New Delhi [India], July 1 : Union Finance and Corporate Minister Nirmala Sitharaman on Tuesday said that India's tax reforms and digital transformation in tax administration have increased revenue and reduced compliance costs.
Speaking at the Third Plenary Meeting during the #FFD4 in Seville of Spain, the Finance Minister said, "We support international cooperation to modernise tax systems and curb illicit financial flows. India's comprehensive tax reforms and digital transformation in tax administration have increased revenue and reduced compliance costs."
"We believe that optimal regulation fosters innovation and stability. The Indian financial system promotes inclusivity through easier credit and lower compliance costs, especially for MSMEs. We have developed a dynamic ecosystem for start-ups and PPPs in infrastructure," she added.
Finance Minister added that India supports reforms to the international financial architecture to enhance inclusivity and equity, including Multilateral Development Banks (MDBs) reforms and fairer credit rating systems.
She added that MDB lending must be aligned with long-term development goals and backed by robust monitoring frameworks to ensure that funds are used as intended.
Sitharaman in her address added that the country has consistently placed people at the centre of its development strategy.
"Through targeted policy interventions, we have lifted 250 million people out of multidimensional poverty, and empowered communities through inclusive Digital Public Infrastructure (DPI)," she added.
However, for robust global growth, national efforts must be complemented by an enabling international environment, the Union Finance Minister asserted.
Going further, she said, "We remain committed to South-South and Triangular Cooperation. We support the call for a reversal in the decline of ODA, and urge developed countries to enhance climate finance that is predictable, accessible, and concessional, particularly for adaptation in vulnerable countries."
"In the spirit of India's civilizational ethos - 'Vasudhaiva Kutumbakam' or 'The World is one family' - we must unite in our efforts to drive meaningful change that benefits all," FM stated.
"We are meeting here in Seville, a decade after the adoption of the Addis Ababa Action Agenda, acknowledging the progress made by nations in navigating complex global landscapes, and finding ways to address current challenges that continue to stand in the way of financing global development goals. With many SDG targets off track and a financing gap exceeding USD 4 trillion annually for developing countries, the need for urgent and transformative action is clear," Finance Minister further added.
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