Nirmala Sitharaman Highlights India’s Global Influence
Panel Discussion on Bretton Woods Institutions
Union Finance Minister Nirmala Sitharaman participated in a panel discussion titled ‘Bretton Woods Institutions at 80: Priorities for the Next Decade’ in Washington, DC. The event was organized by the Center for Global Development alongside the World Bank and International Monetary Fund Annual Meetings 2024.
India’s Growing Influence
Sitharaman emphasized India’s growing global influence, noting that one in every six people worldwide is Indian. She stated that no country, including the US and China, can ignore India’s economy and skilled workforce. She highlighted India’s role in technology and its support for multilateral institutions.
Support for Multilateral Institutions
Sitharaman expressed India’s commitment to multilateralism, urging institutions like the IMF and World Bank to strengthen themselves for global good. She called for these institutions to share information and support smaller economies through initiatives like the International Solar Alliance and Biofuel Alliance.
Other Panelists
The discussion included other notable figures such as Lawrence H Summers from Harvard University, Spain’s Minister of Economy Carlos Cuerpo, and Egypt’s Minister of Planning Rania A. Al Mashat.
Conclusion
Sitharaman concluded by stressing the importance of shaping the future through proactive measures rather than reactive responses, highlighting India’s contributions to global initiatives.
Doubts Revealed
Nirmala Sitharaman -: Nirmala Sitharaman is the Finance Minister of India. She is responsible for managing the country’s finances, including the budget and economic policies.
Bretton Woods Institutions -: Bretton Woods Institutions refer to the International Monetary Fund (IMF) and the World Bank. These are global organizations that help countries with financial stability and development.
Panel Discussion -: A panel discussion is a conversation on a specific topic by a group of experts in front of an audience. It helps share different viewpoints and ideas.
Multilateral Institutions -: Multilateral institutions are organizations formed by multiple countries working together. They aim to solve global issues like economic development and financial stability.
IMF -: IMF stands for International Monetary Fund. It is an organization that helps countries with financial problems by providing loans and advice.
World Bank -: The World Bank is an international organization that provides financial and technical assistance to developing countries. It aims to reduce poverty and support development.
