Finance Minister Nirmala Sitharaman stated that the Indian economy will continue on course and is likely to grow around 7% in 2022–23, with the International Monetary Fund and World Bank forecasting that India will be the fastest-growing global economy in 2023.
Sitharaman, who was in attendance at the IMF Headquarters in Washington, DC, for the Plenary Meeting of the International Monetary and Financial Committee on Friday to discuss the priorities listed in the managing director’s global policy agenda, highlighted in her intervention that India’s domestic economic activity has remained robust, due to a supportive domestic policy environment and the government’s focus on structural reforms.
India is projected to have the fastest-growing major economy in 2023 by the IMF and the World Bank. According to the Economic Survey 2022–23, the Indian economy will continue its current track and would expand at a seven per cent rate in 2022-23, she said.
According to a series of tweets from the Finance Ministry, she emphasised the lesson learned from the pandemic 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 thriving entrepreneurial ecosystem.
The finance minister made reference to the global sovereign debt roundtable and stated that it has shown other vulnerable nations; how to go forward constructively with multi-stakeholder cooperation.
“India is pleased to be part of the team that provided solutions for Sri Lanka and Surinam,” she said. Sitharaman reaffirmed her commitment to working with interested parties to find answers to critical global issues that disproportionately affect the most vulnerable and underprivileged people.
She also stressed the importance of engaging in constructive discourse to combat the problem of global fragmentation and urged all of the G20 nations to continue supporting multilateral efforts.
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