London:
Finance Minister Nirmala Sitarman said on Tuesday that the flexibility of economy and domestic demand strength is making India a engine of development amidst the rapidly developed global trade scenario.
In London’s High Commission in London in a conversation and challenges’ opportunities and challenges for the discovery of India until 2047, he said that the economy was well placed to capitalize on domestic capacity and competition as it deal with global headwinds.
Ms. Sitarman said, “The world has seen a depressed growth for many years; Earlier, it was less interested in long and now it is going to increase for a long time, and it is not a happy news for anyone.”
“India has maintained its fastest growing economy tag for five consecutive years and we still think that the speed may be slightly moderate, but it will still be India that will maintain that development … as is calibrated due to our growth consumption, which is present at the domestic level. It is supported by the demand for global-standard goods and that is why India has given many opportunities since the 1990s.
“America is a leading business partner for India. Therefore, at a time when the trade is going to be affected by tariffs, the measures that the US government is taking, we still have to ensure that domestic demand in India has domestic demand as a big magnet that can attract and promote global supply,” he said.
The minister said that the strength of this demand would prove to be attractive to supply foreign direct investment (FDI) and domestic market for international manufacturing and export from India.
“We feel that India, and some emerging markets are going to become an engine of development. Global depressed development, if it has to be raised, will have to be caused by these engines,” he said.
(Except for the headline, the story has not been edited by NDTV employees and is published by a syndicated feed.)
