Finance minister Nirmala Sitharaman has emphasised on the necessity to turn out to be extra self sustaining and scale back dependency on imported items, particularly important commodities, which had elevated after the Coronavirus pandemic had hit provides.
Addressing a summit organised by trade physique CII on Wednesday, the finance minister mentioned that although the nation needs to be linked with international worth chains, the dangers they pose have to be acknowledged.
Though testing kits and protecting equipments associated to the pandemic had been imported within the nation in the course of the preliminary phases of the pandemic, there’s a must develop manufacturing infrastructure to scale back dependency in future, the minister famous throughout her handle.
On the economic system, Ms Sitharaman mentioned that its resilience could possibly be gauged from the truth that it has recovered sharply after the pandemic.
She added that regardless of the pandemic, Indian economic system remains to be among the many quickest rising economies globally.
Auto gross sales, which is among the many main indicators of rising financial actions, although are down. This, Ms Sitharaman attributed to the semiconductor scarcity.
“Auto sales in India would have also been good if it had not been for the semiconductor shortage and shipping container shortage,” she mentioned.
The finance minister additional famous that infrastructure spending is a key space and all authorities departments are focussed on it.
Touching upon the power sector, the minister mentioned that there’s a must deal with pure gasoline as a transitional gas. Though on the similar time she mentioned that “despite government’s commitment towards to the use of natural gas as a transitional fuel, high global crude oil prices present a challenge for India to import more natural gas”.