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India will stay on course; projected to grow at 7% in 2022-23: Finance Minister Sitharaman

Despite the fact that the International Monetary Fund and World Bank expect India to be the fastest-growing global economy in 2023, Finance Minister Nirmala Sitharaman has said that the Indian economy would remain on track to expand at 7% in 2022–23.

Attending the Plenary Meeting of the International Monetary and Financial Committee at the IMF Headquarters here on Friday to discuss the priorities identified in the managing director’s global policy agenda, Sitharaman highlighted in her intervention that a favourable domestic policy environment, combined with the government’s emphasis on structural reforms, has kept domestic economic activity in India robust.

According to the IMF and World Bank, India will be the fastest-growing major economy in 2023. According to the Economic Survey 2022–2023, the Indian economy will remain on track and expand by 7% in 2022–2023.

In her speech, she emphasised the pandemic’s lesson that digitalization, particularly digital public infrastructure, is a positive catalyst for the global economy and how India’s DPI has revolutionised access and created a vibrant entrepreneurial ecosystem, according to a series of tweets from the Finance Ministry.

Referring to the global sovereign debt roundtable, the finance minister said that it has shown a positive way ahead for other vulnerable nations via multi-stakeholder collaboration, and India is delighted to have been a member of the team that offered solutions for Sri Lanka and Suriname.

Sitharaman reaffirmed her commitment to pursuing answers to serious global issues that disproportionately affect the poorest and most vulnerable. She also asked all G20 members to continue to support multilateral initiatives and to participate in constructive discourse in order to combat the threat of global fragmentation.

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