New Delhi: Union Finance Minister Nirmala Sitharaman on Sunday said India is prepared to deal with any situation arising out of global developments, including the US Federal Reserve’s decision to roll back monetary easing, and will not allow the economy to suffer.
The Finance Minister urged the corporates to take advantage of the recovery in the economy and step up investment.
“It’s time now for us as Team India to rise. We are at such a juncture where revival of the economy is very clear,” said Sitharaman in a post-Budget interaction with industry body Federation of Indian Chambers of Commerce & Industry (FICCI), PTI reported.
“This recovery is, therefore, going to place India as the fastest growing economy among the larger economies and that would continue even in the next fiscal,” she added.
Stating that the world order has changed post the Covid-19 pandemic, Sitharaman said the industry leadership should ensure that India does not miss the bus this time.
Reminding that the nation missed an opportunity post the global financial crisis, Sitharaman said the taper tantrum was not absolutely well addressed, adding India as a result missed out on one big opportunity that was available at the time.
“Now with the RBI and the government working together and very much keenly observing what is going on in the global financial ecosystem...we have also learnt the lessons of the last crisis which the government of India faced in 2012-13 and 2013-14,” said Sitharaman.
“We are fairly watchful of what is happening as regards the global strategic developments, as regards the Fed decision, and as also regards the global inflationary pressures, we are keeping a very close watch,” she added.
The Finance Minister assured the country’s leadership “shall not allow the Indian economy to suffer for want of preparations”.
Sitharaman expressed confidence that India would definitely leap forward and reach such sustained growth levels and the nation would stand out as one of those well developed, absolutely endowed countries before 2047.