Union Finance Minister Nirmala Sitharaman on Tuesday said the global economy is facing new and complex challenges arising from the digitalisation of economic activity and the emergence of new financial products, stressing that these issues require joint action by all jurisdictions.
Addressing the 18th Global Forum Plenary Meeting in New Delhi, Sitharaman emphasised that confidentiality and cybersecurity must be maintained as countries work to strengthen information sharing. She said these are not challenges that any single country can address alone, adding that they require coordination, trust and the timely exchange of relevant information.
The 18th Global Forum Plenary Meeting is an international conference focused on tax transparency and combating offshore tax evasion through global cooperation. The meeting, hosted by the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes, is being held from December 2–4, 2025, in New Delhi.
“In a global economy where interdependence is a fact of life, stable and trusted relationships between jurisdictions are indispensable,” the Finance Minister said.
Sitharam said the collective focus must remain on fairness, sustainability and public trust in the integrity of tax systems. She added that the goal should be to ensure that all jurisdictions are able to participate fully and confidently within the international framework. The minister further noted that India has worked to integrate exchanged information with broader compliance and risk analysis.
Highlighting India’s approach, Sitharaman said that despite differing jurisdictions and traditions, countries share a common goal — to promote lawful economic activity, curb evasion and support dignified societal growth.
The minister stated the Global Forum itself demonstrates that cooperation in tax matters is not only possible but also beneficial and necessary in the current global financial environment.
She said the world has moved from a system constrained by secrecy and limited access to information to one where transparency is increasingly recognised as essential to fairness, compliance and responsible governance.
This transition, she noted, did not happen automatically but through collective resolve, openness to reform and sustained institutional efforts.
“For India, transparency in tax matters has always gone beyond administrative reform,” she said, adding that it is rooted in the principle that economic governance must be built on fairness and responsibility.
(ANI)