India will continue on its current track and expand at 7% in 2022–2023: Nirmala Sitharaman
Finance Minister Nirmala Sitharaman stated that the Indian economy would continue on course and is expected to expand at 7% in 2022–2023 despite estimates from the International Monetary Fund and the World Bank to the contrary.
In her remarks, Mr. Sitharaman emphasised that a supportive domestic policy environment, along with the government’s focus on structural reforms, has kept domestic economic activity in India robust. She was attending the Plenary Meeting of the International Monetary and Financial Committee at the IMF Headquarters here on Friday to discuss the priorities identified in the managing director’s global policy agenda.
India is predicted to be the fastest-growing major economy in 2023 by the IMF and the World Bank. According to the Economic Survey 2022–23, the Indian economy would continue on its current track and grow at a 7% annual rate in 2022–23, she added.
According to a series of tweets from the Finance Ministry, she emphasised the lesson learned from the pandemic that digitalization, particularly Digital Public Infrastructure, is a positive catalyst for the global economy and how India’s DPI has revolutionised access and created a thriving entrepreneurial ecosystem.
The Finance Minister made reference to the global sovereign debt roundtable and stated that it has shown other vulnerable nations how to move forward constructively with multi-stakeholder collaboration. India was happy to be a member of the team that offered solutions for Sri Lanka and Surinam.
Ms. Sitharaman reaffirmed her dedication to looking into potential solutions through stakeholder engagements to urgent global concerns that disproportionately affect the most vulnerable and impoverished.
She also stressed the need of engaging in constructive discourse to combat the problem of global fragmentation and asked all G20 countries to continue supporting multilateral.
