Fri. Mar 29th, 2024
picture credits-gstindiapro.com finance minister at the GST Council meeting

Finance Minister Nirmala Sitharaman on Monday held a discussion on the global economy and exchanged notes on significant issues of mutual interest with US Secretary of Treasury Janet Yellen.

In a series of tweets, India was hailed for its preemptive response to corona virus and was appreciated for its leading contribution in the distribution of the vaccine around the world.

As a part of India’s benevolent vaccine diplomacy, New Delhi has been providing Indian-made Covid-19 vaccine, Covishield, which has the efficacy rate of 81%, to other countries through its ‘Vaccine Maitri’ initiative, which also earned praise from WHO. As of 15 march 2021, Government of India has supplied 58.64 million made in India covid vaccines doses to over 70 nations.

Taking to Twitter, the Ministry of Finance (MoF) optimistically shared that both sides have agreed to work closely through common strategic and economic collaboration in various multilateral fora, including the upcoming G20 summit.

The ministry of Finance tweeted “Finance Minister @nsitharaman had a fruitful discussion on global economic outlook with US Secretary of Treasury @JanetYellen virtually. Dr Yellen appreciated India’s contribution to the world’s vaccine efforts,”.

In a subsequent tweet it added that “FM @nsitharaman and US Treasury Secretary agreed to work closely through common economic and strategic collaboration in various multilateral fora, including the G20,”.

Sitharaman also congratulated the US Treasury Secretary on the well-thought-out Covid-19 $1.9 trillion stimulus package by US President Joe Biden’s American Rescue Plan. The relief package particularly focused on working and middle-class families that were worst hit by the pandemic. US has been hailed around the world for its well thought and executed plan for normalcy.

The US House of Representatives had last week approved the Senate-passed version of the $1.9 trillion Covid-19 relief bill and had sent it to President Biden’s desk for signature. The bill was passed with 220-221 votes by the House of Representatives, to pass the American Rescue Plan Act of 2021.

Though, over the coming months, Biden administration will have to mend many relations, alliances and egos of foreign leaders, that were bruised by the Trump administration. But one nation that won’t require hand holding is India.

Though Trump administration had been critical of Narendra Modi’s restrictive trade practices and ‘unfair quotas but generally India always found US putting its weight behind its political standing on the world forum and its policies. Thus building on the economic and political partnership to counter territorial aggressor- china is the need of the hour.

By Shivani Khanna

A woman who believes in equal rights and aspires to inspire people through her writings. I aspire to contribute to the economic world and society with diligence and thus being an economic advisor tops my career ambitions . I currently am pursuing Economic honours ( at undergrad level) from delhi university.