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    Nirmala Sitharaman Urges Global Cooperation to Strengthen Economic Governance

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    Yugcharan News | Economy Desk | December 2, 2025

    Finance Minister Nirmala Sitharaman has called for stronger international cooperation to address emerging challenges in global economic governance, particularly those arising from rapid digitalization, new financial products, and evolving ownership structures. She made these remarks during her keynote address at the OECD Global Forum held in New Delhi on Tuesday.

    Sitharaman emphasized that transparency in tax systems is closely linked to fairness and responsible governance. She noted that societies become more resilient when individuals and businesses contribute their due share and when efforts to deter evasion are implemented effectively.

    According to the minister, India’s legislative framework — including measures against illicit financial flows and undisclosed foreign assets — reflects the country’s commitment to transparency. She also highlighted India’s active participation in both the exchange of information on request and the automatic exchange of information (AEOI) standards, which enable countries to share tax-related data.

    The OECD Global Forum works with more than 170 countries to curb offshore tax evasion by promoting information sharing and enhancing tax transparency. Under the AEOI arrangement, India receives data about offshore holdings that may not have been reported domestically.

    Last week, the Income Tax Department began a new compliance initiative, reaching out to around 25,000 high-risk individuals to encourage them to disclose foreign assets or income that may not have been reported earlier. A previous drive resulted in disclosures exceeding ₹30,000 crore.

    Sitharaman said emerging areas — such as digital economy taxation, new financial instruments, and cybersecurity — require stronger collaboration and information exchange among nations. She noted that these issues cannot be addressed by any country independently and require “coordination, trust, and timely sharing of relevant data.”

    Revenue Secretary Arvind Shrivastava added that India has invested in secure digital systems and analytics tools to effectively use the information received through global tax frameworks. He said domestic laws such as the Black Money Act and the Benami Transactions Act have strengthened enforcement and supported better compliance.

    Sitharaman also pointed out that transparency plays a direct role in development, as public services — including healthcare, education, and infrastructure — depend on domestic revenue. She stressed that improving tax transparency helps close development gaps and supports long-term financial stability, especially for developing economies.

     

    — Yugcharan News

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