Latest news with #'sEconomicPriorities
The Print
a day ago
- Business
- The Print
Maintaining sustained growth top priority, says FM Sitharaman
The Economic Survey has projected the GDP growth for FY26 between 6.3 per cent and 6.8 per cent, while the RBI lowered its growth forecast from an earlier level of 6.7 per cent to 6.5 per cent for the ongoing financial year. The statement assumes significance as the Indian economy grew by 6.5 per cent in FY25. This growth was the slowest in four years, and compares to a 9.2 per cent expansion in the previous 2023-24 fiscal. New Delhi, Jul 26 (PTI) Maintaining sustained growth is the top priority amid global uncertainties, and an incremental rise in public capital expenditure is one of the drivers for economic development, Finance Minister Nirmala Sitharaman said on Saturday. Speaking at a book release event here, Sitharaman said, 'To maintain the growth is the topmost priority. Growth is the topmost, and therefore, it will have an overlap with how you create jobs…' Keeping India relevant amid global challenges and being there in a leadership position, and moving forward along with other countries are other priority areas, she said, adding that the priority would also be to redefine the voice of the Global South. Finding resources for meeting many domestic economic aspirations within fiscal constraints is another priority, she said while releasing the book titled 'A World in Flux: India's Economic Priorities'. She further said the incremental rise in public capital expenditure is one of the primary drivers of sustained economic growth. 'Public investments have kept pace. It has been Prime Minister Narendra Modi's clear instruction that we have to have capital expenditure grow and grow significantly. I confidently believe that it is one of the primary drivers of sustained economic growth,' she said. The other focus area of the government is to push growth through a friendly and attractive FDI policy to be able to get more and more investments happening in India. Besides, she said, the healthy competition among states to attract investment is also a good sign. Speaking about bilateral trade deals, the finance minister said such agreements are taking priority over multilateral trade. 'On the bilateral trade front, we are moving forward and we have seen bilateral agreements being signed in the last four to five years with Australia, UAE and the UK. Negotiations are progressing well with the United States as well as the European Union,' she said. Asked about relations with China, Sitharaman said it is getting a bit better, and the beginning has been made with the visit of the External Affairs Minister recently. 'We need more access, and we need to have a lot more interaction, and possibly open some windows. And that's not just from our side, even the Chinese have been approaching through the MEA. 'So, you had External Affairs Minister S Jaishankar go. There is something, some kind of a beginning, as to how much it will take us far; how far it will go is something we will have to wait and see. It might help the economy; however, a sense of caution would have to be built in,' she added. PTI DP BAL BAL This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Mint
2 days ago
- Business
- Mint
Global oversight needed for the tokenization of currency: Nirmala Sitharaman
Finance minister Nirmala Sitharaman on Saturday called for a redefinition of multilateral institutions to provide effective oversight as countries explore the tokenization of currency, warning of rising complexity and the lack of global frameworks to govern this shift. Speaking at the release of a book, A World in Flux: India's Economic Priorities, in New Delhi, she said that multilateral institutions have never been left in limbo in the last 100 years. The finance minister said this is true for financial as well as strategic institutions. Every multilateral institution that has successfully served earlier is now wondering where it is, what its immediate future will be, and how it will redefine itself. Her concerns about the tokenization of currency—the transformation of money into digital tokens on a blockchain or distributed ledger—come at a time when cryptocurrencies are increasingly making their way into the financial world. The Reserve Bank of India has cautioned multiple times that virtual currencies are risky. However, the US government under President Donald Trump is encouraging more innovation in this area. In January, Trump signed an executive order to ensure Washington's leadership in digital financial technology. He then set up a working group to develop a federal regulatory framework governing digital assets, including stablecoins, and to evaluate the creation of a strategic national digital assets stockpile. Trump also revoked the Treasury Department's 'Framework for International Engagement on Digital Assets, which suppressed innovation and undermined US economic liberty and global leadership in digital finance'. The US is also trying to become the 'crypto capital of the planet', according to the presidential order. Sitharaman said multilateral institutions have to be redefined. 'If you could go for a currency with no gold backing sometime in the 70s, now it is already moving towards tokenization and is that something on which we see the depth of?' The minister also asked if there was any framework under which any country could unilaterally take that route. 'Who is going to have oversight on these sorts of things?' The minister said the depth and the complexity of the situation were increasing. The book, A World in Flux: India's Economic Priorities, edited by Amita Batra, former chairperson at the Centre for South Asian Studies and A.K. Bhattacharya, editorial director at Business Standard is published by Rupa Publications India Pvt. Ltd. Sitharaman also said in response to a question about the normalization of economic ties with China that it was right to point out that there are calls for greater access and interaction with China, and possibly to open some windows. 'That is not just from our side, even the Chinese have been approaching through the ministry of external affairs,' the minister said, referring to external affairs minister S. Jaishankar's recent visit to China. 'There is some kind of beginning. As to how far it will go, it is something we will have to wait and see,' the minister said, adding it might help the economy, and a sense of caution would have to be built in. To a question on investments in the economy, she said that companies' and banks' balance sheets have become healthier, and the corporate tax rate was cut to boost investments. Referring to what the minister was hearing from observers and her own interactions with business leaders, Sitharaman asked if businesses were sitting on passive, investible funds. 'That is, investible funds that are being engaged passively rather than investing and expanding capacity. That is an issue that I would obviously want the industry to speak about.' On trade, she said bilateral trade has now taken priority over multilateral trade, though she could not comment on the merits of this trend. The minister added that negotiations for trade deals are well progressing with the US and the EU.
Time of India
2 days ago
- Business
- Time of India
Capex push: Nirmala Sitharaman calls it ‘primary driver of sustained growth'; says ‘we have to have capital expenditure grow'
File photo: Finance minister Nirmala Sitharaman (Picture credit: PTI) Finance minister Nirmala Sitharaman on Saturday said that sustaining economic growth in the face of global uncertainties remains India's foremost priority. She also underlined that the government will continue to rely on increased public capital expenditure as a major tool to drive development. Speaking at a book launch event in New Delhi, Sitharaman said, 'To maintain the growth is the topmost priority. Growth is the topmost, and therefore, it will have an overlap with how you create jobs…', as per news agency PTI. Her comments come at a time when India's economy is projected to grow at 6.5 per cent in FY25, the slowest pace in four years, down from 9.2 per cent growth in FY24. As per PTI, the Reserve Bank of India has trimmed its GDP growth forecast for the current financial year to 6.5 per cent, down from an earlier estimate of 6.7 per cent. The Economic Survey has pegged growth for FY26 in the range of 6.3 per cent to 6.8 per cent. The finance minister highlighted that capital investments by the government will continue to be central to economic momentum. 'Public investments have kept pace. It has been Prime Minister Narendra Modi's clear instruction that we have to have capital expenditure grow and grow significantly,' she said, adding that such investments are a 'primary driver of sustained economic growth'. Sitharaman also said that India must remain relevant globally and aim for a leadership role, especially by reshaping the voice of the Global South. At the same time, balancing domestic economic ambitions within the limits of fiscal responsibility is also a key area of focus, she noted. She further pointed to the government's efforts to attract more foreign investments, stressing the importance of a favourable FDI regime and highlighting the healthy competition among Indian states in luring global investors. On trade, Sitharaman indicated a shift towards bilateral deals over multilateral arrangements. 'We have seen bilateral agreements being signed in the last four to five years with Australia, UAE and the UK. Negotiations are progressing well with the United States as well as the European Union,' she said, as per PTI. Speaking on India's relations with China, she said that there were initial signs of improvement following external affairs minister S Jaishankar's recent visit. 'There is something, some kind of a beginning… how far it will go is something we will have to wait and see,' she remarked, while also stressing the need for 'a sense of caution'. The remarks were made during the release of the book 'A World in Flux: India's Economic Priorities.' Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
2 days ago
- Business
- Time of India
Maintaining sustained growth top priority, says FM Sitharaman
New Delhi: Maintaining sustained growth is the top priority amid global uncertainties, and an incremental rise in public capital expenditure is one of the drivers for economic development, Finance Minister Nirmala Sitharaman said on Saturday. The statement assumes significance as the Indian economy grew by 6.5 per cent in FY25. This growth was the slowest in four years, and compares to a 9.2 per cent expansion in the previous 2023-24 fiscal. The Economic Survey has projected the GDP growth for FY26 between 6.3 per cent and 6.8 per cent, while the RBI lowered its growth forecast from an earlier level of 6.7 per cent to 6.5 per cent for the ongoing financial year. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Only Classless Women Wear these Over a Certain Age Learn More Undo Speaking at a book release event here, Sitharaman said, "To maintain the growth is the topmost priority. Growth is the topmost, and therefore, it will have an overlap with how you create jobs..." Keeping India relevant amid global challenges and being there in a leadership position, and moving forward along with other countries are other priority areas, she said, adding that the priority would also be to redefine the voice of the Global South. Live Events Finding resources for meeting many domestic economic aspirations within fiscal constraints is another priority, she said while releasing the book titled 'A World in Flux: India's Economic Priorities'. She further said the incremental rise in public capital expenditure is one of the primary drivers of sustained economic growth. "Public investments have kept pace. It has been Prime Minister Narendra Modi's clear instruction that we have to have capital expenditure grow and grow significantly. I confidently believe that it is one of the primary drivers of sustained economic growth," she said. The other focus area of the government is to push growth through a friendly and attractive FDI policy to be able to get more and more investments happening in India. Besides, she said, the healthy competition among states to attract investment is also a good sign. Speaking about bilateral trade deals, the finance minister said such agreements are taking priority over multilateral trade. "On the bilateral trade front, we are moving forward and we have seen bilateral agreements being signed in the last four to five years with Australia, UAE and the UK. Negotiations are progressing well with the United States as well as the European Union," she said. Asked about relations with China, Sitharaman said it is getting a bit better, and the beginning has been made with the visit of the External Affairs Minister recently. "We need more access, and we need to have a lot more interaction, and possibly open some windows. And that's not just from our side, even the Chinese have been approaching through the MEA. "So, you had External Affairs Minister S Jaishankar go. There is something, some kind of a beginning, as to how much it will take us far; how far it will go is something we will have to wait and see. It might help the economy; however, a sense of caution would have to be built in," she added.
