Indian economy will stay on course and is projected to grow at 7% in FY 2022-23: FM

The Finance Minister said that the IMFC Meeting is being held at a juncture when the global economic outlook is clouded by key downside risks-growth slowdown in major economies, cross-border effects due to the on-going geopolitical situation, inflationary pressures led by escalating food and energy prices that have adversely impacted vulnerable economies. Despite global headwinds, Smt. Sitharaman said, Indian economy will stay on course and is projected to grow at 7% in FY 2022-23. This is an outcome of the conducive domestic policy environment and Government's focus on key structural reforms to boost growth, She added.

The Finance Minister emphasised the initiatives the Indian Government has taken to protect growth while pursuing inflation management. "We have ensured the availability of free food grains to more than 800 mn vulnerable families for the past 25 months, through the country's massive public distribution network." Smt. Sitharaman said last mile delivery of financial services to the poor has been a key priority of the government and this has been aided by India's digital public good infrastructure. Today, the Finance Minister added, India is leading the world in terms of digital payments innovations with our transaction cost being the lowest in the world.

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