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Finance Minister Sitharaman: Finance Minister Nirmala Sitharaman said on Friday that the world is going through insecurity in the field of trade and energy. Despite this, India is emerging as a power which is capable of facing external tremors.
Finance Minister Sitharaman: Finance Minister Nirmala Sitharaman said on Friday that the world is going through insecurity in the field of trade and energy. Despite this, India is emerging as a power which is capable of facing external tremors. Sitharaman said that geopolitical conflicts are intensifying. Speaking in Kautilya Economic Conference 2025, he said that India will have to be cautious. He said that war and strategic rivalry is re -defining the boundaries of cooperation and struggle. The alliances which were once strong, are being tested and new alliances are emerging. This mobility for India highlights both its weakness and flexibility. Said that we are capable of facing shocks, while our economic capacity is developing.
New global system needs
He said that the world is going through an era of unprecedented global uncertainty and instability. It is a challenge to not only manage uncertainty in front of nations but also to face business, financial and energy imbalance. Therefore, the challenge before us is not only to manage uncertainty, but also to face imbalance. We have to ask ourselves how we can create a global system where business is fair, fulfills finance productive objectives, energy should be inexpensive and durable and the action to deal with climate change is in line with development requirements? He said that international institutions need to work on such methods. Apart from this, apart from ensuring that the voices of developing countries are no longer marginalized in making rules and instead they will be encouraged to shape the future.
Global rules being changed amidst instability
Sitharaman said that chaos defines this new global era in which trade flow is being renewed, alliances are being tested, investment is being re-associated with geopolitical lines and shared commitments are being re-examined. Sitharaman said that the rules of international engagement are being written afresh. The global economy is currently facing challenges such as growing trade stress, high tariffs, rising global uncertainty and ongoing Russia-Ukraine conflict. Sitharaman said that in this context, India’s rise as a power is neither accidental nor transient. Sitharaman said that in the last decade, the government has focused on fiscal consolidation, improvement in quality of capital expenditure and curbing the pressures of inflation. In the last few years, India’s growth with a stable stake of consumption and investment in overall GDP has firmly on its domestic factors, which reduces the impact of external shocks on overall development. As a result, the Indian economy is flexible and is constantly increasing.
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