India Stood Out As Beacon Of Hope During Covid: FM Nirmala Sitharaman

New Delhi: Finance minister Nirmala Sitharaman on Wednesday said India has “stood out as a beacon of hope” for the world facing the pandemic and the geopolitical conflicts, and called on foreign investors to be a part of the country’s growth story.

At an investor roundtable in Incheon in South Korea, she elaborated on the reforms-oriented approach of the government to shape a new India.
Earlier, speaking as a panellist at the governors’ seminar on Policies to Support Asia’s Rebound, held as part of the 56th annual meeting of the Asian Development Bank (ADB) in Incheon, Sitharaman listed four ‘I’s-infrastructure, investment, innovation and inclusivity-for both developed and developing economies to realise sustainable growth over the long term in the post-pandemic world.

She said India’s sustained emphasis on capital expenditure, going forward, will not only “benefit its semi-skilled population but also help explore key sectors beyond agriculture, manufacturing and services”.

“Unless the recovery is full, aiming at a high growth trajectory isn’t possible. And unless you have a high growth trajectory that you want to jump to and sustain, you really can’t recover fully,” she said.

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‘Lopsided’ WTO Pacts

The minister raised concern over the “disparity” in the World Trade Organisation’s (WTO’s) treatment of emerging markets vis-a-vis developed countries as trade agreements involving food security have “tended to be lopsided”. She called on the WTO to have an open mind with regard to farm subsidies, recognising that the dole-outs will be essential for developing economies as they strive to recover from the damaging impact of the pandemic, according to tweets by the finance ministry.

Source ANI