Sitharaman On Visit To US, Attends Key Meeting Of World Bank, IMF

The Finance Minister of India arrived in the US Capital this week embarking on an official visit from April 10 to 16, accompanied by officials of her ministry and the Reserve Bank of India. Nirmala Sitharaman will attend key meetings of the World Bank, the International Monetary Fund and the G20 Finance Ministers and Central Bank Governors (FMCBG) starting Monday, the finance ministry said.

The US Chamber of Commerce’s US-India Business Council (USIBC) co-hosted India’s Minister of Finance and Corporate Affairs Nirmala Sitharaman for an exclusive member roundtable at US Chamber headquarters in Washington DC, Monday, April 11, 2023 in partnership with the Confederation of Indian Industry (CII).

The round table focused on how the US and India could strengthen trade and investment ties amidst a dynamic macroeconomic environment, and India’s increasingly important role as a destination for global investment.

In addition to Finance Minister Sitharaman, the roundtable was attended by Ambassador Taranjit Singh Sandhu, Indian Ambassador to the United States, Ajay Seth, Secretary, Department of Economic Affairs, Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, V Ananth Nageswaran, Chief Economic Advisor to the Government of India, USIBC Board Chair Edward Knight, members of the USIBC Global Board of Directors, and representatives from companies across key sectors.

In her remarks, Minister Sitharaman emphasized that policy consistency and pursuit of reforms despite the pandemic have been a hallmark of the government’s approach. The Minister highlighted the impact of digitization and economic formalization at length, stating that India meets the requirements of a fair transparent economy due to its achievements in transitioning to digital payments and integrating the informal sector. In the end, she invited the investor community to participate in and make the most of the opportunities that India has to offer, now and going forward.
The Indian Ambassador to the United States, Taranjit Singh Sandhu, also addressed the roundtable attendees and highlighted that as the President of G20, India is committed to multi-stakeholder engagement.

During her visit, Sitharaman will interact with investors, economists and think tanks; participate in bilateral engagements, including a meeting with US treasury secretary Janet Yellen, and discuss key issues such as strengthening of multilateral development banks, digital public infrastructure and crypto assets, the ministry said in a statement. Sitharaman and India’s central bank governor Shaktikanta Das will jointly chair the second G20 FMCBG meeting on April 12-13, 2023.

Key engagements of the minister include spring meetings of IMF-WB, the Second G20 FMCBG meeting under India’s presidency, other G20-related side events, World Bank Development Committee and IMF Committee plenaries, bilateral engagements with countries and international organisations, interaction with global business leaders and investors in roundtables and engagement with the Indian diaspora, it said.

The FMCBG meeting is expected to be attended by about 350 delegates from G20 countries, 13 invitee nations and various international and regional organizations. The meeting will take stock of the progress made on outcomes envisaged under India’s G20 Finance Track agenda, the ministry said.

On the sidelines of the spring annual meetings of the World Bank, Sitharaman will have bilateral engagements with counterparts from G20 countries and heads of other delegations, including international organizations, to discuss issues and areas of mutual interest and cooperation under India’s G20 presidency.

On April 11, the finance minister will meet US treasury secretary Janet Yellen to discuss issues of mutual interest. On April 14, she will attend a seminar to review the financial implications of crypto assets and discuss policies to leverage benefits and contain risks.

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