FM Sitharaman's clinical retort to US banking collapse & why India won't suffer that fate

At the third edition of the Republic Summit, Union Finance Minister Nirmala Sitharaman on Tuesday lauded India's financial institutions saying that they are constantly improving themselves and setting benchmarks, adding that Indian institutions are known for their integrity.

Speaking at Republic Summit themed on "Time of Transformation", Nirmala Sitharaman talked about the Silicon Valley Bank collapse in the United States, saying "Global institutional mechanisms have challenges, and banking practices were completely ignored. Would you imagine such a collapse can happen in the US (Silicon Valley Bank collapse)?"

"Our Indian institutions are doing very well... We think we know the extent to which an institution is well-perfected in its domain knowledge. India's institutions in many ways are known for their integrity. Institutions are constantly improving themselves and setting benchmarks... We are not in a state of pity," the Union Finance Minister said.

#SitharamanAtRepublicSummit | India's institutions in many ways are known for their integrity. Institutions are constantly improving themselves and setting benchmarks: Union Minister of Finance and Corporate Affairs @nsitharaman at #RepublicSummit - https://t.co/JBOJSkzT7L… pic.twitter.com/e3aS3ub411

— Republic (@republic) April 25, 2023

Political points cannot undermine Indian institutions: FM Nirmala Sitharaman

Adding further, Nirmala Sitharaman said, "If anyone wants to live on saying that our institutions are all down and dump, I am sorry either they are ignorant or they are making a political point out of it."

She said that political points cannot undermine the institutions, adding that those who dump the institution as "worth nothing", and are doing "disservice to the nation".

"Political points cannot undermine institutions. Our Indian institutions are doing well, they can be room for improvement but that does not mean that you can dump the institutions saying it’s worth nothing. Anyone who does that does a disservice to India," the Minister said.

At the summit, the Finance Minister also hailed India's G20 leadership saying, "I am very proud that all of us are living at a time when India is invited at every table. India's voice is heard and respected. India's G20 presidency is being hailed by global leaders as my counterparts conveyed to me that India's G20 stands out because of its conduct and content."