Govt Priority Is To Tame Inflation For Sustained Economic Growth, Says FM At B20 Summit

Finance Minister Nirmala Sitharaman has listed out government's key priority is to tame inflation in an effort to ensure sustained economic growth while addressing the B20 Summit on Friday.

Observing that elevated interest rates for considerable time hampers recovery, Ms. Sitharaman said, "my priority is to tame inflation," according to a PTI report.

Nirmala Sitharaman said that India has been able to accelerate the pace of economic reforms and the first quarter GDP numbers should be good. The National Statistical Office will release the GDP numbers for the first quarter on August 31.

"We are the fastest-growing economy and our domestic investment is robust. The Q1 GDP data for FY23-24 will come soon. Nobody has a clue, but everybody feels the Q1 numbers went well, so everything should be good," said Sitharaman.

She asserted that the BJP-led government did not stop pursuing the reforms during Covid-19 pandemic.

Earlier this year in July, retail inflation jumped to a 15-month high of 7.44% due to the soaring prices of tomatoes and vegetables.
Sitharaman said that "green shoots' of private capital expenditure can be felt on back of the government's push for capital expenditure in the budget, added the PTI report.

She also spoke about climate financing and reforms being undertaken by the government to attract foreign investments as they are vital for economic growth.