India among some of the best performing countries amid world uncertainty: Sitharaman
Highlights
- Crude oil supply in winter may raise new concerns
- In the atmosphere of uncertainty in the world, India is performing brilliantly among few countries.
- Sitharaman meets EU Economic Commissioner Paulo Gentiloni in Washington
Finance Minister Nirmala Sitharaman has said that India is among those countries which are performing well in the atmosphere of uncertainty prevailing in the world. Sitharaman said this while addressing the International Monetary Financial Committee meeting as part of the ongoing annual meeting of the World Bank and the International Monetary Fund (IMF). He said, “In an environment of uncertainty in the world, India is one of the few countries which is performing well.” The GDP growth rate is 13.5 per cent year-on-year in the U.S., the highest among major economies. Sitharaman said that India has achieved this feat when it had started the process of monetary normalization earlier.
Meeting with the Economic Commissioner of the European Union
Finance Minister Nirmala Sitharaman met European Union (EU) Economic Commissioner Paulo Gentiloni in Washington. During this, both the leaders discussed the current global economy. The Union Finance Ministry gave this information. Sitharaman is in Washington to attend the annual meetings of the International Monetary Fund (IMF) and the World Bank. Apart from this, she is holding several bilateral and multilateral meetings. During the meeting held on Friday, Sitharaman and Gentiloni discussed issues related to strengthening the global economy and India-EU cooperation during India’s presidency of the G20 in 2023, the ministry said. They also discussed the need to further strengthen multilateral development banks so that they can help countries in need. So far, Sitharaman has held several bilateral meetings with her counterparts from major countries. He had met German Finance Minister Christian Lindner on Thursday.
may create obstacles in the supply of oil and gas
Union Finance Minister Nirmala Sitharaman said the “stressful” and “precarious” geopolitical crisis may raise fresh concerns in winter supply of critical commodities like crude oil and natural gas. He also expressed optimism on India’s economic outlook based on strong macroeconomic fundamentals and structural reforms of the government. The war between Russia and Ukraine has had a bad effect on the global energy system. This has disrupted supply and demand and soured long-standing trade relations between different countries. Sitharaman encouraged the World Bank Group to explore innovative ways to raise resources at the International Monetary Fund (IMF) and the World Bank’s Development Committee meeting. “The geopolitical crisis remains tense and uncertain. This could raise new concerns in the winter supply of critical commodities like crude oil and natural gas. Also, inflation control will be a major concern in developed economies.
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