Finance Minister Nirmala Sitharaman on Sunday said India has remained resilient amid global uncertainties by continuously monitoring developments abroad while keeping the country's own requirements in focus.
WASHINGTON — Finance Minister Nirmala Sitharaman on Sunday said India has remained resilient amid global uncertainties by continuously monitoring developments abroad while keeping the country's own requirements in focus.
"As a result, Indian farmers, Indian households and Indian logistics did not suffer," Sitharaman said while addressing the Indian diaspora in Chicago.
She said several countries had seen their economic calculations go haywire amid the uncertainties, but India, despite its limitations, had managed to protect its citizens in the challenging environment. "Thankfully, despite our limitations, we have kept our citizens protected in this challenging environment."
She emphasised that India has sustained 7 per cent-plus growth since the COVID-19 pandemic, and this year too, the country’s growth will be in that range.
The growth has come against the backdrop of the COVID-19 pandemic, the Russia-Ukraine war, tariff uncertainties, and the Iran-US conflict, she said.
The finance minister emphasised that India's ability to track global developments while simultaneously understanding domestic requirements had helped the country navigate the uncertain environment with resilience.
Speaking about fiscal prudence, Sitharaman said, "We have set ourselves a certain target, which is to bring the borrowing down to the 50 per cent level of GDP by 2030. Therefore, I will be working on that path."
Observing that there are advanced economies whose debt is well over 200 per cent of their GDP even now, she said, "We have given ourselves a fiscal discipline path on the fiscal deficit as well. We have fulfilled the trajectory. The last mile that had to be reached by 2025-26, we have reached."
The world has witnessed the fiscal prudence of Prime Minister Narendra Modi both when he was Chief Minister of Gujarat and as the country's Prime Minister, she said.
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On credit rating, she said, it is improving, and improvement is not by cutting corners or stopping the resources which have to go for social welfare, but it is through proper management of the economy.
Referring to the Viksit Bharat goal by 2047, Sitharaman said, it is hardly 20 years from now.
So, the speed and scale with which the reforms are happening require a lot more support, she said, adding, "lots more support from people who are talented and have exposure. Lots more support from people who can give ideas for us to carry it forward."
And, above all, support in terms of capital, which is so required for a country to meet all its aspirations, she added.
On trade deal with the US, Sitharaman said final negotiations are going on.