Saturday, March 2nd, 2024

Sitharaman urges AIIB to invest in India, know why?

Photo: PTI Sitharaman urges AIIB to invest in India

Finance Minister Nirmala Sitharaman on Friday urged the Asian Infrastructure Investment Bank (AIIB) to step up investment in India’s priority sectors and mobilize private finance. Areas urged to increase investment include renewable energy, energy efficiency and climate smart technology. He made this request during his meeting with AIIB President Jin Liqun on Friday.

Discussed the proposed issues for AIIB and India

Sitharaman met Likun as governor of the bank’s second largest shareholder. Official sources said the two discussed the proposed issues for AIIB and India. Sources said since India is the largest client of AIIB, the finance minister reiterated during the meeting that it should look at establishing a regional presence in India to facilitate dialogue and access to project officials.

attended the 7th annual meeting

Appreciating AIIB’s growing portfolio in India, Sitharaman suggested that it should increase investment in key areas such as renewable energy and climate technologies. Earlier on October 26, the Finance Minister attended the 7th Annual Meeting of the Board of Governors of AIIB, in which it was decided that the bank would accelerate investment in priority sectors for India.

Many economic challenges before India

The world is currently going through a severe economic crisis. India is also facing many economic challenges at this time. In the midst of this difficult period, the government has once again started preparing the next year’s budget. Meanwhile, in order to prepare the budget for the financial year 2023-24, the government has sought suggestions regarding direct and indirect taxes from various industry and business organizations.

The government is negotiating with various parties

Initiating a series of consultations with various stakeholders, the Finance Ministry has sought suggestions from industry and trade associations on direct and indirect taxes. Industry organizations will have to give details of their suggestions as well as their justification. If this justification is found to be of high quality, then it can be given a place in the budget of the next financial year. The budget for the financial year 2023-24 will be presented on February 1 next year.

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