FM bats for evidence-based policymaking

15 Jul 2022 , 12:20 PM

India’s long-term economic prospects are built into public capital investment programs, according to Finance Minister Nirmala Sitharaman on Friday.

Evidence-based policymaking is essential for robust economic systems, according to Sitharaman, who was speaking at the third G20 Finance Ministers and Central Bank Governors (FMCBG) conference in Bali, which was hosted by Indonesia.

To boost the economy after the epidemic, the government has placed a strong focus on capital spending. The rise in government spending is anticipated to discourage private investment.

To continue the public investment-led recovery of the pandemic-damaged economy, Sitharaman increased capital expenditure (Capex) by 35.4% for the fiscal year 2022—23 to Rs 7.5 lakh crore.

Last year, Capex totaled Rs. 5.5 lakh crore. For the fiscal year 2022—2023, Sitharaman increased capital expenditures (Capex) by 35.4% to Rs 7.5 lakh crore in order to maintain the public investment—driven recovery of the pandemic—damaged economy.

In a tweet, the finance ministry said that India’s long-term growth prospects are integrated into public capital expenditure programs and that evidence-based policymaking is essential for robust economic systems. The finance minister also emphasized the need to scale up climate funding and accelerate green transitions as the cornerstones of a sustainable global recovery.

Sitharaman offered her thoughts on the G20’s health agenda, particularly pandemic preparedness and response systems, during the second session of the current G20 FMCBG. She also emphasized the requirement for swift resource mobilization and deployment in response to medical emergencies.

“The request for a global coordination structure with the WHO at its core came from FM Smt. nsitharaman. Additionally, FM stated that India is dedicated to supporting all initiatives to safeguard and prepare for any upcoming epidemic “Added another tweet.