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Indian economy carefully navigated tough times: Nirmala Sitharaman

FM addresses Invest Karnataka 2022 in Bengaluru

Union Finance Minister Nirmala Sitharaman and Chief Minister Basavaraj Bommai during an Investors' Meet in Bengaluru | Banu Prakash Chandra Union Finance Minister Nirmala Sitharaman and Chief Minister Basavaraj Bommai during an Investors' Meet in Bengaluru | Banu Prakash Chandra

Finance Minister Nirmala Sitharaman said that the Indian economy had carefully navigated the tough times under the able leadership of Prime Minister Narendra Modi. She said that despite the global uncertainties, Indian economy waded through the tough times successfully due to careful planning, targeted facilitation and fiscal prudence.

“Prime Minister Narendra Modi led from the front and made sure that the Indian economy was not threatened by the developments outside. He ensured that the holding happened and targeted support was handed to industries which required help, particularly the MSMEs, and made sure that the Indian economy carefully navigated the challenges it faced,” remarked Sitharaman. 

She was addressing the Invest Karnataka 2022 in Bengaluru. 

The finance minister noted that all over the world there is a sense of uncertainty and immense amounts of challenges. There is the situation of war, especially in countries which were sources of raw materials—whether it is fuel related, fertiliser related or food grains related, she said.

“This is causing a lot of insecurity across the world, particularly in the area of fuel and food grains. Countries are adjusting themselves to source these materials from a different part of the world. It has had a bearing on industries and on the economy and its growth. It has had a bearing on the global trade as well. As a result of these disruptions, large economies which were also source of essential raw materials are all going through recessionary doubts,” she remarked. 

We seem to have come out of a situation where the challenges continue and India is seen with a certain level of calm, said the minister.

“We still do have our challenges, but not every other country will suspect that India will be threatened by. I have been hearing from my recent visit to the IMF in Washington and the visitors in Delhi that India seemed to be an oasis of stability and calm and the challenges are being carefully fire-walled and our economy is very attractive for investors,” she added. 

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