Despite global headwinds, Indian economy will stay on course: FM Sitharaman

TIL Desk/Business/New Delhi/ The Indian economy will stay on course despite global headwinds and is projected to grow at seven per cent in fiscal 2022-23, Finance Minister Nirmala Sitharaman has said, attributing this to the conducive domestic policy environment and focus on key structural reforms. Sitharaman’s remarks came during her intervention at the plenary session of the international Monetary Finance Committee (IMFC) on Friday.

The meeting itself, she said, is 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.

Despite global headwinds, the Indian economy will stay on course and is projected to grow at seven per cent in FY 2022-23. This is an outcome of the conducive domestic policy environment and the government’s focus on key structural reforms to boost growth, she said. She told members of the IMFC that the Indian Government has taken initiatives to protect growth while pursuing inflation management. The government has ensured the availability of free food grains to more than 800 million vulnerable families for the past 25 months, through the country’s massive public distribution network, she said.