The growth momentum of the Indian economy will be sustained in the following budget: FM Nirmala Sitharaman

Washington: Treasury Secretary Nirmala Sitharaman said on Tuesday in the upcoming February budget that growth will be one of the government’s top priorities and that consideration will be given to sustaining the momentum the Indian economy has gained as a result of the COVID-19 pandemic. -19 pandemic.

Responding to a question about the priorities Modi’s government might have in the budget in terms of specific spending revenues, she said growth priorities will remain one of the top priorities and inflation concerns will be closely watched. “Specific measures can be difficult at this stage because it’s a bit too early. But in general, growth priorities will definitely be kept on top, even when I talk about the concerns that inflation is bringing to me. So the inflation issues will have to be addressed But how would you manage growth would be the natural question,” she said during an interaction at the Washington-based Brookings Institution.

The finance minister said the upcoming budget will be a very carefully structured budget, one in which the growth momentum of the Indian economy will be sustained.”… the momentum the Indian economy has gained to get out of the pandemic and the momentum with which it will grow even the following year, even according to the very many multilateral institutions that observe India, cannot be weakened. Very carefully structured budget in which the growth momentum will have to be maintained,” she added.

In its July 2022 report, the IMF had pinned India’s GDP growth at 7.4 percent for 2022.

According to the IMF’s latest forecast, released Tuesday, India’s GDP growth for fiscal year 2022-23 is projected at a 7 percent growth rate set by the Reserve Bank of India (RBI). Despite the slowdown, however, India would remain the fastest growing major economy.

In response to a question about India’s near-term growth prospects over the next two years, she said Modi’s government goal in the post-pandemic economy is to make the Indian economy much more robust with an infrastructure framework that is ready, not weighing only in hopes, but also the digital infrastructure, financial inclusion so that everyone has access to a bank account.” It’s re-looking at the amalgamation of bets making bigger bets, all that,” she said.

Speaking further about the short-term outlook for the Indian economy, the finance minister pointed to the recognition of many risks that are “outside” to the Indian economy. occasionally understand and respond to the intensity of this. Energy, fertilizer prices. Energy, not only the price, but also the availability. The risks for purchasing energy. All these challenges, which are not medium term, not long term, but also short term,” she said.

Sitharaman is on an official visit to the US. During her visit she will attend the annual meetings of the International Monetary Fund (IMF) and the World Bank, the meetings of the finance ministers of the G20 and the Governor of the Central Bank (FMCBG). The Finance Minister will participate in bilateral meetings with several countries, including Japan, South Korea, Saudi Arabia, Australia, Bhutan, New Zealand, Egypt, Germany, Mauritius, United Arab Emirates, Iran and the Netherlands.

The Finance Minister will also hold face-to-face meetings with leaders and heads of the OECD, the European Commission and UNDP. At a high-level meeting, the Treasury Secretary will meet separately with US Treasury Secretary Janet Yellen and World Bank President David Malpass to discuss issues of mutual interest.

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