Finance Minister Nirmala Sitharaman today emphasized the need for governments and industries globally to work together to restore global calm. Addressing the gathering at the Opening Plenary Session of CII’s Global Economic Policy Forum in New Delhi, Ms Sitharaman highlighted that the global priority in this decade should be to restore normalcy. She said that war and disruption must be avoided as they are the main causes of supply chain disruptions. 

 

 

The Finance Minister also mentioned that inflation is a significant challenge globally, with disruption being its primary cause. She further added that it is incumbent upon all industries, governments, policymakers, citizens, and citizens’ forums to work together to restore normalcy. Finance Minister underlined that the intersection of economy, technology, and finance shapes the future of global progress. She emphasized that investing in technology is investing in the future of our economy and financial systems.

 

Ms. Sitharaman also highlighted that for the decadal priority, industry should work with small and medium enterprises to explore how they can support large units while equally contributing to job creation. She mentioned that during its G20 presidency, India ensured that a recommendation was made through the international expert group constituted for the reform of multilateral financial institutions.

 

 

Ms. Sitharaman added that these institutions must rise to the occasion and provide finance and assistance to countries in need; otherwise, economies will face severe challenges. Finance Minister of Bhutan Lyonpo Lekey Dorji, Finance Minister of Maldives Moosa Zameer, Finance Secretary and Secretary (DIPAM) Tuhin Kanta Pandey and CII President Sanjiv Puri were also present during the event.