- Tuesday, February 25, 2025
By: Shubham Ghosh
INDIAN finance minister Nirmala Sitharaman has left for the US for a week-long visit to attend the annual meeting of the World Bank and International Monetary Fund besides the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting.
During her visit, she is also expected to meet US treasury secretary Janet Yellen.
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“Union Finance Minister Smt. @nsitharaman will be attending the Annual Meetings of @IMFNews & @WorldBank, G20 FMCBG meetings, India-US Economic and Financial Dialogue, and other associated investment meetings as part of her official visit to the USA beginning from October 11, 2021,” India’s finance ministry said in a tweet on Monday (11).
Sitharaman will also address during her US visit investors, including large pension fund and private-equity players and will invite them to take part in India’s growth story. India is expected to register the highest growth rate among the world’s large economies.
India is expected to record the highest growth rate among large economies of the world. As per the Economic Survey, India may log 11 per cent GDP growth in the current fiscal ending March.
This is the first time since the outbreak of the coronavirus pandemic that the annual meeting of the World Bank and IMF is taking place in a physical format. However, the dignitaries could also take part virtually.
The finance minister will attend the FMCBG meeting on Wednesday (13) which is expected to ratify the global tax deal.
Following this deal, India may have to withdraw digital services tax or the equalisation levy and give a commitment not to introduce such measures in the future.
India is among the 136 countries that have agreed to an overhaul of global tax norms to ensure that multinationals pay taxes wherever they operate and at a minimum 15 per cent rate. However, the deal needs the countries to remove all digital services tax and other similar measures and to commit not to introduce such measures in the future, according to the Organisation of Economic Cooperation and Development implementation plan unveiled last week.
(With PTI inputs)
