Union Finance Minister Nirmala Sitharaman will not participate in the annual World Bank meetings and the International Monetary Fund in Washington, as India and the United States remain in interviews on trade tariffs related to Russian oil, Hindustan Times reported.
The Indian delegation will be led by the Minister of the Ministry of Economic Affairs Anuradha Thakur. The team will include the Governor of Reserve Bank of India Sanjay Malhotra and the main economic advisor in Anantha Nageswaren, also states that the report.
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On Monday, October 13, the annual meeting of the World Bank (WBG) and the International Monetary Fund (IMF) of the World Bank’s Annual Bank (WBG) and the International Monetary Fund (IMF) began and will take place within 18 October at the IMF and the World Bank in Washington, DC.
Global financial stability
The Assembly connects financial ministers, central bankers and higher officials from more than 100 countries to discuss global financial stability, poverty eradication and climate change among other priorities.
The absence of the Minister of Finance comes in the middle of the continuing tension of business tension after Donald Trump’s decision to impose 50 % tariff on Indian goods – including 25 % of the punishment associated with Indian Russian oil purchases.
Delegation from India is scheduled to participate in key meetings with BRICS, G20 and G24-Koalici Development Nations-as a meeting of the IMF Board, the highest decision body of the institution, said Hindustan Times.
India-USA binding
Relations between the new Delhi and Washington are rolling under serious stress after Trump doubled the tariffs to Indian goods to an incredible 50 %, including 25 % of the additional obligation to buy Russian oil in India.
India described the American event as “unfair, unfounded and unduly”. India was also upset about Trump’s new policy on H1B visa.
However, recent telephone interviews between Prime Minister Modi and the US President have increased the hopes of a positive outcome of the ongoing business negotiations.
Last week, the US Ambassador proposed Sergio Gem interviews with Prime Minister Narendra Modi about various questions and said that President Donald Trump considered Prime Minister a great and personal friend.
Trade Minister Piyush Goyal met with the American sales representative Jamieson Greer in New York last month in an effort to build on the two -sided relations that appeared in September.
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Goyal 7. October said that India and the United States continue their dialogue on the proposed bilateral trade agreement (BTA), including the possibility of fulfilling the deadline in November 2025.
“We are in a constant dialogue with the US (on a business contract) and conversations are at different levels. Soon we will provide more information about how we think we will be forward,” said the PTI report.
Jaishankar also met the US Secretary of State Antony Blinten on the edge of the UN General Assembly.
Sitharaman took part in the spring meetings of both institutions in Washington DC in April this year.
The IMF and the World Bank are considered key pillars of the global financial system. While the IMF focuses on maintaining financial stability and auxiliary countries in need, the World Bank focuses on the development, reduction of poverty and climate change.
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