Finance Minister Nirmala Sitharaman said that that it does not take long for a slowdown to turn into a crisis as trade wars and perfectionism have caused uncertainties and will ultimately impact the flow of capital, goods, and services.
As reported by BS, while addressing the annual meetings at the entire session of the IMF and World Bank Group in Washington, Sitharaman called for a combined action to alleviate the turmoil on account of synchronous slowdown and invoked the spirit of multilateralism for global growth.
Bringing the focus of the major countries to the present economic issues, FM said that trade integration, geopolitical uncertainties, and high gathered debt levels entail strong global coordination.
Sitharaman led the Indian delegation to the G20 Finance Ministers and Central Bank Governors meeting in which the discussion moved around international taxation and stablecoins.
While discussing at the session about the work in process on developing a consensus solution on tax challenges arising due to digitalization, Finance Minister said that a unified approach to the nexus and profit allocation challenges is an assuring one that deserves serious attention.
“A solution that is simple to implement, simple to administer and simple to comply with is needed.”