Finance Ministry: Economy is projected to contribute to global growth

Senior BJP leer and Union Finance Minister Nirmala Sitharaman is currently in Washington, USA to attend Annual Meetings of IMF and World Bank.  Finance Minister has called for 'concerted action' to mitigate disruption on account of synchrous slowdown and to invoke spirit of multilateralism for global growth. Ministry of Finance's (MoF) official Twitter handle tweeted, "India projected to remain one of fastest-growing ecomies of world."

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' Indian Ecomy is projected to contribute to global growth'

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Investors can find better place

Investors can find better place in world than India that has a democracy-loving and capitalist respecting environment, Sitharaman has said. She also assured international investors at an interaction session at IMF's hequarters that government was continuously working to bring reforms."It (India) is one of fastest-growing (ecomies) even today. It has best-skilled manpower and a government that is continuously doing what is required in name of reforms, above all democracy and rule of law," Sitharaman said on October 16

Negotiations are going on in 'full speed'

.Sitharaman on October 20 said negotiations between India and United States on a tre deal are going on in "full speed" and expressed hope that it will conclude soon. ongoing tre deal negotiations briefly came up for discussion during a pull-aside between Sitharaman and US Treasury Secretary Steven Mnuchin at IMF hequarters. Mnuchin is scheduled to visit India early next month. "In fact, I broly mentioned it to Secretary Mnuchin, but that is something on which Commerce minister and Mr (Robert) Lighthizer (US Tre Representatives) are working. My inputs are that negotiations are going in full speed and re's a great intensity with which both sides are engaging and hopefully deal will be structured soon," Sitharaman said.

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Cautioned against rushing into cryptocurrencies 

Many countries have cautioned against rushing into cryptocurrencies, Union Finance Minister Nirmala Sitharaman said on Sunday, as Facebook's proposed virtual currency Libra became a buzzword during annual meeting of International Monetary Fund and World Bank. In fact, Reserve Bank of India Goverr Shantikanta Das spoke about cryptocurrencies during one of interventions this week. RBI has banned use of cryptocurrencies in India."On our side, Reserve Bank Goverr spoke about it during our turn to intervene. I got sense that many countries were cautioning on rushing into this," Sitharaman told a group of Indian reporters in response to a question on discussions on Libra, proposed virtual currency from Facebook, which was one of talked about topics this annual meeting.

Official tour to Washington DC

Finance Minister is currently on an official tour to Washington DC to attend Annual Meetings of International Monetary Fund (IMF) and World Bank and or associated meetings. She is accompanied by Secretary, Department of Ecomic Affairs and or officials from Department. On Friday, Sitharaman led Indian delegation to Annual Meetings Plenary session of IMF and World Bank Group. During her dress, Sitharaman said that increased tre integration, geopolitical uncertainties, and high accumulated debt levels necessitate strong global coordination.

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(WITH NCY INPUTS)