Global challenges increased the difficulties for the domestic export sector, the government would give full help to the sector – Finance Minister

Union Finance Minister Nirmala Sitharaman said on Friday that the signs of slowdown in the economies around the world have increased the challenges for the country’s export sector. However, the government will provide all possible help to the sector for growth. He said that despite the difficulties, the Indian economy will grow at the rate of 7.4 percent in the financial year 2022-23. He said that this pace will continue in the next financial year also. Finance Minister Sitharaman said in the FE Best Bank Award program that based on the activities, estimates show that we will definitely be at the level of 7.4 percent and this level will continue next year also.

challenging global situation

The Finance Minister said that the global situation continues to be challenging and there is a need to be careful about the situation. He said that the export sector will face difficulties, as the global growth has slowed down. The government will work closely with these institutions, so that they can face adversity. Sitharaman said that there is a need for a substantive debate on freebies. At the same time, he emphasized that political parties making promises before the elections should make budgetary provisions to take care of the expenditure, and not burden other institutions. The Finance Minister said that the power distribution companies and generation companies have to bear the brunt of such free facilities.

What is the economic growth forecast

The IMF has predicted that the growth of the Indian economy will be the fastest among all the major economies. The IMF has reduced India’s economic growth forecast to 7.4 percent. However, despite this, the estimates are among the highest compared to the major economies of the world. Estimates of institutions around the world, including the Reserve Bank, are also in the direction of the IMF.