India is ideally positioned to "strengthen and diversify supply chains" for clean energy items, according to finance minister Nirmala Sitharaman. China presently dominates this industry as it is the largest producer and exporter of solar and wind power equipment.
At the launch of “Partnership for Resilient and Inclusive Supply-chain Enhancement (RISE)”, the FM said that India is in readiness to play a bigger role in the supply chains of clean energy products. The government has already announced PLI in some of these areas. The RISE partnership is an initiative of the World Bank and G7 under Japan’s Presidency for developed & developing countries, to build momentum for enhanced collaboration on diversification of supply chain for clean energy products & tackling climate change.
Countries like India, Japan, Australia, and the US are already working together to diversify their supply chains across product categories in an effort to lessen their reliance on China.
At a different event held at Marrakech, Morocco, the FM also highlighted India's eagerness to collaborate with the IMF to assist developing nations in facilitating domestic resource mobilisation, as approved by G20 leaders. She also appreciated the IMF’s role with regard to policy work for crypto assets and the related G20 road map for global coordination within and beyond G20 countries.
A high-level discussion on capacity building and the two-pillar solution was organised in conjunction with the fourth G20 Finance Ministers and Central Bank Governors (FMCBG) meeting in Marrakech. The discussion covered a wide range of topics related to the two-pillar international tax plan, including the broad agenda for capacity building.