Union Finance Minister Nirmala Sitharaman today said that India’s focus on MSMEs and ensuring food security has been instrumental in the Indian economy’s successful recovery out of the COVID19 Pandemic. She said that protection of vulnerable sections has been India’s prime focus as the government charted its course towards recovery from the COVID-19 Pandemic. The Finance Minister was addressing a panelist in the Governors’ Seminar on the theme ‘Policies to Support Asia’s Rebound’ held as part of 56th Asian Development Bank Annual Meeting in Incheon, South Korea.
Ms. Sitharaman emphasised that India’s focus on capital expenditure will not only benefit the semi-skilled population, but also help explore key sectors beyond agriculture, manufacturing and services in Amrit Kaal. In the context of food security, the Finance Minister raised concern over the disparity in treatment of emerging markets vis-à-vis developed countries since the WTO regime trade agreements have tended to be lopsided. She also called for the WTO to renew focus on trade in agricultural products, recognising that subsidies will be essential for developing economies as they attempt to recover from the effects of the COVID-19 pandemic.
Ms. Sitharaman laid out the elements in the form of four ‘I’- Infrastructure, Investment, Innovation and Inclusivity. She said that these are essential for long-term sustainable growth for both advanced and developing economies. The Finance Minister espoused the idea of democratisation of enterprise and underlined the need for entrepreneurial skills to be a lot more widespread and democratised within the country so that no one misses out on the skill sets.
