‘India can handle external pressures’:Not just global turmoil, it is well-prepared to handle trade and energy issues, asserts Sitharaman

The current global turmoil will have limited impact on India’s GDP growth, as the country is capable of withstanding external pressures and dealing with trade and energy imbalances, Union Finance Minister Nirmala Sitharaman said while inaugurating the 4th Kautilya Economic Conclave (KEC) in New Delhi on Friday (October 3). Sitharaman said India’s target is to become a developed economy by 2047, and for that to happen, the county needs to grow at 8%. ‘Domestic Factors Favouring India’s Economic Growth’ While the world is going through a period of uncertainty and instability, a structural change than a temporary disruption, Sitharaman is hopeful that India’s favourable domestic factors will help script India’s economic growth. ‘India’s Target Is to Become a Developed Economy by 2047’ Sitharaman said that India’s target is to become a developed economy by 2047 and therefore, to achieve that goal, strengthening self-reliance in domestic production will be the key. However, she explained that self-reliance does not mean moving towards a closed economy. At the recent MPC meeting, the Reserve Bank of India (RBI) has increased the country’s GDP growth estimate from 6.5% to 6.8%. Referring to the recent G20 meeting, the finance minister said that experts discussed the need for reforms in international institutions to restore global stability. In this context, she said the global governance system is changing and these institutions are losing the trust of the world community. International rules are also being rewritten and the challenges are significant, she said, adding a new global balance will need to be created considering multiple factors, including issues like low investment and unstable energy prices, which are contributing to the uncertainty in the global economic environment. Kautilya Economic Conclave will continue till October 5 This year’s theme of Kautilya Economic Conclave is “Seeking Prosperity in Turbulent Times”. This time, more than 75 representatives and subject experts from over 30 countries are participating in the event, which concludes on October 5, with External Affairs Minister S. Jaishankar in attendance. Also Read: RBI proposes groundbreaking changes in India’s loan market: Soon, banks won’t allow you to use products if you miss EMI payments RBI is is set to roll out a system where if consumers do not pay their equated monthly installments (EMIs), a product and its services purchased on loan can be shut down remotely. The aim is to make it easier for lenders to recover small loans for products like mobile phones, TVs, washing machines. Read the full news here.