FM Sitharaman addresses B20 Summit of Business leaders in New Delhi; Says, govt's priority is to check inflation

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Finance Minister Nirmala Sitharaman said that India has showcased an accelerated pace of economic reforms in the last nine years. Speaking at the B20 Summit India 2023 in New Delhi on Friday, Mrs Sitharaman said, the reforms undertaken by the government have put India on the path of sustainable growth.

She said, the share of capital expenditure in total rose from 12.3 per cent in 2018 to 22.4 per cent in fiscal year 2024. She said, several measures have been implemented by the government and it has incentivised States to increase their capex spending. Mrs. Sitharaman said, States' capital expenditure has also increased by 74.3 per cent. She said, the government has adopted a transparent methodology to ease compliance burden and ensure speedy decisions. The Minister said, investment in health and education is very important to maintain economic growth.

Finance Minister said, the government's priority is to tame inflation to ensure sustained economic growth. She said, Central banks will have to keep in mind growth-related priorities. She said, fiscal deficit needs to be restrained otherwise inflation will not be brought under control. Mrs Sitharaman also said, financing climate is a key factor for sustaining global economic recovery.