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FM begins week-long US visit to attend G-20, World Bank meetings

Finance Minister Nirmala Sitharaman Has embarked on a week-long US visit to attend the annual meeting of the World Bank and IMF as well as the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting.

During her official visit to the US, Sitharaman is expected to meet US Treasury Secretary Janet Yellen.

“Union Finance Minister Mrs. @nsitharaman as part of her official visit to USA starting October 11, 2021 for @IMFNews and @WorldBank, G20 FMCBG meetings, India-US Economic and Financial Dialogue, and other associated investment meetings Will participate in annual meetings, the Finance Ministry’s tweet said on Monday.

As part of her official visit to the US, she will also address investors including large pension funds and private equity players and invite them to participate in India’s growth story.

India is expected to register the highest growth rate among the major economies of the world. According to the Economic Survey, India is likely to register 11 per cent GDP growth in the current financial year ending in March.

This is the first time since the outbreak of the pandemic that the annual meeting of the International Monetary Fund (IMF) and the World Bank is being held in a physical format. However, a virtual option is also available for dignitaries.

She will participate in the FMCBG, which is expected to ratify the global tax deal. The meeting is to be held on 13 October.

Following this deal, India may have to withdraw the Digital Services Tax or Equalization Levy and commit to not introduce such measures in future.

In a major reform of the international tax system, 136 countries including India have agreed to change global tax norms to ensure that MNCs pay taxes at a minimum rate of 15 per cent wherever they operate. does.

However, according to the Organization for Economic Co-operation and Development’s (OECD) implementation plan released late on Friday, the deal requires countries to remove all digital services tax and other similar measures and not introduce such measures in the future. Commitment is required.

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