Participating in the International Monetary and Financial Committee meeting in Washington, she outlined the initiatives taken by the government to protect growth while pursuing inflation management. “We have ensured the availability of free food grains to over 800 million vulnerable families for the past 25 months through the country’s massive public distribution network,” she said.
Sitharaman said last mile delivery of financial services to the poor has been a key priority of the government and this has been aided by India’s digital public good infrastructure. She added, India is leading the world in terms of digital payments innovations with India’s transaction cost being the lowest in the world.
“I believe the IMF needs to increase resources available for emerging and low-income countries to safeguard the global financial system. Therefore, concluding the 16th GRQ by December 15, 2023 is vital for increasing the voting rights of emerging market economies (EMEs) in line with their relative positions in the world economy,” Sitharaman said.
The minister said a key downside risk to global recovery is the exacerbated debt distress in many low-income countries. It is, therefore, important that the IMF provides them necessary support to deal with balance of payments related vulnerabilities. In this context, she welcomed the IMF’s recent initiative of a new food shock window to help countries address food insecurity. On climate change, Sitharaman highlighted the importance of multilateral approach with the principles of equity and common but differentiated responsibilities and respective capabilities. She emphasised that India has set out an ambitious climate action path through the updated ‘nationally determined contributions’ which demonstrate India’s commitment at the highest level for decoupling of economic growth from greenhouse gas emissions.
In her opening remarks the meeting of the World Bank‘s development committee on Friday, she had said this is an excellent opportunity to put our heads together and think about how best the world can negotiate the multiple challenges and bring back long-term growth.
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