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India an island of 'certain level of calm' amid global turmoil: FM Nirmala Sitharaman

India an island of 'certain level of calm' amid global turmoil: FM Nirmala Sitharaman

India an island of 'certain level of calm' amid global turmoil: FM Nirmala Sitharaman
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By Anand Singha  Nov 2, 2022 6:53 PM IST (Published)

Sitharaman credited the government's "careful planning, targeted facilitation, fiscal prudence" and understanding of the Indian economy for its promising future.

Finance Minister Nirmala Sitharaman said on Wednesday, November 2, the Indian economy is an island of relative calm in a challenging global environment. She was speaking at the Invest Karnataka Summit in Bengaluru.

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She said, "Between 2020 and today, we seem to have come out to a situation where the challenges continue, the newer challenges are also building up but India is seen as an island of certain level of calm."
Although India still faces certain difficulties, she claimed that they were not severe enough to pose a threat to the country.
Sitharaman credited the government's "careful planning, targeted facilitation, fiscal prudence" and understanding of the Indian economy for its promising future.
She claimed that the Prime Minister acted with decisiveness and ensured that the external developments did not seriously endanger the Indian economy.
"The PM has ensured that handholding will happen, targeted supports were extended to industries... particularly to MSMEs (micro, small, and medium enterprises), and
Sitharaman stated that the memorandum of understanding (MoU) inked during the Invest Karnataka Summit had already exceeded the state government's expectations.
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