New Delhi, 2 December (H.S.):

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.

The Finance Minister also highlighted the role of technology and artificial intelligence in interpreting data efficiently but emphasized that innovation must be balanced with accountability, respect for procedure, and decision-making responsibility.

According to her, this equilibrium strengthens the credibility and resilience of financial systems worldwide.Sitharaman remarked on India’s progress in fostering voluntary tax compliance through transparent, fair, and predictable policies, noting the country's active participation in global information exchange frameworks to combat illicit financial flows.

She interpreted tax transparency as foundational not only for compliance but also for sustainable development and fiscal stability, especially for developing economies reliant on mobilizing domestic resources to improve public services.

The 18th Global Forum—an international conference focused on tax transparency and international cooperation to fight offshore tax evasion—is being hosted in New Delhi by the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes from December 2 to 4, 2025.

Senior officials from the Finance Ministry and global representatives are participating in this event aimed at reinforcing a more transparent and cooperative global tax regime.

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Hindusthan Samachar / Jun Sarkar