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Union Finance Minister Nirmala Sitharaman has said that the global community has appreciated India on its successful steering through the Covid 19 pandemic and situation created globally by Russia Ukraine war.
Addressing the Thinkers Forum in Bengaluru on Sunday, she said India is today given a high table at the global forum in recognition of its efforts to steer through the unusual four years between 2020 and 2023. Under close monitoring by Prime Minister Narendra Modi, the government released free food grains to the poor, vulnerable groups were given financial aid, very strong handholding mechanism for MSMEs were done, tab was kept on Bank credit, State finances were supported, import of fertilisers at exorbitant rates were made but the burden not transferred to the farmers.
The process of reforms continued unabated and due to the unflinching efforts of entrepreneurs, farmers and others, India is today the fastest-growing economy. Pointing out at the methods adopted by European countries to face the stressed economy, the Finance Minister said that they printed currency and pumped it into the market, which has today resulted in unprecedented inflation, price rise, interest rate hike, expensive loans and transaction costs.
The World that was dependent on grains, edible oil and pharmaceutical supplies from Ukraine and fuel and fertiliser from Russia suffered as supplies stopped. India was also impacted by it but still the Government ensured sufficient supplies to its people and saved them from impending crisis. The Finance Minister noted that the Central Government has minimised the impact of pandemic due to timely taken action and reforms.