: Sitharaman meets IMF chief, discusses geopolitical issues #finance #StockMarketNEWS #Business Press Trust of India Washington Finance Minister Nirmala Sitharaman on Tuesday discussed a range

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Sitharaman meets IMF chief, discusses geopolitical issues #finance #StockMarketNEWS #Business
Press Trust of India

Washington

Finance Minister Nirmala Sitharaman on Tuesday discussed a range of issues, including the current geopolitical situation and its economic impact, with IMF chief Kristalina Georgieva, and highlighted the Indian government’s commitment to support growth through capital expenditure.

During the meeting with Georgieva on the sidelines of the ongoing annual spring meetings of the International Monetary Fund (IMF) and the World Bank, Sitharaman also mentioned about India’s accommodative fiscal stance accompanied by major structural reforms and strong monetary policies that have helped in the post-pandemic recovery.

India is expected to record the highest growth rate among large economies of the world.

Georgieva, the Managing Director of IMF, mentioned about India’s well-targeted policy mix that has helped the economy to remain resilient even with a limited fiscal space. She also talked about the country’s resilience in remaining the fastest-growing economy across the globe despite challenges posed by the coronavirus pandemic.

According to a statement issued by the finance ministry, she appreciated India’s help to Sri Lanka in tackling the latter’s economic crisis and assured that the IMF would continue to actively engage with theisland nation.

Sitharaman and Georgieva also raised concerns about the impact of geopolitical developments on the global economy and the challenges linked to the rising energy prices.

Russia-Ukraine war has led to a surge in prices of energy and commodities across the world.

About India’s policy approach on economic revival, Sitharaman highlighted the government’s commitment to support economic growth through capital expenditure (capex) and underlined that the country’s accommodative fiscal stance accompanied by major structural reforms and strong monetary policies have helped in its post-pandemic recovery.

As per the latest Economic Survey, the country may log 8-8. 5% GDP growth in the current fiscal.

To achieve high growth, the government has raised capex by 35. 4 per cent for the financial year 2022-23 to `7. 5 lakh crore to continue the public investment-led recovery of the pandemic-hit economy. The capex last year was pegged at `5. 5 lakh crore.

Further, the finance minister said that India has been helped by robust agricultural output supported by a good monsoon during the pandemic period.

“Agricultural exports, along with other exports, have also sharply increased. India is entering into new economic activities which will help resolve some of the global supply chain issues,�? the finance minister said.