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Levying border adjustment tax goes against interest of developing countries:  Finance Minister

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New Delhi: Finance Minister Nirmala Sitharaman has said that any move on imposition of cross-border adjustment tax by developed countries to meet their green commitments is morally wrong and goes against the interest of developing countries. She said, the single mono-sided decision of imposition of border adjustment tax goes against the concern of the Global South. The Finance Minister was addressing the Global Economic Policy Forum 2023 organised by CII in New Delhi today. Her comments come in the backdrop of the European Union’s announcement to impose carbon tax on imports from certain sectors.

She said that the International Solar Alliance can make a large benefit to society across the world. Highlighting the importance of the International Solar Alliance, Ms. Sitharaman said that after the existence of the global grid system, people will get 24/7 electricity which will make life easier. She added that the International Solar Alliance can link the world with grid systems across the countries and touch every part of the world.

In her address, Ms. Sitharaman said that the development and contribution toward any sector across the world has to be inclusive. Highlighting the several initiatives being done across the world to save the environment, She added that there are little but significant innovations happening in the world and more steps need to be taken in this direction.

The Finance Minister said the world is also moving towards the Global Bio-Fuel alliance. She added that bio-fuel can become an effective fuel, especially for aircraft. The Minister also said that the world should be focused on the Think-Engine, not the growth engine. She added that the Think engine also reflects the concerns and achievements of the emerging markets of the economies.    

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