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Government Ready for Any Global Development: Finance Minister


Government Ready for Any Global Development: Finance Minister

Finance Minister Nirmala Sitharaman has said that the economy will not be affected by the global situation

New Delhi:

Finance Minister Nirmala Sitharaman said on Sunday that the government is ready to deal with any situation arising from global developments, mainly the decision of the US Federal Reserve on monetary easing. determined that the economy would not be allowed to be affected.

The US Federal Reserve decided to end its bond-buying program in March and raise interest rates thereafter to control high inflation. Emerging economies like India have benefited from increased liquidity and have attracted huge inflows of foreign investment.

However, they will face the threat of huge outflows as the US Fed will reduce asset purchases.

Interacting with industry body FICCI, the finance minister urged the company to boost economic growth by boosting investment.

“The time has come for us as Group of India to rise up. We are at a point where the recovery of the economy is very clear… so this recovery will make India the the fastest growing economy among the larger economies and that will continue even in the next fiscal,” the minister said.

After the pandemic, the world order has changed and industry leaders must ensure that India does not miss the bus this time, she said.

Recalling that India missed an opportunity after the global financial crisis, she said that anger has not been fully resolved and as a result, India has missed a huge opportunity available on at that moment.

“Now that the RBI and government are working together and observing very closely what is happening in the global financial ecosystem … we have also learned lessons from the last crisis. faced by the Indian government in 2012-13 and 2013-14. We are quite keeping a close eye on what is happening regarding global strategic developments, regarding the Fed’s decision and also towards Given the global inflationary pressures we are monitoring very closely and I can assure the management that we will not allow the Indian economy to suffer as we want to be prepared,” Ms. Sitharaman told the heads of the company.



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