Current Affairs

Sign in
રાજ્યવ્યવસ્થા અને શાસનGS2
GS2

Finance Minister Attends World Bank Development Committee Meeting

Source:PIB ↗

આ શા માટે મહત્વનું છે

Important for understanding India's engagement with multilateral financial institutions like the World Bank, its stance on global economic governance, and strategies for private capital mobilization and inclusive growth.

સારાંશ

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman participated in the 114th meeting of the Development Committee Plenary of the World Bank held in Bangkok, Thailand. The high-level meeting addressed global development priorities, private capital mobilization, and economic cooperation among member nations.

મુખ્ય મુદ્દા

  • Union Finance Minister Smt. Nirmala Sitharaman participated in the 114th meeting of the Development Committee Plenary of the World Bank in Bangkok, Thailand.
  • Discussions focused on global economic trends, private capital mobilization, and strategies for inclusive and sustainable growth.
  • Emphasized India's ongoing structural reforms, economic resilience, and contributions to global development dialogues.

મહત્વપૂર્ણ શબ્દો

World Bank

A specialized international financial institution established at the 1944 Bretton Woods conference to reduce global poverty and promote economic development by providing loans, credits, and technical assistance to developing countries.

UPSC context

UPSC GS Paper II: Important International Institutions, agencies and fora - their structure, mandate, and relevance for India's development goals.

Source
Development Committee Plenary

A joint ministerial-level forum of the World Bank Group and the IMF that advises their Boards of Governors on critical global development issues and financial resource needs.

UPSC context

UPSC GS Paper II: International Relations and Global Economic Governance structures affecting developing nations and multilateral policies.

Source

સંલગ્ન સ્થિર ખ્યાલો

Economy International Financial Institutions

What is the mandate and composition of the World Bank-IMF Development Committee?

  • Origin & Nature: Established in 1974 as a joint ministerial committee of the Boards of Governors of both the World Bank and the IMF.
  • Composition: Comprises 25 members (usually finance/development ministers) representing all member countries of both Bretton Woods institutions.
  • Advisory Role: Serves strictly as an advisory body guiding resource transfers to developing nations; it has no operational or voting loan authority.

આંતર-વિષય પેટર્ન

  • World Bank Plenaries vs. Domestic Fiscal Consolidation

    India's articulation of structural reforms at WB forums directly ties into its domestic fiscal consolidation targets and external capital account management.

Expect statements on World Bank's Development Committee structure (joint WB-IMF body, 25 members) in a direct matching or multi-statement Prelims Q.

સંલગ્ન PYQ · 2

સંલગ્ન PYQ · 2

  • 2022MainsGS3

    Is inclusive growth possible under market economy ? State the significance of financial inclusion in achieving economic growth in India.

  • 2025PrelimsGS1

    Consider the following statements in respect of the International Bank for Reconstruction and Development (IBRD) : I. It provides loans and guarantees to middle income countries. II. It works single-handedly to help developing countries to reduce poverty. III. It was established to help Europe rebuild after the World War II. Which of the statements given above are correct?