Union Finance Minister Nirmala Sitharaman has said that suitable and timely policy decisions and Economic Reforms helped India steer away from COVID crisis. Addressing a session of Thinkers Forum in Bengaluru today, she said that the Global community has today recognised India for its role during the pandemic and how it is today the fastest-growing economy.
Between 2020 and 2022, Covid and later Russia-Ukraine war led to Economic crises across the globe. The foodgrain, fuel and fertiliser prices shot up and revenue collection depleted. Several countries that pumped in additional currency during the crisis are facing huge double digit inflation, market demand has come down, interest rates have gone up and the Economy is moving towards recession. But India provided foodgrains to the poor, handholding was done for MSMEs, women and senior citizens were given sustenance, vaccine doses were provided, economic reforms made the system transparent and ease of doing business improved. Due to the resilience shown by entrepreneurs, farmers and youth of the country, the economy recovered immediately. The Finance Minister said that India’s formula to recover from Covid crisis is today recognised globally.
