Indian economy on course to grow at 7% in FY23 despite global headwinds: FM Nirmala Sitharaman

However, in India, Sitharaman said last mile delivery of financial services to the poor has been a key priority of the government and has been aided by the country’s digital public good infrastructure. “India is leading the world in terms of digital payments innovations with our transaction cost being the lowest in the world,” she said.

She added, "IMF needs to increase resources available for emerging and low-income countries to safeguard the global financial system. Therefore, concluding the 16th GRQ by December 15th, 2023 is vital for increasing the voting rights of emerging market economies (EMES) in line with their relative positions in the world economy."

According to Sitharaman, a key downside risk to global recovery is the exacerbated debt distress in many low-income countries. It is, therefore, important that the IMF provides them the necessary support to deal with balance of payments-related vulnerabilities. She also welcomed IMF’s recent initiative of a new food shock window to help countries address food insecurity.