Finance Minister Nirmala Sitharam has called for investmemts in infrastructure and simplification of international taxation rules. She stressed the need to mobilise finance at sub-national level for inclusive and quality infrastructure. Addressing a meeting of G20 Finance Ministers and Central Bank Governors in Washington, Ms. Sitharaman said, international tax rules should be simple, administrable, and generate meaningful revenue in developing countries. The Finance Minister also called for an effective tax reporting regime and information exchange between jurisdictions for crypto assets to combat offshore tax evasion.
She said that today’s global economy faces a confluence of challenges and it is the collective responsibility of everyone to prevent the risks from aggravating. Ms. Sitharaman said India views the hosting of the G20 Presidency as an opportunity as well as a responsibility.
The Minister said, rebuilding trust in multilateralism is at the core of India’s thinking. She said that India’s efforts will be to encourage conversations that recognise our inter-dependencies and our collective aspiration for a safe, peaceful, and prosperous world. Sitharaman said G20 Finance Ministers have always come together in the harshest global situations. They set aside their differences and worked towards a common goal of prosperity for the people. She urged the Finance Ministers and Central Bank Governors to continue working together with this sense of solidarity.
Another Newsonair report said the wholesale price-based inflation eased to 18 month low of 10.7 per cent in September as compared to 12.41 per cent in preceding month. According to the Commerce and Industry Ministry data released today, WPI inflation fell amid easing prices of Food index. Food inflation based on WPI Food Index decreased to 8.08 percent in September from 9.93 percent in August this year.
The main contributors to inflation in September were the rise in prices of crude petroleum and natural gas, mineral oils, chemicals, and chemical products, basic metals, electricity, and textiles as compared to the corresponding month of the previous year when WPI inflation was 11.8 percent.
The WPI inflation continued its declining trend for the fourth month in September but remained in double-digits for the 18th consecutive month beginning April last year. The Wholesale inflation was at a record high of 15.88 per cent in May this year.
