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Indian economy to grow at 7% in 2022-23 despite global headwinds: Sitharaman

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Indian economy to grow at 7% in 2022-23 despite global headwinds: Sitharaman
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Washington (US), October 15: Despite global challenges, the Indian economy is expected to grow by 7% this fiscal year, according to Union Finance Minister Nirmala Sitharaman. Addressing the Plenary Meeting of the International Monetary and Financial Committee (IMFC) at the International Monetary Fund Headquarters during the Annual Meetings 2022 on Friday, the Finance Minister said India's high economic growth is an "outcome of the conducive domestic policy environment and Government's focus on key structural reforms to boost growth." The Finance Minister emphasised the initiatives made by the Indian government to protect growth while pursuing inflation management."We have 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 stated.
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Also Read | Massive fire breaks out at auto parts manufacturing factory in Gurugram Last-mile delivery of financial services to the poor, according to Sitharaman, has been a significant objective of the government, assisted by India's digital public good infrastructure. According to an official statement made by the Union Ministry of Finance, India is leading the world in terms of digital payment innovations, with our transaction costs being the lowest in the world. "I believe the IMF needs to increase resources available for emerging and low-income countries to safeguard the global financial system. Therefore, concluding the 16th GRQ by December 15th, 2023 is vital for increasing the voting rights of emerging market economies (EMES) in line with their relative positions in the world economy," Sitharaman added. The Finance Minister noted that heightened debt distress in many low-income nations is a serious negative risk to global recovery. As a result, it is essential that the Fund provide them with the assistance they need to deal with balance-of-payments vulnerabilities. In this context, Sitharaman praised the Fund's recent decision to create a new food shock window to assist nations in addressing food insecurity. Also Read | PM Modi bats for laws to be written in simple, regional languages -PTC News with ANI inputs
indian-economy nirmala-sitharaman union-finance-minister global-headwinds international-monetary-and-financial-committee inflation-management
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