Despite global headwinds, the Indian economy is expected to grow at 7% in fiscal 2022-23, according to Finance Minister Nirmala Sitharaman, citing a favourable domestic policy environment and a focus on key structural reforms.
Sitharaman made her remarks during a Friday plenary session of the International Monetary Finance Committee (IMFC).She stated that the meeting is taking place at a time when the global economic outlook is clouded by key downside risks, including a slowing in major economies, cross-border effects from the ongoing geopolitical situation, and inflationary pressures caused by rising food and energy prices, which have harmed vulnerable economies.
Observing that exacerbated debt distress in many low-income countries is a key downside risk to global recovery, Sitharaman stated that it is critical that the IMF provide the necessary support to deal with balance-of-payments vulnerabilities.
Despite global headwinds, Finance Minister Nirmala Sitharaman expects the Indian economy to grow at 7% in fiscal 2022-23, citing a favourable domestic policy environment and a focus on key structural reforms. Sitharaman spoke at the International Monetary Finance Committee’s Friday plenary session (IMFC).