FM Sitharaman urges G20 nations; align recovery policies with climate fears

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On Saturday F M Nirmala Sitharaman encouraged G20 nations for bringing into line the economic recovery policies with climate concerns.

Participating virtually within the Third G20 Finance Ministers and financial institution Governors (FMCBG) Meeting under the Italian Presidency, Sitharaman shared recent policy responses of the state of India to strengthen the health system and economy includes disciplined application of CoWIN Platform to raise vaccination in India.

She highlighted the necessity for international coordination and cooperation insight of the emerging CoVID-19 variants.

Sitharaman added that this platform has been made freely available to all or any or any or any countries as humanitarian needs outweigh commercial considerations during this extraordinary crisis.

As the co-chair of Framework working party of the G20, India in conjunction with the UK, views digitalization as an agenda that may still play a key role in the bolstering process, she said.

Sitharaman suggested that further work must be done to make sure a fairer, sustainable, and inclusive system that lands up in meaningful revenue for developing countries, the Finance Ministry said during a handout.

Earlier this month, India in conjunction with other nations joined the OECD-G20 framework for global minimum tax. Total 130 countries agreed to an overhaul of worldwide tax norms to make sure that multinational firms pay taxes wherever they operate and at a minimum 15 percent rate.

Some important issues including share of profit distribution and scope of subject to tax rules, endure open and wish to be addressed. Further, the technical details of the proposal are becoming to be acknowledged within the approaching months and a consensus agreement is predicted by October.

Speaking on the necessity for aligning recovery strategies with climate concerns, the minister of finance involved climate action strategies to be supported the principles of the Paris Agreement and noted the necessity of timely fulfillment of international commitments on climate finance and technology transfer.

The Finance Minister joined other G20 members in welcoming the Report of the G20 High-Level Self-determining Panel on Financing the worldwide Commons for Pandemic Readiness and Response and emphasized on the urgent got to reinforce multilateralism for global health.

The G20 Finance Ministers and financial institution Governors repeated their resolve to use all reachable policy tools for as long as required to affect the opposing penalties of COVID-19.

The two-day planning persisted July 9-10 saw discussions on an honest range of issues including global economic risks and health challenges, policies for recovery from the CoVID-19 pandemic, international taxation, sustainable finance, and financial sector issues.

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