Ira Singh
Khabar Khabaron Ki,27 Nov’23
Union Finance Minister,Nirmala Sitharaman,at the India Global Forum(IGF) 2023, Dubai, emphasised on the imperative need for persistent systemic reforms to drive India’s ambitious stride towards a $7 trillion economy.FM Sitharaman said, “To accelerate path to $7tn economy, the systemic reform process has to be continued. Will look at Indian economy a lot more open and transparent to ensure manufacturing and exports. Global value chain participation is important for India to reach $7tn economy.”
Sitharaman emphasised India’s macroeconomic fundamentals are solid, but there is a concern of consumption falling in western economies.
The Finance Minister is optimistic despite global challenges, said “The domestic market, macroeconomic fundamentals well rooted and comfortably placed. Challenge of consumption falling in western economies because exports will be adversely affected, it’s a downside risk. Inflation situation in western economies, interest rate being high for long will have bearing on investment flow in India.”
Sitharaman asserting India-Middle East-Europe Corridor’s vital contribution to global trade dynamics said: “India-Middle East Europe corridor will face challenges but it’s critical for global trade and will benefit each country. The economic corridor is a long term project and does not depend on immediate events in the area. The corridor is going to be pursued as India has good relationship with each country in the Middle East.”