Finance Minister Nirmala Sitharaman emphasized prudent borrowing and asset creation to reduce debt burdens in her forward-looking address at the Global Economic Policy Forum. Stressing fiscal responsibility, she highlighted the importance of sustainable financial management and collaboration between governments and industries. Sitharaman called for diversified supply chains to combat geopolitical risks, urged action on climate change, and emphasized technology and innovation in agriculture for the upcoming decade, envisioning sustainable growth through strategic alignment and innovation.
In a forward-looking address, Finance Minister Nirmala Sitharaman outlined a strategic vision for the next decade, emphasizing the imperative of easing the debt burden and advocating for prudent borrowing aimed at asset creation. Speaking at the Global Economic Policy Forum convened by the Confederation of Indian Industry (CII), Sitharaman underscored the significance of fiscal responsibility and sustainable financial management.
Reflecting on the challenges posed by the pandemic, Sitharaman acknowledged the necessity of borrowing during crises like COVID-19. However, she emphasized the critical need to avoid burdening future generations with unsustainable debt levels. Stressing the importance of managing debt effectively, she highlighted the government's commitment to borrowing primarily for investments that enhance national assets, steering away from practices that could jeopardize the financial well-being of future generations.
Sitharaman also underscored the collaboration required between governments and industries to navigate the complexities of debt management at both national and sub-national levels. With the theme of "Decadal priorities for the global economy" at the forefront of discussions, she urged Indian businesses to align their strategies with national priorities and strategic imperatives.
Drawing attention to the evolving landscape of global commerce, Sitharaman encouraged industries to adapt and fortify their supply chains against geopolitical risks. She emphasized the need for a broader geographical spread of supply chains to mitigate concentration risks, underscoring the importance of aligning economic decisions with strategic and political considerations.
On the pressing issue of climate change, Sitharaman called for a concerted effort akin to poverty eradication commitments, emphasizing the critical need for resources to address climate-related challenges effectively. She emphasized a holistic approach to climate action, stressing the importance of safeguarding livelihoods and assets from climate-related threats.
Looking ahead, Sitharaman highlighted the pivotal role of technology and innovation in agriculture, citing it as a key priority for the coming decade. She lauded the success of digital infrastructure initiatives and envisioned the agriculture sector as the next frontier for innovation in India, emphasizing its potential to enhance food security and mitigate inflationary pressures.
In conclusion, Sitharaman's address painted a vision of a future marked by fiscal prudence, strategic alignment, and innovation, underscoring the collaborative efforts needed to address multifaceted challenges and drive sustainable growth in the years to come.
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