India looks like an island of calm, despite global risks: Nirmala Sitharaman

India appears to be an oasis of stability and calm, says finance minister

Bengaluru (Karnataka):

Finance Minister Nirmala Sitharaman said on Wednesday that from 2020 till now, India seems to come to a situation where the challenges of the Ukraine crisis are continuing and the new challenges are also piling up, but the country seems to be an island. a certain level of calm.

“We still have our challenges, but not like every other country would suspect that India would be under threat,” the finance minister said at the Invest Karnataka 2022 global investors meeting in Bangalore on Wednesday.

While highlighting the impact of the war in Ukraine, she said: “Every country in the world is feeling the headwinds. When you want to diversify value chains or want to make sure there is more than one source for the raw material or intermediate products that you want to produce If you need to find consistency in the value chain, you also need to invest elsewhere so that there are no major disruptions.

However, she said, “the situation did not have its complete solution. You have the global situation of a war, especially of the big countries which are a huge source of raw materials, whether related to food grains, fertilizers and fuel-related, which bring insecurity in the world in terms of fuel and food.”

As a result, the finance minister said countries are readjusting to source materials from different parts of the world.

“It affects industries, the economy and its growth and global trade. As a result of these disruptions, you see that these major economies, which are sources of essential markets, are all going through recession doubts; this suspense or that shock that they would be going into this recession.”

However, she said, “Due to careful planning, targeted facilitation, fiscal prudence and fundamentally an understanding of the Indian economy of its strength, Prime Minister Narendra Modi took the helm of the front and ensured that the Indian economy would not be seriously threatened by the developments”. from outside.”

She said he made sure that the takeover happened, that targeted supports were extended to industry, especially SMEs, and that he made sure that the Indian economy was carefully directed to through the challenge we were facing.

“I also heard both during the visit to Washington during the IMF (International Monetary Fund) and World Bank meeting and also through various visitors I received in New Delhi that the India seems to be an oasis of stability and calm,”

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