[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-111759-en":3,"doc-seo-111759-105":29,"detail-sidebar-cat-0-en-105":91},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":13,"seo_description":14,"update_tm":27,"read_time":28},111759,687197207057,"Sage","https://ap-avatar.wpscdn.com/davatar_29158cc5080c5b710cf443261637dec0",8,"Research & Report","Statement by H.E. Nirmala Sitharaman at the 110th Meeting of the Development Committee - October 25, 2024","Statement delivered by H.E. Nirmala Sitharaman, Minister of Finance and Corporate Affairs of India, representing Bangladesh, Bhutan, India, and Sri Lanka, at the 110th Development Committee meeting on October 25, 2024. It addresses condolences for global natural disasters, evaluates challenging global economic conditions, and highlights inflation, supply-chain disruptions, and rising debt risks. It outlines progress in reforming the World Bank Group and presents India’s FY24 resilience, fiscal improvements, external-sector performance, and inclusive growth initiatives.","Public Disclosure Authorized Public Disclosure Authorized  \nDEVELOPMENT COMMITTEE  \n(Joint Ministerial Committee  \nof the  \nBoards of Governors ofthe Bank and the Fund  \non the  \nTransfer of Real Resources to Developing Countries)  \nONE HUNDRED AND TENTH MEETING WASHINGTON, DC – OCTOBER 25, 2024  \nDC/S/2024-0042 October 25, 2024  \nStatement by  \nH.E. Nirmala Sitharaman Minister of Finance and Corporate Affairs  \nIndia  \nRepresenting the Constituency of Bangladesh, Bhutan, India, and Sri Lanka  \nStatement by  \nH.E. Nirmala Sitharaman  \nMinister of Finance and Corporate Affairs  \nIndia  \nRepresenting the Constituency of Bangladesh, Bhutan, India, and Sri Lanka  \n110th Meeting of the Development Committee  \nOctober 25, 2024  \nWashington, DC  \n1. At the outset, I would like to express my deepest condolences to the families and communities affected by the recent devastating natural calamities worldwide including the floods and hurricanes in UAE, Oman, Brazil and the US. India stands in solidarity with the people and governments of these nations during these challenging times, as they embark on the long path of recovery and rebuilding.  \n2. As we convene today, the global economic environment remains fraught with complex challenges. The still lingering effects of the COVID-19 pandemic, coupled with geopolitical tensions, inflationary pressures, and disruptions in global supply chains, have exacerbated vulnerabilities across both advanced and emerging economies.  \n3. Inflation continues to be a significant concern, particularly in food, energy and services. High interest rates in many economies have led to increased borrowing costs, slowing investment in critical sectors. Developing nations are especially hard-hit, with fiscal space narrowing and the risk of debt distress increasing. In this environment, achieving the 2030 Sustainable Development Goals (SDGs) has become even more challenging, and the need for multilateral cooperation has never been more urgent.  \n4. Over the past year, we have witnessed significant progress in transforming the World Bank Group into a more effective institution towards addressing global challenges on a scale. Last year, the G20 Leaders' Declaration from New Delhi in September 2023 had reaffirmed our commitment to making the World Bank 'Better, Bigger, and More Effective.' The Bank's Evolution Roadmap further provides a pathway toward this transformation, building on its new vision and focusing on enhanced financial capacity, enhanced country engagement model, crisis preparedness, a new knowledge compact and stronger partnerships. However, this is just the beginning of the muchrequired MDB reforms journey to make these institutions fit-for-purpose.  \nINDIA  \n5. India’s economy demonstrated exceptional resilience in FY24, achieving an impressive GDP growth rate of 8.2%, the highest among major global economies. This performance is a testament to the robustness of domestic economic fundamentals, driven by public infrastructure investmentsand rising household consumption. Sectors like manufacturing, which grew by 9.9%, and services, particularly financial and professional services, played key roles in sustaining growth amid  \nchallenges such as uneven monsoons impacting agriculture. This progress reflects India’s ability to remain a reliable engine of growth for the global economy.  \n6. India’s fiscal management has been exemplary, with the fiscal deficit narrowing to 5.6% of GDP in FY24. The government strategically increased capital expenditure by 28.2%, amounting to ₹9.5 lakh crore, ensuring that growth was both dynamic and sustainable. These investments have catalyzed private sector participation through targeted infrastructure projects under the PM Gati Shakti and National Infrastructure Pipeline (NIP) initiatives. These measures, alongside the Production-Linked Incentive (PLI) scheme, have strengthened India’s industrial base and positioned the country as a hub for high-value manufacturing in sector","cbCaikmhkzns6TWq","https://ap.wps.com/l/cbCaikmhkzns6TWq","pdf",225313,1,7,"English","en",105,"# Opening remarks and global context\n## Natural calamities and solidarity\n## Global economic challenges\n# Inflation, SDGs, and multilateral cooperation\n# World Bank Group transformation and MDB reforms\n# India’s economic performance in FY24\n## Growth, fiscal management, and investment\n## External sector and policy foundations\n## Inclusive development and long-term vision","[{\"question\":\"What global issues does the statement emphasize at the start?\",\"answer\":\"It expresses condolences for floods and hurricanes worldwide and highlights solidarity during recovery. It also stresses the fraught global economic environment shaped by lingering pandemic effects, geopolitical tensions, inflation, and supply-chain disruptions.\"},{\"question\":\"How does the statement describe inflation and its impact on developing countries?\",\"answer\":\"It notes inflation remains a major concern across food, energy, and services, with high interest rates raising borrowing costs and slowing investment. It adds that developing nations face narrowing fiscal space and a growing risk of debt distress, making SDG progress harder.\"},{\"question\":\"What key points does the statement present about India’s economy in FY24?\",\"answer\":\"It highlights strong GDP growth of 8.2%, narrowing the fiscal deficit to 5.6% of GDP, and increasing capital expenditure. It also describes record foreign exchange reserves, resilient exports, improved inclusion through social initiatives, and progress in female labor force participation.\"}]",1784491592,18,{"code":4,"msg":30,"data":31},"ok",{"site_id":24,"language":23,"slug":32,"title":13,"keywords":33,"description":14,"schema_data":34,"social_meta":86,"head_meta":88,"extra_data":90,"updated_unix":27},"statement-by-he-nirmala-sitharaman-at-the-110th-meeting-of-the-development-committee-october-25-2024","",{"@graph":35,"@context":85},[36,53,68],{"@type":37,"itemListElement":38},"BreadcrumbList",[39,43,47,50],{"item":40,"name":41,"@type":42,"position":20},"https://docshare.wps.com","Home","ListItem",{"item":44,"name":45,"@type":42,"position":46},"https://docshare.wps.com/document/","Document",2,{"item":48,"name":12,"@type":42,"position":49},"https://docshare.wps.com/document/research-report/",3,{"item":51,"name":13,"@type":42,"position":52},"https://docshare.wps.com/document/statement-by-he-nirmala-sitharaman-at-the-110th-meeting-of-the-development-committee-october-25-2024/111759/",4,{"url":51,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":23,"description":14,"dateModified":61,"datePublished":62,"encodingFormat":60,"isAccessibleForFree":63,"interactionStatistic":64},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":40,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-20","2026-07-19",true,{"@type":65,"interactionType":66,"userInteractionCount":20},"InteractionCounter",{"@type":67},"ViewAction",{"@type":69,"mainEntity":70},"FAQPage",[71,77,81],{"name":72,"@type":73,"acceptedAnswer":74},"What global issues does the statement emphasize at the start?","Question",{"text":75,"@type":76},"It expresses condolences for floods and hurricanes worldwide and highlights solidarity during recovery. It also stresses the fraught global economic environment shaped by lingering pandemic effects, geopolitical tensions, inflation, and supply-chain disruptions.","Answer",{"name":78,"@type":73,"acceptedAnswer":79},"How does the statement describe inflation and its impact on developing countries?",{"text":80,"@type":76},"It notes inflation remains a major concern across food, energy, and services, with high interest rates raising borrowing costs and slowing investment. It adds that developing nations face narrowing fiscal space and a growing risk of debt distress, making SDG progress harder.",{"name":82,"@type":73,"acceptedAnswer":83},"What key points does the statement present about India’s economy in FY24?",{"text":84,"@type":76},"It highlights strong GDP growth of 8.2%, narrowing the fiscal deficit to 5.6% of GDP, and increasing capital expenditure. It also describes record foreign exchange reserves, resilient exports, improved inclusion through social initiatives, and progress in female labor force participation.","https://schema.org",{"og:url":51,"og:type":87,"og:title":13,"og:site_name":58,"og:description":14},"article",{"robots":89,"canonical":51},"index,follow",{"doc_id":7,"site_id":24},{"code":4,"msg":5,"data":92},[93,97,101,105,110,115,119,122,127,130,134],{"id":20,"doc_module":4,"doc_module_name":45,"category_name":94,"show_sort_weight":95,"slug":96},"Story & Novel",90,"story-novel",{"id":46,"doc_module":4,"doc_module_name":45,"category_name":98,"show_sort_weight":99,"slug":100},"Literature",80,"literature",{"id":52,"doc_module":4,"doc_module_name":45,"category_name":102,"show_sort_weight":103,"slug":104},"Exam",70,"exam",{"id":106,"doc_module":4,"doc_module_name":45,"category_name":107,"show_sort_weight":108,"slug":109},5,"Comic",60,"comic",{"id":111,"doc_module":4,"doc_module_name":45,"category_name":112,"show_sort_weight":113,"slug":114},6,"Technology",50,"technology",{"id":21,"doc_module":4,"doc_module_name":45,"category_name":116,"show_sort_weight":117,"slug":118},"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":45,"category_name":12,"show_sort_weight":120,"slug":121},30,"research-report",{"id":123,"doc_module":4,"doc_module_name":45,"category_name":124,"show_sort_weight":125,"slug":126},9,"Religion & Spirituality",20,"religion-spirituality",{"id":125,"doc_module":4,"doc_module_name":45,"category_name":128,"show_sort_weight":125,"slug":129},"World Cup","world-cup",{"id":131,"doc_module":4,"doc_module_name":45,"category_name":132,"show_sort_weight":131,"slug":133},10,"Lifestyle","lifestyle",{"id":135,"doc_module":4,"doc_module_name":45,"category_name":136,"show_sort_weight":106,"slug":137},19,"General","general"]