NEW DELHI: At the annual meetings of the International Monetary Fund (IMF) and the World Bank that concluded this week, India asserted its position and was duly recognised for the role it plays in world economy.
The IMF chief called the Indian economy a ‘bright spot’; its deputy chief showered praises on the Direct Benefit Transfer scheme, calling it a ‘logistical marvel’; and its chief economist applauded India’s digitisation and termed it a game-changer. That India is no longer sitting on the fence became evident during the week-long deliberations in Washington.
The World Bank wants India to showcase the deepening of digital applications and its penetration amongst common people. It also wants India to lead the efforts to regularise digital currency during its upcoming G20 presidency. India made its point as it cautioned the top multilateral funding organisations against having a narrow and restrictive view of subsidies.
Union Finance Minister Nirmala Sitharaman warned the world that as the global economic crisis widens, energy will become more unaffordable, and the coal will stage a comeback. She also reassured the world about the state of the Indian economy and put an end to the scare about the falling rupee.
The FM asserted that the foundations of the Indian economy are strong and any weakness that the economy or the rupee faces is due to external factors. India remains an outlier in heading off inflation and currency depreciation among major economies in the world, she concluded.