Speaking at the B20 Summit India, organized by the Confederation of Indian Industry (CII), Finance Minister Nirmala Sitharaman underscored that the government's primary objective is to bring down inflation levels for the sake of maintaining consistent economic growth.
Sitharaman mentioned that the GDP figures for the initial quarter, set to be disclosed this month, are anticipated to show positive results.
While discussing the impact of prolonged high interest rates on recovery, she stressed, "My focus is on curbing inflation." Inflationary pressures recently surged to a 15-month peak of 7.44% in July, primarily driven by escalating prices of vegetables and tomatoes.
Turning to economic growth, Sitharaman noted India's effective acceleration of economic reforms, indicating optimism about the forthcoming GDP numbers for the first quarter. These figures are scheduled for release by the National Statistical Office on August 31.
Regarding investments, Sitharaman highlighted the emerging signs of private capital expenditure growth, spurred by the government's emphasis on capital outlay in the budget.
Furthermore, she addressed topics of climate financing and the government's initiatives to attract foreign investments, recognizing their crucial role in bolstering economic expansion.
