The Asian Development Bank (ADB) has denied reports in some sections of the media that said issues related to Pakistan were discussed in the meeting between ADB President Masato Kanda and Indian Finance Minister Nirmala Sitharaman in Milan on Monday (May 5).&nbsp;
The clarification said, &ldquo;The Asian Development Bank (ADB) is aware of media reports claiming that issues related to Pakistan were discussed during the bilateral meeting between ADB President Masato Kanda and Indian Finance Minister Nirmala Sitharaman on the sidelines of the 58th ADB Annual Meeting in Milan, Italy.&rdquo;
These media reports are incorrect. Issues related to Pakistan were not discussed during the bilateral meeting, it added.
Earlier, some reports had claimed that the Indian finance minister had urged ADB to slash funding to Pakistan allegedly over its continued support of cross-border terrorism. The report spread as India had already unleashed a slew of diplomatic and economic measures against Pakistan following the horrific killing of 26 unarmed civilians, mostly tourists, in Pahalgam, Jammu and Kashmir, on April 22, by terrorists belonging to group which is an offshoot of Pakistan-based Lashkar-e-Taiba.
The Asian Development Bank termed the media reports as incorrect and clarified, saying, &ldquo;Issues related to Pakistan were not discussed during the bilateral meeting.&rdquo;
<blockquote class="twitter-tweet publive-iframes-block publive-Twitter-block" contenteditable="false" width="600" height="400" id="PL_blockquote_block-mabdkd6b-kim90t8m-mh3zbuum">
Several posts on social media claim that India has urged Italy and the Asian Development Bank to cut funds for Pakistan. <a href="https://twitter.com/hashtag/PIBFactCheck?src=hash&amp;ref_src=twsrc%5Etfw">#PIBFactCheck</a> ❌ This claim is completely fake. India has not made any such request. ✅ Beware! Trust only official government sources for credible&hellip; <a href="https://t.co/H5jrIkGjmc">pic.twitter.com/H5jrIkGjmc</a>
&mdash; PIB Fact Check (@PIBFactCheck) <a href="https://twitter.com/PIBFactCheck/status/1919423436775952748?ref_src=twsrc%5Etfw">May 5, 2025</a></blockquote>
Meanwhile, India&rsquo;s Ministry of Finance also shared a PIB fact check on X stating that social media posts claiming India has urged Italy and the Asian Development Bank to cut funds for Pakistan were incorrect.

World | India News: Earlier, some reports had claimed that the Indian finance minister had urged ADB to slash funding to Pakistan allegedly over its continued support of cross-border terrorism.

The Asian Development Bank (ADB) has denied reports in some sections of the media that said issues related to Pakistan were discussed in the meeting between ADB President Masato Kanda and Indian Finance Minister Nirmala Sitharaman in Milan on Monday (May 5). The clarification said, “The Asian Development Bank (ADB) is aware of media reports claiming that issues related to Pakistan were discussed during the bilateral meeting between ADB President Masato Kanda and Indian Finance Minister Nirmala Sitharaman on the sidelines of the 58th ADB Annual Meeting in Milan, Italy.” These media reports are incorrect. Issues related to Pakistan were not discussed during the bilateral meeting, it added. Earlier, some reports had claimed that the Indian finance minister had urged ADB to slash funding to Pakistan allegedly over its continued support of cross-border terrorism. The report spread as India had already unleashed a slew of diplomatic and economic measures against Pakistan following the horrific killing of 26 unarmed civilians, mostly tourists, in Pahalgam, Jammu and Kashmir, on April 22, by terrorists belonging to group which is an offshoot of Pakistan-based Lashkar-e-Taiba. The Asian Development Bank termed the media reports as incorrect and clarified, saying, “Issues related to Pakistan were not discussed during the bilateral meeting.” Several posts on social media claim that India has urged Italy and the Asian Development Bank to cut funds for Pakistan. #PIBFactCheck ❌ This claim is completely fake. India has not made any such request. ✅ Beware! Trust only official government sources for credible… pic.twitter.com/H5jrIkGjmc — PIB Fact Check (@PIBFactCheck) May 5, 2025 Meanwhile, India’s Ministry of Finance also shared a PIB fact check on X stating that social media posts claiming India has urged Italy and the Asian Development Bank to cut funds for Pakistan were incorrect.

ADB denies reports of Pakistan issue being raised in bilateral meet with Indian Finance Minister

Nirmala Sitharaman has been reappointed as India's finance minister in prime minister Narendra Modi's new coalition government. Despite the Bharatiya Janata Party failing to secure a majority in the recent elections, key portfolios have remained with Modi’s party.

Nirmala Sitharaman reappointed as finance minister in Modi's coalition

India on Monday announced steps to stimulate consumer demand, including advance payment of a part of the wages of federal government employees during the festival season and more capital spending as it tries to bolster the pandemic-hit economy.

India announces economic stimulus to boost demand by $10 billion

Indian GST council is about to hold a meet on Monday to iron compensation issue. The council will be chaired by Indian Finance Minister Nirmala Sitharaman.

World Business Watch: GST council meet to discuss compensation issues in India

India's finance minister Nirmala Sitharaman said today that the financial package announced by PM Modi during his televised address to the nation on Tuesday is meant to spur "growth and build a self-reliant India"&nbsp;as part of "Atmanirbhar Bharat"..&nbsp;

Five pillars of "Atmanirbhar Bharat" include - economy, infrastructure, system, demography and demand, India's finance minister said.

"Self reliant India does not mean cutting off from rest of the world," Sitharaman said&nbsp;while giving details of Rs 20 lakh crore stimulus package.

"We shall not forget that we do have a responsibility towards the poor, needy, the migrant&nbsp;workers,&nbsp;and the aged," the finance minister added.

Major announcements:

-Rs 3 lakh crores collateral-free automatic loans for businesses, including SMEs.&nbsp;

-Borrowers with up Rs 25 crore outstanding and Rs 100 crore turnover are eligible.&nbsp;

-Collateral free automatic loans to MSMEs worth Rs 3 lakh crore. It will have a 4-year tenure&nbsp;valid up to October, 2020.

-Collateral free loan to be provided to SMEs with 12-month moratorium; 45 lakh units to benefit, the finance minister said while unveiling parts of the economic package.

-Rs 20,000 crore subordinate debt will be provided to&nbsp;stressed MSMEs, which is set to&nbsp;benefit 2 lakh businesses.

-Rs 50,000 crore equity infusion through MSME Fund of Funds&nbsp;to provide support to growth potential MSMEs.

-Sitharaman announced Rs 30,000 crore liquidity facility for NBFCs, housing finance companies and MFIs.

-Rs 45,000 crore liquidity to be infused in NBFCs through partial credit guarantee scheme.

For Taxpayers:

-Rs 18,000 cr refunds given to taxpayers; 14 lakh taxpayers benefit from the clearing of refund dues.

-The government also extended the due date for all income tax returns to November 30.

-Statutory PF contribution by employer reduced to 10 per cent from 12 per cent earlier to provide Rs 6,750 crore liquidity relief.

Businesses &amp; workers:&nbsp;

-To ease financial stress as businesses get back to work, the government has decided to continue EPF support for business &amp; workers for three more months providing a liquidity relief of Rs 2,500 crores.

-TDS, TCS rate for non-salaried payments for period up to March 31, 2021 cut by 25 per cent in order to release Rs 50,000 crore.

Infrastructure:&nbsp;

-With electricity distribution companies facing a serious crisis, the government announced emergency liquidity infusion of Rs 90,000 crore in discoms.

India's finance minister Nirmala Sitharaman said today that the financial package announced by PM Modi during his televised address to the nation on Tuesday is meant to spur "growth and build a self-reliant India" as part of "Atmanirbhar Bharat".

India's finance minister Nirmala Sitharaman said today that the financial package announced by PM Modi during his televised address to the nation on Tuesday is meant to spur "growth and build a self-reliant India" as part of "Atmanirbhar Bharat".. Five pillars of "Atmanirbhar Bharat" include - economy, infrastructure, system, demography and demand, India's finance minister said. "Self reliant India does not mean cutting off from rest of the world," Sitharaman said while giving details of Rs 20 lakh crore stimulus package. "We shall not forget that we do have a responsibility towards the poor, needy, the migrant workers, and the aged," the finance minister added. Major announcements: -Rs 3 lakh crores collateral-free automatic loans for businesses, including SMEs. -Borrowers with up Rs 25 crore outstanding and Rs 100 crore turnover are eligible. -Collateral free automatic loans to MSMEs worth Rs 3 lakh crore. It will have a 4-year tenure valid up to October, 2020. -Collateral free loan to be provided to SMEs with 12-month moratorium; 45 lakh units to benefit, the finance minister said while unveiling parts of the economic package. -Rs 20,000 crore subordinate debt will be provided to stressed MSMEs, which is set to benefit 2 lakh businesses. -Rs 50,000 crore equity infusion through MSME Fund of Funds to provide support to growth potential MSMEs. -Sitharaman announced Rs 30,000 crore liquidity facility for NBFCs, housing finance companies and MFIs. -Rs 45,000 crore liquidity to be infused in NBFCs through partial credit guarantee scheme. For Taxpayers: -Rs 18,000 cr refunds given to taxpayers; 14 lakh taxpayers benefit from the clearing of refund dues. -The government also extended the due date for all income tax returns to November 30. -Statutory PF contribution by employer reduced to 10 per cent from 12 per cent earlier to provide Rs 6,750 crore liquidity relief. Businesses & workers: -To ease financial stress as businesses get back to work, the government has decided to continue EPF support for business & workers for three more months providing a liquidity relief of Rs 2,500 crores. -TDS, TCS rate for non-salaried payments for period up to March 31, 2021 cut by 25 per cent in order to release Rs 50,000 crore. Infrastructure: -With electricity distribution companies facing a serious crisis, the government announced emergency liquidity infusion of Rs 90,000 crore in discoms.

Government's financial package: Big relief for MSMEs, Indian taxpayers

Finance Minister Nirmala Sitharaman is addressed the media on March 26 on an economic bailout package to tide over the impact of coronavirus. Watch the video for more information:

Indian Finance Minister announce 1.70 lakh cr COVID-19 stimulus package for India

As Reserve Bank of India puts a cap on Yes bank money withdrawal, Indian Finance Minister Nirmala Sitharaman assure customers that their money is safe in the bank & there is no need to worry.

As RBI puts cap on Yes bank money withdrawal, Indian FM assure customers that their money is safe

Indian Finance minister Nirmala Sitharaman says that government will retain control of BPCL.

Indian government to divest stake in BPCL

The government came out all guns blazing, defending the economic measures it has taken in recent years after concerns raised by the&nbsp;opposition on GDP growth.

Finance Minister Arun Jaitley, along with economic affairs secretary Subhash Chandra Garg and finance secretary Ashok Lavasa, gave a presentation on the economic plan charted out by the government to put India on a higher-growth track.

&quot;There have been lot of discussions and reviews of the economy in the past few weeks within the ministry. When results of the GDP of the first quarter came out then I had said that we will be ready for the response,&quot; Jaitley said.

India has remained the world&#39;s fastest-growing large economy for the past three years, he added.

Hailing GST, Subhash Chandra Garg said it has been the biggest reform, along with others like demonetisation and the battle against black money. He then delved into the presentation, giving details about the reduced amount of current account deficit and the overall health of the economy.

Then Lavasa took over and talked about how the government is creating more jobs and has increased its public spending.

&quot;We have launched the biggest component of road-building programme, the ?Bharat Mala programme which has been cleared by the Union Cabinet today. It will lead to building of 34,800 km of roads,&quot; Lavasa said highlighting government&rsquo;s push towards infrastructure.

About 2000 km of coastal roads will be constructed in first phase of Bharat Mala, he added.

The government said a total of&nbsp;83,677 kms of roads would be built over the next five years, creating &quot;more jobs&quot; and leading to &quot;more growth&quot;.&nbsp;&nbsp;

The second large scheme announced by Team Jaitley today was an &quot;unprecedented&quot; recapitalisation -- by Rs 2.11 lakh crore -- of public sector banks.&nbsp;

The recapitalisation, Team Jaitley said, had come after a cleaning up of the banks and their&nbsp;non-performing assets and would encourage the banks to lend to private enterprise.&nbsp;

Since it came to power three years ago, the Modi government has taken many bold steps to give boost to India&rsquo;s economy, like the a new tax regime the Goods and Services Tax and demonetisation. But both the decisions have been slammed by the opposition and other sections of society.

The Congress has even said that it will mark November 8, 2017 - the first anniversary of demonetisation - as a &#39;Black Day&#39;.

But the government has been firm in its resolve and has maintained that these economic reforms will have positive impact in long term. Many global bodies, including the IMF, have given thumbs up to government&rsquo;s reforms and have predicted bright future for Indian economy.

Team Jaitley said 83,677 kms of roads would be built over the next five years, creating 'more jobs' and leading to 'more growth'

The government came out all guns blazing, defending the economic measures it has taken in recent years after concerns raised by the opposition on GDP growth. Finance Minister Arun Jaitley, along with economic affairs secretary Subhash Chandra Garg and finance secretary Ashok Lavasa, gave a presentation on the economic plan charted out by the government to put India on a higher-growth track. "There have been lot of discussions and reviews of the economy in the past few weeks within the ministry. When results of the GDP of the first quarter came out then I had said that we will be ready for the response," Jaitley said. India has remained the world's fastest-growing large economy for the past three years, he added. Hailing GST, Subhash Chandra Garg said it has been the biggest reform, along with others like demonetisation and the battle against black money. He then delved into the presentation, giving details about the reduced amount of current account deficit and the overall health of the economy. Then Lavasa took over and talked about how the government is creating more jobs and has increased its public spending. "We have launched the biggest component of road-building programme, the ?Bharat Mala programme which has been cleared by the Union Cabinet today. It will lead to building of 34,800 km of roads," Lavasa said highlighting government’s push towards infrastructure. About 2000 km of coastal roads will be constructed in first phase of Bharat Mala, he added. The government said a total of 83,677 kms of roads would be built over the next five years, creating "more jobs" and leading to "more growth". The second large scheme announced by Team Jaitley today was an "unprecedented" recapitalisation -- by Rs 2.11 lakh crore -- of public sector banks. The recapitalisation, Team Jaitley said, had come after a cleaning up of the banks and their non-performing assets and would encourage the banks to lend to private enterprise. Since it came to power three years ago, the Modi government has taken many bold steps to give boost to India’s economy, like the a new tax regime the Goods and Services Tax and demonetisation. But both the decisions have been slammed by the opposition and other sections of society. The Congress has even said that it will mark November 8, 2017 - the first anniversary of demonetisation - as a 'Black Day'. But the government has been firm in its resolve and has maintained that these economic reforms will have positive impact in long term. Many global bodies, including the IMF, have given thumbs up to government’s reforms and have predicted bright future for Indian economy.

New highways, job creation part of govt plan to push India on high-growth track

Indian finance minister Arun Jaitley today repudiated a call by the state government of India&#39;s West Bengal to delay a planned Goods and Services Tax (GST) to avoid inflicting another economic shock in the wake of demonetisation.

He said the plan was still to launch the new tax on April 1. Time was tight because, under a constitutional amendment that enabled the GST, India&#39;s old system of indirect taxation would lapse next September.

&quot;If on September 16, 2017, there&#39;s no GST, then there&#39;s no taxation,&quot; he said. &quot;Our intention is to make sure it gets implemented from April 1, 2017.&quot;

Jaitley also said on Friday that a cash crunch following the scrapping of high-value banknotes would ease by December&nbsp;30 with the release of new 500 and 2,000 rupee notes.

Jaitley said, however, that the amount of new banknotes being released would not be the same as that circulating before November&nbsp;8, when Prime Minister Narendra Modi announced the so-called demonetisation to purge the economy of illicit &quot;black money&quot;.

Modi, at a stroke, removed from circulation banknotes worth an estimated 17 trillion rupees ($249 billion). Finance ministry sources say they plan to reissue just over half of this - a task that would take months given the capacity of India&#39;s four banknote printing presses.

Modi set a 50-day deadline that runs to December&nbsp;30 for people to swap or deposit their old banknotes. He has promised the situation would stabilise by then and urged Indians to adopt cashless payment forms such as debit cards and mobile wallets.

&quot;Obviously, one of the advantages of this exercise is going to be that you won&#39;t have the same level of paper currency which existed,&quot; Jaitley told the Hindustan Times Leadership Summit.

(Reuters)

Jaitley repudiated a call by the Bengal government to delay the GST to avoid inflicting another economic shock

Indian finance minister Arun Jaitley today repudiated a call by the state government of India's West Bengal to delay a planned Goods and Services Tax (GST) to avoid inflicting another economic shock in the wake of demonetisation. He said the plan was still to launch the new tax on April 1. Time was tight because, under a constitutional amendment that enabled the GST, India's old system of indirect taxation would lapse next September. "If on September 16, 2017, there's no GST, then there's no taxation," he said. "Our intention is to make sure it gets implemented from April 1, 2017." Jaitley also said on Friday that a cash crunch following the scrapping of high-value banknotes would ease by December 30 with the release of new 500 and 2,000 rupee notes. Jaitley said, however, that the amount of new banknotes being released would not be the same as that circulating before November 8, when Prime Minister Narendra Modi announced the so-called demonetisation to purge the economy of illicit "black money". Modi, at a stroke, removed from circulation banknotes worth an estimated 17 trillion rupees ($249 billion). Finance ministry sources say they plan to reissue just over half of this - a task that would take months given the capacity of India's four banknote printing presses. Modi set a 50-day deadline that runs to December 30 for people to swap or deposit their old banknotes. He has promised the situation would stabilise by then and urged Indians to adopt cashless payment forms such as debit cards and mobile wallets. "Obviously, one of the advantages of this exercise is going to be that you won't have the same level of paper currency which existed," Jaitley told the Hindustan Times Leadership Summit. (Reuters)

Constitutional compulsion to roll out GST from September 2017: Indian finance minister

In an attempt to appease trade unions that have threatened to go on strike, Indian finance minister Arun Jaitley today announced a hike in minimum wages from the current $3.67 (246 INR) to $5.22 (350 INR)for unskilled workers per day. 
 
&quot;In the past one-and-a-half years, the inter-ministerial committee had a&nbsp;meeting with central trade unions. Trade unions placed various demands. Some were labour-related and some economic policy issues related. The government has taken some decisions with regard to those on the basis of their recommendations,&quot; added Jaitley. 
 
The decision was taken following a meeting under the chairmanship of the Indian labour minister Bandaru Dattatreya, also attended by power minister Piyush Goyal. The registration of the contract workers and their staffing agencies is mandatory and states will be advised to strictly implement the same, the finance minister said. Errant contractors will face appropriate action for any violation, he warned. 
 
Asked about the strike call, Jaitley said: &quot;I think we have responsible trade unions.&quot; 
 
Jaitley told the media that the two years worth of bonus will be paid to Indian central government employees based on revised norms. The Bonus Amendment Act will be implemented &quot;strictly&quot;. Workers employed by the state governments, however, are not covered under the Act. 
 
The likely financial implications of the bonus move translate into $286 million (Rs1,920 crore) per annum. 
 
As many as 10 central trade unions have given a call for a one-day nationwide strike on September 2, 2016, to protest against Prime Minister Modi&#39;s labour reforms. 
 
Tapan Sen, the&nbsp;general secretary of the Centre of Trade Unions, said earlier today the strike would go on despite Jaitley&#39;s promise that the government would release state employees&#39; bonuses for the last two years and increase minimum wages, Reuters reported. 
 
(WION with inputs from agencies)

Indian finance minister Arun Jaitley announced a hike from $3.67 to $5.22 per day for unskilled workers per day

In an attempt to appease trade unions that have threatened to go on strike, Indian finance minister Arun Jaitley today announced a hike in minimum wages from the current $3.67 (246 INR) to $5.22 (350 INR)for unskilled workers per day. "In the past one-and-a-half years, the inter-ministerial committee had a meeting with central trade unions. Trade unions placed various demands. Some were labour-related and some economic policy issues related. The government has taken some decisions with regard to those on the basis of their recommendations," added Jaitley. The decision was taken following a meeting under the chairmanship of the Indian labour minister Bandaru Dattatreya, also attended by power minister Piyush Goyal. The registration of the contract workers and their staffing agencies is mandatory and states will be advised to strictly implement the same, the finance minister said. Errant contractors will face appropriate action for any violation, he warned. Asked about the strike call, Jaitley said: "I think we have responsible trade unions." Jaitley told the media that the two years worth of bonus will be paid to Indian central government employees based on revised norms. The Bonus Amendment Act will be implemented "strictly". Workers employed by the state governments, however, are not covered under the Act. The likely financial implications of the bonus move translate into $286 million (Rs1,920 crore) per annum. As many as 10 central trade unions have given a call for a one-day nationwide strike on September 2, 2016, to protest against Prime Minister Modi's labour reforms. Tapan Sen, the general secretary of the Centre of Trade Unions, said earlier today the strike would go on despite Jaitley's promise that the government would release state employees' bonuses for the last two years and increase minimum wages, Reuters reported. (WION with inputs from agencies)

India hikes minimum wages with strike threat looming large

No decision has yet been reached to appoint India&#39;s next central bank governor, finance minister Arun Jaitley said today, 18 days before the incumbent is due to stand down. 
 
A senior aide to Indian Prime Minister Narendra Modi said he was &quot;expected to make up his mind very soon&quot; on replacing Raghuram Rajan, the former International Monetary Fund chief economist who dropped a bombshell in June by announcing he would not seek a second term. 
 
&quot;We will let you know when we decide,&quot; Jaitley told reporters as he returned to the finance ministry from a meeting with Modi. &quot;You will come to know the conclusion, not the process.&quot; 
 
Rajan ends his three-year term as governor of the Reserve Bank of India on September 4. 
 
In that short time, he transformed the RBI into an inflation-targeting central bank, with a central goal for consumer price growth of four per cent. The government is also in the process of selecting a new, six-member Monetary Policy Committee that will decide on interest rates. 
 
Officials have suggested that Rajan&#39;s replacement would be named soon to give enough time for an orderly leadership handover at the Mumbai-based central bank. 
 
A shortlist of possible successors was floated in the immediate aftermath of Rajan&#39;s June 18 announcement that, in the ensuing weeks, has seen hopefuls drift in and out of contention. 
 
Former RBI deputy governor Subir Gokarn, now India&#39;s executive director at the IMF, has featured throughout. Also in consideration is current deputy governor Urjit Patel, according to officials with direct knowledge of the matter. 
 
World Bank Chief Economist Kaushik Basu, who is soon to retire, has edged into contention. Other names also mentioned have been State Bank of India chair-managing director Arundhati Bhattacharya; the government&#39;s chief economic adviser Arvind Subramanian; and Ashok Lahiri, who held the same role under an earlier government. 
 
One finance ministry official said a decision was likely to be announced by the Prime Minister&#39;s Office, adding it was difficult to say at this stage whether Modi would accept Jaitley&#39;s recommendation at all. He declined to comment on what was discussed at the meeting between Modi and Jaitley. 
 
(Reuters)

Officials have suggested that Rajan's replacement would be named in time enough for an orderly leadership handover

No decision has yet been reached to appoint India's next central bank governor, finance minister Arun Jaitley said today, 18 days before the incumbent is due to stand down. A senior aide to Indian Prime Minister Narendra Modi said he was "expected to make up his mind very soon" on replacing Raghuram Rajan, the former International Monetary Fund chief economist who dropped a bombshell in June by announcing he would not seek a second term. "We will let you know when we decide," Jaitley told reporters as he returned to the finance ministry from a meeting with Modi. "You will come to know the conclusion, not the process." Rajan ends his three-year term as governor of the Reserve Bank of India on September 4. In that short time, he transformed the RBI into an inflation-targeting central bank, with a central goal for consumer price growth of four per cent. The government is also in the process of selecting a new, six-member Monetary Policy Committee that will decide on interest rates. Officials have suggested that Rajan's replacement would be named soon to give enough time for an orderly leadership handover at the Mumbai-based central bank. A shortlist of possible successors was floated in the immediate aftermath of Rajan's June 18 announcement that, in the ensuing weeks, has seen hopefuls drift in and out of contention. Former RBI deputy governor Subir Gokarn, now India's executive director at the IMF, has featured throughout. Also in consideration is current deputy governor Urjit Patel, according to officials with direct knowledge of the matter. World Bank Chief Economist Kaushik Basu, who is soon to retire, has edged into contention. Other names also mentioned have been State Bank of India chair-managing director Arundhati Bhattacharya; the government's chief economic adviser Arvind Subramanian; and Ashok Lahiri, who held the same role under an earlier government. One finance ministry official said a decision was likely to be announced by the Prime Minister's Office, adding it was difficult to say at this stage whether Modi would accept Jaitley's recommendation at all. He declined to comment on what was discussed at the meeting between Modi and Jaitley. (Reuters)

India finance minister: We'll let you know on RBI governor

Indian finance minister Arun Jaitley today met his Chinese counterpart Lou Jiwei in Beijing and discussed the bilateral economic cooperation and the global macroeconomic situation. 
 
The two ministers talked about bilateral economic cooperation, G20 and BRICS (Brazil, Russia, India, China and South Africa) as well as global macroeconomic situation, a statement from the Indian embassy said. 
 
Jaitley, who arrived on June 23, is scheduled to attend the annual financial dialogue at the ministerial level with Lou on June 27. 
 
The dialogue at the level of finance secretaries has been postponed to July because of inability of India&#39;s economic affairs secretary Shaktikanta Das to travel to Beijing for the meeting. Das was asked to stay in Delhi to deal with implications of the &#39;Brexit&#39; vote for India. 
 
India and China have so for had seven rounds of financial dialogue at the level of finance secretaries, the last being held in New Delhi in 2014. 
 
Before he met Lou today, Jaitley attended the annual Board of Governors meeting of Asian Infrastructure Investment Bank (AIIB), in which India is the second-largest shareholder after China. 
 
The Beijing-based AIIB was officially established late last year. 
 
Jaitley is on a five-day visit to China. 
 
(PTI)

Arun Jaitley and Lou Jiwei discussed bilateral economic cooperation in light of 'Brexit' vote

Indian finance minister Arun Jaitley today met his Chinese counterpart Lou Jiwei in Beijing and discussed the bilateral economic cooperation and the global macroeconomic situation. The two ministers talked about bilateral economic cooperation, G20 and BRICS (Brazil, Russia, India, China and South Africa) as well as global macroeconomic situation, a statement from the Indian embassy said. Jaitley, who arrived on June 23, is scheduled to attend the annual financial dialogue at the ministerial level with Lou on June 27. The dialogue at the level of finance secretaries has been postponed to July because of inability of India's economic affairs secretary Shaktikanta Das to travel to Beijing for the meeting. Das was asked to stay in Delhi to deal with implications of the 'Brexit' vote for India. India and China have so for had seven rounds of financial dialogue at the level of finance secretaries, the last being held in New Delhi in 2014. Before he met Lou today, Jaitley attended the annual Board of Governors meeting of Asian Infrastructure Investment Bank (AIIB), in which India is the second-largest shareholder after China. The Beijing-based AIIB was officially established late last year. Jaitley is on a five-day visit to China. (PTI)

Indian finance minister scheduled to attend 'financial dialogue' in Beijing, meets Chinese counterpart

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