Finance Minister Nirmala Sitharaman has called for concerted action to mitigate the disruption due to synchronous slowdown, and invoking the spirit of multilateralism for global growth.
She said that the increased trade integration, geopolitical uncertainties and high accumulated debt levels necessitate strong global coordination without waiting for the slowdown to become a crisis.
She referred to it during her intervention at the Working Lunch Session of the Development Committee, the Ministerial level Committee of the International Monetary Fund (IMF), and the World Bank.
The Finance Minister is currently on an official tour to Washington DC to attend the Annual Meetings of the IMF and the World Bank and other associated meetings.
Ms Sitharaman also mentioned that trade wars and protectionism have generated uncertainties that will ultimately impact the flow of capital, goods and services. According to an official release, Sitharaman also led the Indian delegation to the G20 Finance Ministers and Central Bank Governors meeting earlier today.
On the discussions at the session regarding the work underway on developing a consensus solution to tax challenges arising from digitalization, the Finance Minister stated that a unified approach to the nexus and profit allocation challenges is a promising one that merits serious attention.
She said that a solution that was simple to implement, simple to administer and simple to comply with was needed.