Washington: Infrastructure investments and a reform of regulations governing international taxation have been asked for by Finance Minister Nirmala Sitharam. She emphasised the requirement for subnational financial mobilisation for inclusive and high-quality infrastructure. International tax regulations ought to be straightforward, manageable, and produce substantial revenue for developing nations, Ms. Sitharaman said in remarks to a gathering of G20 Finance Ministers and Central Bank Governors in Washington.
To tackle offshore tax avoidance, the finance minister also asked for an efficient tax reporting system and information sharing between states for cryptocurrency assets. She asserted that the current state of the world economy presents a confluence of difficulties, and that it is everyone’s duty to avoid the risks from escalating. India, according to Ms. Sitharaman, sees holding the G20 Presidency as both an opportunity and a responsibility.
Rebuilding faith in multilateralism, according to the Minister, is central to Indian thinking. India, according to her, would work to promote discussions that acknowledge our interdependence and share our desire for a world that is secure, peaceful, and prosperous. In the most challenging international circumstances, the G20 Finance Ministers have always united, according to Mrs. Sitharaman. They put aside their disagreements and cooperated to bring about the prosperity of the populace. She asked the central bank governors and finance ministers to keep cooperating in this spirit of unity.