central bank governors from member countries. Issues related to crypto ..

Global sovereign debt roundtable for improving info sharing on debt rejig

The Global Sovereign Debt Roundtable (GSDR) has agreed on urgently improving information sharing, including on macroeconomic projections and sustainability assessments, at an early stage of debt restructuring processes. Co-chaired by the International Monetary Fund Managing Director Kristalina Georgieva, World Bank Group President David Malpass and Union Finance Minister Nirmala Sitharaman, the GSDR on Wednesday discussed debt sustainability, and debt restructuring challenges and ways to address them. As a priority for India's G20 Presidency, she said there is a need to augment present global efforts, including those of the G20, to address growing debt distress across the globe. Sitharaman stressed on debt transparency and information-sharing as well as clarity on the comparability of treatment, predictability and timeliness of the debt restructuring process, including those for steps involved in the process and ways to assess and enforce. Discussions focused on the actions that ca

LIVE: Delhi records 1,527 fresh Covid-19 cases, two deaths reported

Catch live updates from across the globe here

Global economic outlook a cause for concern: FM Nirmala Sitharaman

Sitharaman strongly called for timely debt restructuring as the solution to the global debt crisis is closely intertwined with addressing the global poverty challenge

India remains concerned about global economic outlook: FM Sitharaman

India remains concerned about the global economic outlook and geopolitical environment, despite this year's projected growth rate of over six per cent for the country's economy, Union Finance Minister Nirmala Sitharaman has said. She also told global leaders that the current headwinds and strained global supply chains have put a tremendous pressure on the global economy, marked by persistently high interest rates, northbound inflationary pressures and currency depreciation. The recent turbulence in the banking sector in some advanced economies has further increased the challenges to global economic recovery and increased fiscal pressures, especially on EMDEs and LDCs, she said at the 107th meeting of the Development Committee during the annual meeting of the International Monetary Fund (IMF) and the World Bank. Continued disruptions to global supply chains are still straining food, fuel and fertiliser supplies, and endangering food and energy security. This is disproportionately ...

Need to address growing debt distress across the globe: Nirmala Sitharaman

Sitharaman also emphasised the need for debt transparency, information exchange, and clarity regarding the treatment of different debt situations on par, predictability of the process, and timeliness

Govt committed to reforms for a stronger India: FM Nirmala Sitharaman

Sitharaman is in the US to participate in the World Bank and International Monetary Fund (IMF) Spring meet

Consensus on definition of global challenges essential for MDB: Sitharaman

The discussion focused on the impact of global development challenges like climate change, pandemics, fragility and conflict on development progress and reforms at the World Bank