HIGHLIGHTS:

  • The Finance Minister of India Nirmala Sitharaman attended the 102nd Meeting of the World Bank Development Committee Plenary.
  • Sitharaman spoke about how the COVID-19 has affected the developing as well as the developed country.
  • The World Bank Group has contributed $45 billion for the global pandemic.
  • Under the AatmaNirbhar Bharat initiative, a $271 billion package has been introduced which is equivalent to 10 percent of India’s GDP.
  • In the meeting, it was further informed that the rural sector of India has been provided liquidity support through NABARD, with additional liquidity of $27.13 billion in the farm sector.

NEW DELHI: On Friday, the Finance Minister of India Nirmala Sitharaman attended the 102nd Meeting of the World Bank Development Committee Plenary. The meeting was conducted via video conference. The main agenda of the meeting included the ‘Leaning Forward to Save Lives, Scale-up Impact and Get Back on Track: World Bank Group COVID-19 Crisis Response’, and Update Joint IMF-WBG Staff Note: Implementation and Extension of the Debt Service Suspension Initiative.’

In the meeting, she also mentioned the economic packages introduced by the Government of India. The first economic package worth $23 billion would provide direct cash transfers and food security measures to the poor. Sitharaman also spoke about the AatmaNirbhar Bharat initiative introduced by PM Modi. She mentioned that under the AatmaNirbhar Bharat initiative a $271 billion package has been introduced which is equivalent to 10 percent of India’s GDP. Reportedly, all the above measures have been taken to help and support the labour sector and boost the economy.

During the meeting, Sitharaman spoke about how the COVID-19 has affected the developing as well as the developed country. She mentioned that over the years, the government had fought to overcome the level of poverty which is presently at risk due to the ongoing global pandemic. The Finance Minister mentioned that the Government of India had undertaken several steps and measures to combat the global pandemic. Meanwhile, the World Bank Group has contributed $45 billion for the global pandemic.

In the meeting, it was further informed that the rural sector of India has been provided liquidity support through NABARD, with additional liquidity of $27.13 billion in the farm sector. The Government of India has also provided $2.03 billion towards the health infrastructure to combat the COVID-19 situation. Sitharamn stated, “Being a responsible member of the global fraternity, India is ready to share its experience and also play a leading role in the South Asian region as part of its Neighbourhood First policy.”

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