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    FM Nirmala Sitharaman says India's shift to renewables has received a jolt

    economy | IST

    FM Nirmala Sitharaman says India's shift to renewables has received a jolt


    Finance Minister Nirmala Sitharaman while addressing the US-India Business Council (USIBC) summit on Wednesday spoke about the impact of the fast-changing geopolitical situation across the world and India's strengthening ties with United States .

    Finance Minister Nirmala Sitharaman has said the uncertainties in the energy sector are a big area of concern for the government, and it has added complexities in handling climate-related issues.
    "There are huge uncertainties over availability of crude, natural gas and coal due to the (Russia-Ukraine) war," the finance minister said while addressing the US-India Business Council (USIBC) summit on Wednesday.
    Sitharaman said that many governments are now talking about going back to coal because of global uncertainties, and India, too, will have to fall back on coal for its energy needs for some more time.
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    "India's plan and roadmap for transition to renewables have received a jolt like other economies. We will have to see how coal dependency can be cut, and we can get back to environmentally friendly sources in future," she said, adding that dependence on coal is more onerous for a country of the size of India.
    Indo-US ties
    The finance minister said that India and US would have to work hard to synergise linkages, and their partnership can help improve access to food and basic needs worldwide.
    "If India-US were to work together, in next 20 years, we would reach 30 percent of the global economy," she said.
    Sitharaman expressed optimism about the constant improving relations between both countries.
    "India and US have been understanding each other's compulsions and have tried to remove hurdles for business. India US shared values should enlarge to values of a free economy, liberal and civilisation values," she said.
    Sitharaman said despite all the challenges posed by central bank decisions, RBI is fairly clued into the developments and is confident of handling the Indian economy without major blips.
    "We have showcased that India's fiscal policy has been a very targeted one," she said.
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