Tesla chief Elon Musk’s impending visit to meet Prime Minister Narendra Modi is a recognition of the high-tech manufacturing ecosystem that’s been established in India by top companies, she said.
Sitharaman said everything in the BJP’s manifesto is clearly worked out with a sense of responsibility that taxpayers’ money should be used efficiently.
She recognised the tests facing the Indian economy, which is expected to grow 6.8% in FY25, according to the International Monetary Fund (IMF) forecast released earlier this week, maintaining its status as the fastest-expanding one. “More than risks, I would say they (latest escalation in the West Asia) pose a challenge,” she said, adding that all developments were being monitored.
Domestically, the possible risks are clear, the minister indicated. “Our monsoon, this time, is expected to be good… But you can’t sit back and say that the monsoon, which is the most unpredictable thing for India and Indian planners, may be all right. You have so many external worries. We have to be prepared for that,” she added. The India Meteorological Department has predicted above-normal rainfall during the June-September monsoon.
On high inflation delaying rate cuts and impact of that on the economy, she said Reserve Bank and a few other central banks are taking independent decisions, not synchronising them based on what US Federal Reserve does. The minister said India’s banks and NBFCs are understanding credit and liquidity requirements and the inclusion of Indian bonds in the JPMorgan Index will certainly bring more money into India.The FM said GST Council had recognised that rationalisation of the levy was important and a committee of state finance ministers had been formed with some work taking place on the matter. These issues will be taken up when the council meets after polls, she said. As outlined in the BJP’s manifesto, the government will take a comprehensive look at economic and commercial legislation to make laws simpler, she said.
Source link
