India interim Budget: Nation has successfully navigated global challenges, says FM Sitharaman
Finance Minister Nirmala Sitharaman
Indian Finance Minister Nirmala Sitharaman on Thursday (Feb 1st) said the global situation is becoming more complex and challenging. Crediting wars and conflicts in different parts of the world, the Indian Union minister, while presenting the interim Budget, said that a new world order is emerging and India has successfully navigated the global challenges in fuel and fertiliser price spike.
"India assumed G20 Presidency during very difficult times for the world. The global economy was going through high inflation, high interest rates, low growth, very high public debt, low trade growth, and climate challenges. The pandemic had led to a crisis of food, fertiliser, fuel, and finances for the world, while India successfully navigated its way. The country showed the way forward and built consensus on solutions for those global problems."
Globally, the Russia-Ukraine conflict and the Israel-Hamas war have disrupted the supply chains and have also made a lasting impact on trade.
As per the World Economic Forum, in 2022, after the launch of the Russian military invasion of Ukraine, fuel and gas prices saw a drastic increase.
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FM Sitharaman said that by strengthening its financial sector, India has helped make savings, credit, and investments more efficient in the nation.
She also said that India's economic strength has made it an attractive destination for business.
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"Our economic strength has made country an attractive destination for business and conference tourism".
During her pre-election budget speech, which is technically a vote on account and popularly termed an interim Budget, Sitharaman also said that "all forms of infrastructure are being built in record time".
"The government has also provided transparent, accountable, trust-based administration with a citizen-first approach," she added.
Also read |India Budget 2024: FM Sitharaman tables interim Budget, says 'working to Viksit Bharat by 2047'
Sitharaman said that in the two terms of the BJP government, "the Indian economy has witnessed a profound positive transformation in the last 10 years".
She said that the people of India are looking ahead to the future with hope and optimism.
"In the second term, our government doubled down on its responsibilities to build a prosperous country withcomprehensive development of all people and all regions. Our government strengthened its mantra to 'sabka saath sabka vikas sabka vishwas'."
(With inputs from agencies)
