Strong US-India relationship to strengthen global order: Sitharaman

Washington DC: Finance Minister Nirmala Sitharaman has been on an official visit to the United States of America from April 18. She attended a high-level panel discussion with the International Monetary Fund (IMF) Managing Director Kristalina Georgieva on “Money at a Crossroad”.

Sitharaman said during her discussion with the IMF boss that India has the largest startup ecosystem and fintech is the most preferred sector. She claimed that 1 in 4 startups belong to the fintech sector and that they are increasingly becoming unicorns.

She also delivered an address at the Washington DC-based think tank Atlantic Council and has met the chiefs of the US Securities and Exchange Commission and Financial Stability Board so far on the sidelines of the IMF-World Bank Spring Meetings 2022.

Sitharaman said during her speech at the Atlantic Council that India’s economic recovery from the impact of the coronavirus pandemic has been “distinct and pronounced” and that the country will continue to be one of the fastest-growing economies in this decade.

She cautioned that the biggest risk of cryptocurrency could be money laundering and its use in terror financing. She added that regulation using technology is the only answer and that it has to be “adept” and “has to be not behind the curve.”

Talking about inflation, the finance minister said that India crossed the upper limit of 6 percent but “not so badly.” She further said that India’s focus was to push CAPEX without losing sight of moral obligation towards the underprivileged.

During her visit, she will also hold one-on-one meetings with CEOs working in sectors like semiconductors, energy, and others. Sitharaman will also interact with students and faculty at Stanford University and will depart for India on April 27.

Image courtesy of (Image Courtesy: Twitter/ @FinMinIndia)

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