New Delhi: Union Finance Minister Nirmala Sitharaman on Tuesday emphasized that the rapid digitalization of economic activities and the emergence of new financial products have introduced unprecedented challenges to the global economy.
Addressing the 18th Global Forum Plenary Meeting in New Delhi, she stressed the urgent need for collective action by all jurisdictions to address these issues effectively.Highlighting the evolving landscape, Sitharaman pointed to the digital transformation of economies, novel financial instruments, and changing structures of beneficial ownership, which necessitate enhanced cooperation among nations.
She underscored that these challenges cannot be tackled by any single country alone, calling for coordinated efforts underpinned by trust, timely exchange of critical information, and robust cybersecurity measures to safeguard confidentiality.
