G20: How India navigated key global economic issues at recent meetings
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India has been an active participant in recent G20 meetings, working with other member countries to address key global economic issues. As Finance Minister Nirmala Sitharaman stated, India’s approach has been to seek “fair and equitable outcomes” for all member nations.
One important issue that India has been involved in is the global corporate tax reform efforts. In October 2021, G20 finance ministers agreed to a global minimum corporate tax rate of 15%, which India supported. Sitharaman emphasized that the agreement would ensure that “profits are taxed where they are made,” which would help countries like India that have large and growing digital economies. Another issue that India has been focused on is climate change and sustainable development.
At the G20 meetings in November 2021, Sitharaman highlighted India’s commitment to reducing greenhouse gas emissions and transitioning to renewable energy sources. She also called for greater international cooperation to address climate change, stating that “no country can tackle the climate crisis alone.” India has also been active in discussions around international trade and investment.
In October 2021, the G20 countries reaffirmed their commitment to the rules-based multilateral trading system and pledged to work towards a “more level playing field” for all countries. Sitharaman emphasized the importance of ensuring that trade agreements are “mutually beneficial” and that developing countries like India are not left behind.
Re-reported from the story originally published in Money Control
