Finance Minister Nirmala Sitharaman on Friday, August 23, said the first quarter of the current financial year ended June 2023 did go well and the Q1 GDP numbers should be good. She also said India has showcased an accelerated pace of economic reforms in the past nine years.
India’s Q1 GDP numbers are slated to be released at the end of this month.
Speaking at the B20 Summit India 2023, the finance minister said the government’s priority is to tame inflation. “We need to cushion ourselves sufficiently against any possible shocks; need to diversify supply chains quickly.”
Retail inflation soared to a 15-month high of 7.44 per cent in July, mainly on account of spiralling prices of tomatoes and vegetables.
She, however, said elevated interest rates for a considerable time can come in the way of economic recovery. Green shoots of private capital expenditure upcycle can be felt now because of high budget capex.
Sitharaman said focusing on building Atmanirbhar Bharat, but essential imports will not stop. She also said foreign direct investment (FDI) and foreign capital flows are vital for growth.
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