Thursday, December 8, 2022
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HomeLaw & GovernmentDespite global headwinds, Indian economy will stay on

Despite global headwinds, Indian economy will stay on

The Indian economy will stay on course despite global headwinds and is projected to grow at seven percent in fiscal 2022-23, Finance Minister Nirmala Sitharaman has said, attributing this to the conducive domestic policy environment and focus on key structural reforms.

Sitharaman’s remarks came during her intervention at the plenary session of the international Monetary Finance Committee (IMFC) on Friday.

The meeting itself, she said, is being held at a juncture when the global economic outlook is clouded by key downside risks: growth slowdown in major economies, cross-border effects due to the ongoing geopolitical situation, inflationary pressures led by escalating food and energy prices that have adversely impacted vulnerable economies.

“Despite global headwinds, the Indian economy will stay on course and is projected to grow at seven percent in FY 2022-23. This is an outcome of the conducive domestic policy environment and the government’s focus on key structural reforms to boost growth,” she said.

“Today, India is leading the world in terms of digital payments innovations with our transaction cost being the lowest in the world,” Sitharaman said.

Of the view that the IMF needs to increase resources available for emerging and low-income countries to safeguard the global financial system, Sitharaman underscored that concluding the 16th General Review of Quotas (GRQ) by December 15th, 2023 is vital for increasing the voting rights of emerging market economies (EMES) in line with their relative positions in the world economy.

 

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