Rising Fuel Prices Is A 'Challenge' For Indian Economy: FM Nirmala Sitharaman

India's recently launched Rs 100-lakh-crore infrastructure master plan, digitisation and the 'Make in India' initiative were discussed by Sitharaman in the meeting with the officers at the Big Apple

Finance Minister Nirmala Sitharaman (File Photo)

New Delhi: With India's economy rebounding from the prolonged pandemic situation, finance minister Nirmala Sitharaman said there is no hurry to withdraw stimulus as policymakers want to ensure that the country is on a durable growth path.

However, Sitharaman shared concerns over the rising crude oil prices saying that prices are emerging as a huge challenge and the uncertainty could upset some of the plans to get the economy on track.

While talking to Top CEOs in New York, Sitharaman said, “the challenge I will face, and the teams are also watching in the ministry, is the way the fuel prices are leading to a big crest."

 “This uncertainty is a big element for me, which is still an imponderable and I don’t know how much will have to be diverted from other most important considerations, and that’s the challenge I see," she added, according to Bloomberg.

Sitharaman is on a visit to Washington DC and participated in the Annual Meetings of the World Bank and the International Monetary Fund.

The finance minister also mentioned that the government has already committed a certain amount of public spending in infrastructure to provide support to the economy.

India's recently launched Rs 100-lakh-crore infrastructure master plan, digitisation and the 'Make in India' initiative were among the main topics discussed as Finance Minister Nirmala Sitharaman connected with the world's leading business officers at the Big Apple here on Saturday.

As per the estimates of the Reserve Bank of India and the International Monetary Fund, India is expected to grow at 9.5 percent this financial year.  The rising fuel prices will make the situation difficult as India imports a bulk of its requirements with a coal shortage.

She met Mastercard Executive Chairman Ajay Banga and Mastercard CEO Michael Miebach here on Saturday.

"The initiatives and progress towards #financialinclusion and #DigitalTransformation formed part of the discussion," the Ministry of Finance said in a tweet.