Finance Minister Shri Arun Jaitley participates in the Development Committee Restricted Lunch Session on the theme of “Inequality” in Washington D.C.;

States that rich nations still have a big responsibility and obligation to use their resources to support multilateralism, to make institutions like the World Bank strong to be able to fund policies and programs for the growth and development of poorer nations.

The Finance Minister Shri Arun Jaitley said that the rich nations still have a big responsibility and obligation to use their resources to support multilateralism, to make institutions like the World Bank strong to be able to fund policies and programs for the growth and development of poorer nations.

The Finance Minister Sri Jaitley was addressing the gathering at the Development Committee Restricted Lunch Session in Washington D.C. yesterday. The Theme of the Session was ‘Inequality’. The Finance Minister Shri Jaitley said that India has significantly stepped-up investment in electricity, roads, financial access and housing for the poor. He said that the Government has also taken a number of steps to ensure inclusive growth and using technological innovations in a big way for better targeting of Government services.

The Finance Minister Shri Arun Jaitley is currently on an official tour to Washington D.C., USA to attend the Spring Meetings of the International Monetary Fund (IMF) and the World Bank and other associated meetings. He is accompanied by Dr. Urjit Patel, Governor RBI, Mr. Shaktikanta Das, Secretary, Department of Economic Affairs (DEA), M/o Finance, Dr. Arvind Subramanian, Chief Economic Adviser (CEA) and other officials.

Multilateral responsibility: rich nations should bolster institutions to finance development and address global inequality. Rich nations bear a continuing responsibility to support multilateral institutions and enable development financing for poorer countries, including strengthening institutions such as the World Bank to fund policies addressing global inequality. India highlighted domestic measures for inclusive growth - investment in electricity, roads, financial access and housing for the poor - and use of technological innovations to improve targeting of government services, linking national policy efforts with multilateral collaboration.