New Delhi: Union Finance Minister Nirmala Sitharaman will not attend the annual World Bank and International Monetary Fund (IMF) meetings in Washington this week.
Secretary of the Department of Economic Affairs, Anuradha Thakur, will head the Indian delegation, taking her place. Reserve Bank of India (RBI) Governor Sanjay Malhotra and Chief Economic Adviser V. Anantha Nageswaran will also be part of the team.
Sitharaman’s decision to stay away from the meeting reflects the continuing trade friction between the two nations. Previously, the Trump administration levied a 50 per cent tariff on Indian exports, including a 25 per cent penalty related to India’s purchase of Russian oil.
India and the US are still working through trade disagreements, and New Delhi’s decision to keep buying Russian oil continues to strain diplomatic ties with the US.
India to attend BRICS, G20, G24 talks
Delegates, including finance ministers, central bankers, and senior officials from more than 100 countries attend the annual IMF-World Bank meeting, where they discuss key issues like global stability, poverty alleviation, and climate change.
India’s representatives are scheduled to attend meetings with BRICS, the G20, and the G24, along with a session of the IMF’s Board of Governors, the main decision-making authority.
On October 15, RBI chief Sanjay Malhotra is likely to give a public address focused on financial stability in developing economies. Initially, Sitharaman was scheduled to participate in a fireside chat.
Trade and oil talks ongoing
Recently, Commerce Minister Piyush Goyal held talks with US Trade Representative Jamieson Greer to enhance trade ties in New York. The meeting came after an improvement in relations following Prime Minister Narendra Modi and US President Donald Trump’s exchange of compliments on social media and a telephonic conversation in September.
During the UN General Assembly, External Affairs Minister S. Jaishankar held talks with US Secretary of State Marco Rubio, with reports suggesting that India’s Russian oil purchases were the key topic.
While discussions are ongoing, no agreement has been reached on trade or oil matters. However, according to Greer, India has taken a ‘pragmatic’ approach to trade disagreements and has started reducing its dependence on Russian imports.