India will stay on course, projected to grow at 7% in FY23: FM Nirmala Sitharaman

Observing that the International Monetary Fund and World Bank have estimated India to be the fastest-growing major economy in 2023, Finance Minister Nirmala Sitharaman has said the Indian economy will stay on course and is likely to grow at 7% in 2022-23.

Attending the Plenary Meeting of the International Monetary and Financial Committee at the IMF Headquarters here on Friday to discuss the priorities identified in the managing director's global policy agenda, FM Sitharaman, in her intervention, highlighted that a conducive domestic policy environment, along with the government's focus on structural reforms, has kept domestic economic activity in India robust.

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Both the IMF and World Bank project India to be the fastest-growing major economy in 2023. The Indian economy will stay on course and is projected to grow at 7% in 2022-23, as per the Economic Survey 2022-23, she said.

In her intervention, she underlined the learning from the pandemic that digitalisation, especially digital public infrastructure, is a positive catalyst for the global economy and how India's DPI has revolutionised access and created a vibrant entrepreneurial ecosystem, the Finance Ministry said in a series of tweets.

Referring to the global sovereign debt roundtable, the finance minister said it has demonstrated a constructive way forward with multi-stakeholder cooperation for other vulnerable countries, and India is pleased to be a part of the team that provided solutions for Sri Lanka and Suriname.

Sitharaman reiterated the commitment to exploring solutions through stakeholder engagements to pressing global challenges, which disproportionately harm the poorest and most vulnerable.

She also urged all the G20 members to continue to support multilateral efforts and emphasised engagement in positive dialogue to fight the challenge of global fragmentation.