India's sharp economic recovery post COVID-19, Budget initiatives to help sustain growth: FM Nirmala Sitharaman
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Finance Minister Nirmala Sitharaman has said India's sharp economic recovery post COVID-19 and Budget initiatives will help in sustaining growth momentum in the years to come. Sitharaman stated the government's road map for imparting momentum to the economy focusses on growth at the macro level and complementing it with all-inclusive welfare at the micro level, promoting digital economy and fintech, technology-enabled development, energy transition and climate action and relying on a virtuous cycle of investment and growth.
The government's road map was put into effect in 2014, she said, adding that major reforms, including Goods and Services Tax (GST), Insolvency and Bankruptcy Code (IBC) and significant reduction in corporate tax rate, were implemented. She mentioned the reforms contributed to the real GDP growing at an annual average rate of 6.8 per cent during 2014-20.
She said India's sharp economic recovery in 2021-22 and Budget measures have prompted international rating agencies to forecast a real GDP growth above 8 per cent in 2022-23. This will sustain the growth momentum in the economy. Besides, she said the Union Budget 2022-23 is the latest road map of the government for taking India's economy to a higher growth trajectory. She stated the PM Gatishakti Scheme in the Budget is a huge investment in physical infrastructure drawing from the National Infrastructure Pipeline.
