Union finance minister Nirmala Sitharaman reached Washington on Sunday for a week-long visit to attend the 2023 Spring meetings of the World Bank Group and International Monetary Fund and other G20 meetings. Over 350 delegates from G20 members and 13 invitee countries will also participate in the meeting. Reportedly meeting will be held at IMF headquarters.In the latest statement, finance minister Nirmala Sitharaman said that Indias approach towards structural reforms has ensured that it remains a globally attractive destination and is well-positioned in the global economy, which is allowing it to grow briskly, possibly faster in upcoming years. During her statement at Peterson Institute for International Economics, Sitharaman said that Indias journey from the 10th largest economy in terms of dollars in 2014 to becoming the fifth largest economy has been one of steady acceleration in growth amidst global and domestic challenges.Sitharaman claimed that while delivering a greater standard of living and better quality of life for Indian households, India has connected its economy with international commerce and financial flows. “The structural reforms approach has guaranteed that India remains a globally attractive destination for investment, underpinned by the expanding domestic consumption of the middle class, vigorous infrastructure push by the government, sustainable fiscal health, and a thriving class of domestic institutional investors,” she said.She continued by saying that India prioritised macroeconomic stability while promoting inclusive growth by increasing the size and scope of budgeted spending while concurrently implementing extensive structural reforms like the implementation of the Goods and Services Tax, the Insolvency and Bankruptcy Code, and corporate tax rationing.Sitharaman also stressed India has ensured financial inclusion by developing an affordable and advanced public digital infrastructure, with the formalisation of the Indian economy and wider tax base being other benefits.India focusing on skills and digitalisation: SitharamanSpeaking at the Peterson Institute for International Economics, the finance minister said that the approach of the Indian government is to empower the poor people with at least the basic amenities. She added that India is reaching saturation in providing basic facilities to the people.Indias G20 presidency aims to develop a common frameworkFollowing the recent shocks experienced in the cryptocurrency market, Indias Finance Minister Nirmala Sitharaman stated that Indias G20 chair wants to create a standard framework for all governments to deal with risks related to cryptocurrencies.The collapse of FTX last year and its dispute with Binance led to a significant market sell-off and decreased liquidity. As a result of this incident, the world became aware of this asset classs weakness because it lacks any underlying value.FM invites American businesses to invest in IndiaNirmala Sitharaman, the Union Finance Minister, has invited American companies to invest in India, claiming that the country satisfies the criteria for a fair and open economy. She continued by saying that the current administration is presenting chances for foreign businesses to contribute to the development of the country. Sitharaman noted that the governments strategy has been characterised by constancy in policy and the pursuit of reforms notwithstanding the pandemic.Later, on April 14, 2023, a high-level review of the macro-financial implications of Crypto assets will be held to discuss the leverage benefits and risks. During her visit to US, Sitharaman will also meet the G20 Expert Group on strengthening MDBs to discuss the need for an updated MDBs ecosystem for the 21st century towards financing sustainable development goals and transboundary challenges.
