Finance Minister Nirmala Sitharaman delivered significant insights during the Pandit Hriday Nath Kunzru Memorial Lectures 2024 at JNU, shedding light on India's robust economic fundamentals and the evolving global trade scenario.
Sitharaman emphasized the stability of the Indian rupee against international currencies, highlighting its potential as a preferred trading currency. She noted that many countries are exploring trade relations built on rupee trade, reflecting India's growing economic stature on the global stage.
Sitharaman underscored the importance of macroeconomic stability in fostering trade partnerships, acknowledging that while rupee trade may encounter initial challenges, it serves as a solution for countries facing dollar shortages.
India's initiatives to facilitate trade in rupee with neighboring countries like Nepal, Bhutan, and strategic partners such as Russia and Sri Lanka further reinforce its commitment to bolstering regional economic cooperation.
The Finance Minister credited India's economic resilience and policy predictability for attracting significant foreign direct investment (FDI) exceeding USD 600 billion.
She emphasized India's willingness to engage with global partners and its receptiveness to constructive suggestions, positioning the country as a credible player in the international arena.
Highlighting India's response to the COVID-19 pandemic and economic challenges, Sitharaman commended the government's proactive approach in listening to stakeholders and formulating effective relief measures.
She reiterated the government's commitment to opening up every sector for private investments, with a focus on emerging sectors such as artificial intelligence, semiconductors, and advanced manufacturing.
In the context of the volatile global landscape characterized by uncertainties and complexities, Sitharaman emphasized the importance of adaptability and resilience.
She highlighted India's pivotal role in global fora such as the G20 and the UN, where its solutions and reform initiatives are gaining traction, contributing to shaping a better future for all.
Overall, Sitharaman's address underscored India's economic strength, policy coherence, and commitment to inclusive growth, positioning the country as a key player in the evolving global economic landscape.
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