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Sharing insights on the economic outlook, risks and near-term policy challenges for Emerging Market Economies (EMEs), Finance Minister Nirmala Sitharaman has expressed an urgent need for coordinated action across countries to not only enable swift post-pandemic recovery but also to build resilience to future shocks.

While explaining India’s policy approach, Sitharaman mentioned that an accommodative fiscal stance was also accompanied by major structural reforms, including the bankruptcy code and targeted help to MSME and other vulnerable sections. Besides, Sitharaman said that Monetary Authority fully supported and complemented these efforts with an accommodative stance.

Finance Minister further stated that India has been helped by good agricultural output, supported by a good monsoon during the COVID pandemic period. She said that agricultural exports, along with other exports, have also sharply increased, adding that India is entering into new economic activities which will help resolve some of the global supply chain issues.