What Nirmala Sitharaman Said On India's Economy In US: 10 Points
- Nirmala Sitharaman expressed optimism on Tuesday about India's relative and absolute growth performance in the rest of the decade and predicted the country's growth rate to be around 7 per cent this fiscal year, despite reports of a global recession and cut to the growth outlook of nearly all major economies.
- According to her, one of the main issues facing the Indian economy in the near future is the cost and availability of energy.
- Ms Sitharaman stated that the next annual budget of India would need to be very carefully crafted to maintain the momentum of the country's growth. She also noted that it would address inflation issues.
- The Finance Minister said the grouping of the top 20 economies of the globe has significant potential to work toward the global public good before India assumes the G-20 annual leadership in December.
- Advanced nations must bear responsibility for the "global spillover" of their political and economic policy decisions, said Ms Sitharaman. She also cautioned the West against slapping sanctions on countries.
- 'Atmanirbhar Bharat', or the policy of self-reliance, is a recognition that India must increase its manufacturing portion of GDP, and it is neither "isolationism" nor "protectionism," said the Finance Minister.
- The government is prepared to speak with startups thinking about leaving India and address their concerns as much as possible to assist them in staying in India, she said.
- The Finance Minister said India is in contact with several nations to encourage acceptance of the Rupay currency there.
- After Tuesday's discussion with her American counterpart, Treasury Secretary Janet Yellen, Nirmala Sitharaman said, "the two leaders discussed the current global macroeconomic situation among other issues of mutual interest."
- The Finance Minister, during the meeting, invited Ms Yellen to India to attend the US-India Economic and Financial Partnership meeting in New Delhi on November 11.
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