India's Tax Reforms Boost Revenue and Inclusivity at Global Meet in Seville

In a compelling address at the Third Plenary Meeting in Seville, Spain, India's Union Finance and Corporate Minister Nirmala Sitharaman underlined the positive impact of India's tax reforms and digital transformation in tax administration. She noted that these initiatives have successfully boosted revenue while lowering compliance costs.

Sitharaman emphasized India's dedication to international cooperation aimed at modernizing tax systems and curtailing illicit financial flows. She stressed the importance of regulation that promotes innovation and stability within India's financial system, particularly benefiting MSMEs with easier credit access and reduced compliance demands.

The Finance Minister highlighted India's commitment to fostering inclusivity and equity through reforms of Multilateral Development Banks and fairer credit rating systems. Recognizing the significant progress in lifting millions out of poverty, she called for strengthened international support and predictable climate finance, urging global unity under the ethos of 'Vasudhaiva Kutumbakam' to advance meaningful change.

(With inputs from agencies.)