Despite reports of a global recession and a downgrade to the growth outlook of nearly all major economies, Nirmala Sitharaman expressed optimism on Tuesday about India’s relative and absolute growth performance in the remaining years of the decade.
She forecasted the country’s growth rate to be around 7% this fiscal year.
She claims that the price and accessibility of energy would be one of the major problems affecting the Indian economy shortly.
According to Ms. Sitharaman, India’s upcoming yearly budget would need to be constructed correctly to maintain the pace of the nation’s growth. She said that it would deal with the inflation problems.
Before India assumed the G-20 annual leadership in December, the Finance Minister said that the association of the top 20 economies of the world has great potential to work for the general welfare of the world.
According to Ms. Sitharaman, advanced nations must take responsibility for the “global spillover” of their political and economic policy choices. She also urged the West to refrain from imposing sanctions on countries.
According to the Finance Minister, “Atmanirbhar Bharat,” or the policy of self-reliance, is neither “isolationism” nor “protectionism,” but rather an acknowledgment that India must boost the manufacturing sector’s share of its GDP.
She said that the government is ready to talk to entrepreneurs considering leaving India and address their concerns to persuade them to stay.
According to the finance minister, India is in contact with several countries to promote the use of the Rupay currency there.
The two leaders “addressed the present global macroeconomic situation among other subjects of mutual interest,” according to Nirmala Sitharaman, following their meeting with Treasury Secretary Janet Yellen of the United States on Tuesday.
During the discussion, the finance minister invited Ms. Yellen to visit India and attend the US-India Economic and Financial Partnership conference on November 11 in New Delhi.