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Indian Finance Minister Nirmala Sitharaman (left) meets with OECD Secretary-General Mathias Cormann on the sideline of the IMF Annual Meetings, in Washington, DC Oct. 13. During her meetings with the top CEOs of American companies, the foreign minister also met Milind Pant, Indian American CEO of Amway. (ANI Photo)

WASHINGTON – Indian Finance Minister Nirmala Sitharaman participated in the 4th G20 Finance Ministers and Central Bank Governors Meeting under the G20 in Washington, DC, Oct. 13.

The FMCBGs discussed developments in the global economy, global commons, support to vulnerable countries and international taxation.

The minister noted that for recovery, ensuring equitable vaccines for all is a significant challenge and keeping up the support, building resilience, enhancing productivity and structural reforms should be our policy goals.

For taking forward discussions on climate change, the finance minister noted the centrality of UNFCCC and that failure in fulfilling existing international commitments on climate finance and technology weakens our collective efforts. She asked for climate justice to guide further discussions.

Sitharaman appreciated OECD for providing support for the agreement as set out in the statement on a two-pillar solution. This agreement helps to address tax challenges arising from digitalization of the economy and in dealing with Base Erosion and Profit Shifting issues.

Later in the day, the finance minister also addressed a Roundtable organized by USIBC and FollowCII in Washington. D.C. It was attended by CEOs and business leaders from the insurance, private equity, technology, energy and pharma sectors, amongst others.

The business leaders thanked the minister in laying down the vision for future growth and congratulated the Indian government in steering the economy during the COVID-19 pandemic, and expressed keen interest in scaling up their investments in India.

As part of her visit to the U.S., Sitharaman is also meeting heads of various corporations to explore investment potential and Make in India initiatives. As part of this, she met Curtis L. Buser, CFO of OneCarlyle, in Washington, D.C., discussing a spectrum of opportunities in India.

Sitharaman also met B. Marc Allen, Chief Strategy Officer at Boeing. The discussion was broadly in the areas of skilling, research and development, manufacturing automation, innovation and aerospace sectors.

As part of the meetings with the top CEOs of American companies, the foreign minister also met Milind Pant, CEO of Amway; and Stanley C. Erck, CEO of Novavax.

The focus of discussion ranged in the areas of research and development, manufacturing automation, innovation and nutrition segments. Initiatives like #NMP, recently launched #NationalInfrastructureMasterPlan #GatiShakti and a spectrum of opportunities at #IFSC, #GIFTCityGujarat was mentioned. Sitharaman underlined the companies’ interest to invest in India in the coming years.

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