PM Modi interacts with world leaders on G20 Summit sidelines
In this context, PM Modi welcomed the initiative of President Macron to organise the forthcoming AI Action Summit in France.
The US has removed India from a list of trading partner countries it monitors for foreign exchange of macroeconomic policies. The information was provided in the Treasury Department’s bi-annual report to Congress.
The development came as US Treasury Secretary Janet Yellen is visiting India.
The US Treasury Department told the Congress in a report submitted on Thursday that it has removed India, Italy, Mexico, Thailand, and Vietnam from the “Monitoring List” because they met with only one of the three criteria needed for designation in two consecutive reports.
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The biannual report also said that the countries that have been removed from the currency monitoring list have met only one out of three criteria for two consecutive reports.
“China’s failure to publish foreign exchange intervention and broader lack of transparency around key features of its exchange rate mechanism makes it an outlier among major economies and warrants Treasury’s close monitoring,” said the report.
China, Japan, Korea, Germany, Malaysia, Singapore, and Taiwan are the countries that are part of the current currency monitoring list.
“The global economy was already dealing with supply and demand imbalances caused by Covid-19 prior to Russia’s illegal war against Ukraine, which has increased food, fertilizer, and energy prices – further elevating global inflation and increasing food insecurity. Major economies facing different stresses may accordingly pursue different policies, which can be reflected in currency movements. Treasury is cognizant that a range of approaches by developing and emerging economies to global economic headwinds may be warranted in certain circumstances,” Secretary of the Treasury Yellen said in a statement announcing the release of the report.
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