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Indian economy on course to grow at 7% in FY23 despite global headwinds: FM Nirmala Sitharaman

Indian economy on course to grow at 7% in FY23 despite global headwinds: FM Nirmala Sitharaman

Indian economy on course to grow at 7% in FY23 despite global headwinds: FM Nirmala Sitharaman
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By Kanishka Sarkar  Oct 15, 2022 11:49:13 AM IST (Updated)

The Indian economy will stay on course and is projected to grow at 7 percent in the financial year 2022-23 despite global headwinds, Union Finance Minister Nirmala Sitharaman said

The Indian economy will stay on course and is projected to grow at 7 percent in the financial year 2022-23 despite global headwinds, Union Finance Minister Nirmala Sitharaman said on Saturday at the Plenary Meeting of the International Monetary and Financial Committee (IMFC).

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She said this is an outcome of the conducive domestic policy environment and the government's focus on key structural reforms to boost growth.
The Finance Minister said that the IMFC Meeting was being held at a juncture when the global economic outlook is clouded by key downside risks-growth slowdown in major economies, cross-border effects due to the ongoing geopolitical situation, inflationary pressures led by escalating food and energy prices that have adversely impacted vulnerable economies.
However, in India, Sitharaman said last mile delivery of financial services to the poor has been a key priority of the government and has been aided by the country’s digital public good infrastructure. “India is leading the world in terms of digital payments innovations with our transaction cost being the lowest in the world,” she said.
She added, "IMF needs to increase resources available for emerging and low-income countries to safeguard the global financial system. Therefore, concluding the 16th GRQ by December 15th, 2023 is vital for increasing the voting rights of emerging market economies (EMES) in line with their relative positions in the world economy."
According to Sitharaman, a key downside risk to global recovery is the exacerbated debt distress in many low-income countries. It is, therefore, important that the IMF provides them the necessary support to deal with balance of payments-related vulnerabilities. She also welcomed IMF’s recent initiative of a new food shock window to help countries address food insecurity.
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