New Delhi, Oct 21: – Expressing concern over the declining effectiveness of multilateral institutions such as the United Nations (UN), World Trade Organization (WTO), and World Health Organization (WHO), Union Finance Minister Nirmala Sitharaman emphasized the need for reform to address emerging global challenges. Speaking at the Kautilya Economic Conclave 2023, Sitharaman noted that these institutions have become less effective and are no longer taken for granted.
She highlighted the challenges posed by global terror and wars, cautioning investors to factor these in while making investment decisions. Sitharaman also praised the success of the Jan Dhan scheme, which has become a significant instrument of financial inclusion in India. The total balance in the no-frill Jan Dhan accounts currently stands at around Rs 2.05 lakh crore.
Addressing concerns about high levels of government debt, Sitharaman mentioned that the Finance Ministry is actively exploring ways to bring down the overall debt level. She acknowledged the need for conscious efforts to manage government debt effectively and cited examples from emerging market countries on how they are handling their debt.
The Finance Minister’s remarks underscore the importance of adapting and reforming global institutions to better address contemporary challenges and promote inclusive economic growth.”
