India’s Robust Growth Recognised By IMF & World Bank, Says Finance Minister

Union Finance Minister Nirmala Sitharaman is currently visiting the US and Peru, where she is engaging in a series of talks with CEOs from prominent fund management and IT firms.

This visit aims to underscore India’s rising stature in the global economic landscape and solidify its potential for sustained growth.

Sitharaman’s remarks also highlighted the recognition of India’s economic progress by global institutions such as the International Monetary Fund (IMF) and World Bank.

Sitharaman emphasised that India’s economic potential is acknowledged worldwide, with institutions recognising the country as a key driver for global economic growth.

Addressing the Indian diaspora, she stated, “When we say India is the fastest growing economy, and when the IMF or the World Bank recognises that India, because of its growth potential, can be the engine to pull world trade, they recognise the immense potential that exists in India.”

Commitment To ‘Viksit Bharat’ By 2047

Sitharaman reaffirmed the Indian government’s dedication to transforming India into a developed nation, or ‘Viksit Bharat’, by 2047.

This vision is aligned with Prime Minister Modi’s focus on four essential pillars: women, the underprivileged, youth, and farmers.

The Finance Minister outlined the government’s ongoing efforts to boost economic growth and ensure that India becomes a more inclusive, developed nation.

Sitharaman also addressed the current global economic outlook and the challenges faced due to trade uncertainties and high inflation.

She expressed optimism about India’s capacity to not only weather these global challenges but also contribute positively to the recovery of global trade.

“By growing with this potential, we will probably be able to lift the global trend,” she added, referencing India’s crucial role in stabilising global trade dynamics amid uncertain conditions.

India’s Focus On ‘Sunrise Sectors’

During her visit, Sitharaman highlighted India’s focus on emerging ‘Sunrise Sectors,’ particularly in areas such as Digital Public Infrastructure (DPI).

India has already established itself as a global leader in DPI, and the Finance Minister reiterated the importance of these sectors in driving India’s future growth and capacity-building efforts.

Upcoming Engagements In Washington, DC

Sitharaman’s visit to Washington, from April 22 to 25, will see her participating in the Spring Meetings of the IMF and World Bank, as well as the 2nd G20 Finance Ministers and Central Bank Governor (FMCBG) Meetings, the Development Committee Plenary, and the Global Sovereign Debt Roundtable (GSDR).

These engagements will further bolster India’s standing on the global stage and offer insights into the future of global economic policies.

Through these talks, Sitharaman is positioning India as a key player in the future of global trade and economic cooperation.

Her visit to the US and Peru marks a critical step in advancing India’s economic agenda and fostering international partnerships that support sustainable growth.

FM Sitharaman’s visit reflects India’s growing prominence in global economic discussions, with a focus on infrastructure development, trade enhancement, and the country’s leadership in digital and technological sectors.

As India works towards becoming a ‘Viksit Bharat’, the global community will undoubtedly play an essential role in helping the country achieve its long-term economic goals.

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