Finance Minister Nirmala Sitharaman stated that the Indian economy is expected to grow at a rate of 7% in the 2022-23 fiscal year. She made the comments while attending the Plenary Meeting of the International Monetary and Financial Committee at the IMF Headquarters, where the managing director’s global policy agenda was discussed.
The IMF and World Bank have both projected India to be the fastest-growing major economy in 2023. Sitharaman attributed this to a conducive domestic policy environment and the government’s focus on structural reforms that have kept domestic economic activity robust.
During the meeting, Sitharaman emphasized the importance of digitalization, specifically Digital Public Infrastructure, which has revolutionized access and created a vibrant entrepreneurial ecosystem in India. She also highlighted the need for stakeholder engagement to find solutions to pressing global challenges that disproportionately affect the poorest and most vulnerable populations.
Sitharaman further discussed the global sovereign debt roundtable, which demonstrated a constructive way forward with multi-stakeholder cooperation for other vulnerable countries. She expressed India’s pleasure at being part of the team that provided solutions for Sri Lanka and Surinam.
She also urged G20 members to continue supporting multilateral efforts and emphasized the need for positive engagement in dialogue to combat the challenge of global fragmentation.
(With inputs from agencies)
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