Nirmala Sitharaman discussed the following points during her participation in the annual meetings of the World Bank and IMF.

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By Suraj Bediya

Despite the Indian economy being expected to grow by 7% this year, according to Union Finance Minister Nirmala Sitharaman, India is nonetheless concerned about the geopolitical situation and the prospects for the global economy.

On October 14, Sitharman, who was in attendance at the World Bank-IMF Development Committee Meeting in Washington, D.C., stated that minimizing crop loss and food waste should also be the first intervention of choice to assure food security.

The World Bank was advised by the Union Finance Minister to avoid taking a one-dimensional approach to subsidies and to keep its attention on the globally recognized fundamental principle of common but differentiated responsibilities. The finance minister stated that Energy Efficiency is correctly identified as the “first fuel of choice” in the “Food and Energy Crisis document.” The finance ministry quoted Sitharaman as saying, “Similarly, decreasing crop loss and food waste should also be the ‘first intervention of choice’ to achieve #FoodSecurity.”

During recent trips to Washington DC, Sitharaman has held bilateral discussions on key economic issues with global finance ministers and heads of international organizations.

On the day of the IMF-WB meeting, the Finance Minister met with Gita Gopinath, the Deputy Managing Director of the International Monetary Fund (IMF), to discuss current global concerns, particularly the security of food and energy.

Additionally, they discussed issues related to climate change, digital assets, and the impending G20 India Presidency.

The second day of the G20 Finance Ministers and Central Bank Governors Meeting took place in Washington, DC, on Thursday, with participation from Finance Minister Sitharman.

During the meeting held concurrently with the IMF and World Bank Group annual meetings, her remarks centered on international taxation and infrastructure projects (WBG).

On Thursday, Sitharaman stated at a university event that India is setting global standards in the digital sphere and that there is trust in the nation that it will be able to function despite geopolitical and economic difficulties.

When asked about India’s economic prospects in the wake of global uncertainty, Sitharaman responded that the country is now setting global standards and that other nations are aware of its level of accomplishment.

She made these comments following a discussion on “Technology, Finance, and Governance: The Multiplier Effect” at Johns Hopkins University in Washington.