India dealt with the pandemic thanks to government policies and proactive steps: FM Nirmala Sitharaman

9 Jun 2022 , 01:00 PM

The economy’s fundamentals are robust as a result of structural changes, and the government’s targeted response during the epidemic assisted citizens, she added.
 
“The three big initiatives that were done – corporate tax reduction, formalization/digitization of the economy, IBC code, GST – the heavy-lifting that occurred, prepared us for a circumstance that no one could have predicted,” Sitharaman added.
 
She was presenting at the Department of Economic Affairs and the Securities and Exchange Board of India‘s joint event, India’s Economic Journey@75, as part of the Azadi Ka Amrit Mahotsav landmark week festivities.
 
Azadi ka Amrit Mahotsav encapsulates everything progressive about India’s socio-cultural, political, and economic character. The “Azadi ka Amrit Mahotsav” will begin its formal journey on March 12, 2021, marking the beginning of a 75-week countdown to our 75th anniversary of independence.
 
This Mahotsav is dedicated to the people of India, who have not only been instrumental in bringing India this far in its evolutionary journey but also have the power and potential to enable Prime Minister Modi’s vision of activating India 2.0, fuelled by the spirit of Atmanirbhar Bharat, within them.
 
V Anantha Nageswaran, the government’s chief economic advisor, said it’s important to look past inflation worries and focus on the government’s structural changes, which will begin to bear fruit after the global issues have passed.
 
His remark came shortly after the Reserve Bank of India upgraded its inflation prediction while maintaining its growth forecast.
 
According to the CEA, India will face problems this year in maintaining sustained economic growth, controlling inflation, keeping the fiscal deficit in check, and ensuring that the Indian rupee’s external value remains constant.
 
He said that there would be no “pre-programmed road plan or menu of possibilities” to help the country cope with these problems, despite the fact that the finance ministry is well-prepared to deal with any eventuality.