Sitharaman urges World Bank to remain steadfast on principles of common responsibilities

Finance Minister Nirmala Sitharaman has urged the World Bank to avoid a unidimensional view of subsidies and not to lose focus on the internationally agreed basic principle of common but differentiated responsibilities.

She made the remarks on Friday during a meeting of the Development Committee of the World Bank-IMF, in Washington D.C.

Sitharaman also stated that despite this year's projected growth rate of 7 per cent for the Indian economy, "we remain concerned about the global economic outlook and geopolitical environment", according to the Union Finance Ministry.

The Finance Minister further mentioned that the "Food and Energy Crisis paper" rightly identifies energy efficiency as the "first fuel of choice".

Similarly, reducing crop loss and food waste should also be the "first intervention of choice" to ensure food security, she was quoted as saying.

The Finance Minister is currently on a five-day visit to the US.