News Highlights

  • Sitharaman emphasised on the role of technology in fighting climate change and called for international cooperation.

New Delhi: Finance Minister Nirmala Sitharaman has said that in India, fiscal policy measures are being taken to get better environmental outcomes.

In her address at the G20 High-Level Tax Symposium on Tax Policy and Climate Change, ahead of the third G20 Finance Ministers & Central Bank Governors Meeting, she also said that concessional tax rates are in place in India to promote use of renewables.

In a series of tweets, the Ministry of Finance said that the minister shared India's innovative policy mix for better environmental outcomes such as new energy map of India, digital innovation and emerging fuels, international solar alliance for enabling clean energy, and promotion of energy efficiency and afforestation.

Sitharaman also emphasised on the role of technology in fighting climate change and called for international cooperation to increase supply of alternative sources of energy and technologies for adaptation.

The third meeting of G20 Finance Ministers and Central Bank Governors is scheduled on July 9 and 10, under the Italian G20 presidency. This will be the first in-person Finance Track meeting since February 2020.

Forex Reserves Rise By USD 1.013 Bn To Record High Of USD 610.012 Bn

Meanwhile, the country's foreign exchange reserves swelled by USD 1.013 billion to touch a lifetime high of USD 610.012 billion in the week ended July 2, RBI data showed on Friday.

In the previous week ended June 25, 2021, the reserves had jumped by USD 5.066 billion to reach USD 608.999 billion.

During the reporting week, the rise in the forex kitty was mainly on account of an increase in foreign currency assets (FCA), a major component of the overall reserves.

FCA surged by USD 748 million to USD 566.988 billion, as per weekly data by the Reserve Bank of India (RBI).

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Gold reserves climbed USD 76 million to USD 36.372 billion in the reporting week.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) rose by USD 49 million to USD 1.548 billion.

The country's reserve position with the IMF too increased by USD 139 million to USD 5.105 billion in the reporting week, the data showed.