Indian Economy to Grow at 7% in 2022-2023, Says Finance Minister Nirmala Sitharaman Despite IMF Estimates
- ByStartupStory | April 15, 2023
Finance Minister Nirmala Sitharaman stated that the Indian economy will stay on course and is likely to grow at 7% in 2022–2023 despite estimates from the International Monetary Fund and the World Bank to the contrary. FM Sitharaman, who was in attendance at the Plenary Meeting of the International Monetary and Financial Committee at the IMF Headquarters here on Friday to discuss the priorities listed in the managing director’s global policy agenda, highlighted in her intervention that India’s domestic economic activity has remained robust due to a supportive domestic policy environment and the government’s focus on structural reforms.
India is predicted to have the fastest-growing major economy in 2023 by the IMF and the World Bank. According to the Economic Survey 2022–23, the Indian economy will continue on its current course and grow at a 7% annual rate in 2022–23, she said. According to a series of tweets from the Finance Ministry, she emphasised the lessons learned from the pandemic that digitalization, especially 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 global sovereign debt roundtable has shown a useful path forward with multi-stakeholder cooperation for other vulnerable countries, according to the finance minister, and India is pleased to have been a member of the team that provided solutions.
Sitharaman reaffirmed her commitment to working with stakeholders to find solutions to urgent global problems that disproportionately affect the most vulnerable and poor people. She also emphasised the importance of engaging in constructive dialogue to combat the problem of global fragmentation and urged all G20 members to continue supporting multilateral efforts.
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