Addressing the Indian diaspora in America, the Finance Minister said that we need more support from people with talent and wide experience. Besides, more support is also needed from such people who can give new ideas to take the country forward.
“What we need above all is support in the form of capital, which is essential to fulfill all the aspirations of a country,” he said at the event organized at the office of the Consulate General of India in Chicago.
The Finance Minister said that we have set a target for ourselves, under which the debt has to be brought to the level of 50 percent of GDP by 2030.
He said, “The government is working in this direction. There are many developed economies whose debt is still more than 200 percent of their GDP. We have also set a path of fiscal discipline on fiscal deficit. We have made progress as per the set target. We have achieved the ultimate target which was to be achieved by 2025-26.”
Finance Minister Sitharaman said that the world has seen the fiscal prudence of Narendra Modi as the Chief Minister of Gujarat and now as the Prime Minister of the country.
“Our credit rating is improving. But it is not happening by bypassing the rules. It is not happening by withholding resources needed for social welfare. It is happening through proper management of the economy,” he said.
According to him, India did not experience fertilizer shortage because “we managed to keep the markets informed about the quantity of fertilizer we would need.”
“Global supplies declined. The challenges were even bigger, be it crude oil, LPG or fertilisers. Ships going to get these supplies were not able to get adequate insurance cover. Risk premiums had increased significantly,” the Finance Minister said.
He further said, “Through an announcement made in the Budget, we made a fund available so that the government can support the additional premiums paid to shipping companies due to risks. As a result, Indian farmers, Indian families and the Indian logistics sector do not have to suffer losses.”
He said that amid these uncertainties, the economic calculations of many countries went completely wrong. He said that fortunately, despite its limitations, India has kept its citizens safe in this challenging environment.