One of the most anticipated components of the Spring Meetings of the World Bank and the International Monetary Fund in Washington DC this year was a global sovereign debt roundtable meant to revitalise the under-performing system to restructure public debt. This is because the world is going through a severe sovereign debt crisis, and one which the international financial architecture has by and large failed to effectively address. In this context, our lead editorial notes that Finance Minister Nirmala Sitharaman has prioritised the reform of sovereign debt restructuring as part of the Finance Track in India’s G20 presidency. This is wise prioritisation, and an equitable and efficient solution to the problem would be seen as a big achievement of the presidency. Read here
In other views:
As China steps up efforts to graduate to a leading role in international currency markets, India faces a choice between aligning with the Western-dominated financial system or the Chinese one, writes former foreign secretary Shyam Saran. Read here
The period 1999-2023 has been transformative for the Indian ports sector. Much of it has to do with the induction of private capital, writes Vinayak Chatterjee. Read here
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