Hyderabad: Indian Finance Minister Nirmala Sitharaman said that the budget is planned for the general and economically weaker section of society and will provide industry and education opportunities. The Finance Minister said that the challenges due to global uncertainty had been factored in the budget and India prepared to deal with any crisis.
Although the Indian economy is doing well, some economists suggest that India will feel the impact of the global economic jolts as the major economies amid a recession would impact demand affecting the export from India. While presenting at a program organised to discuss the budget, the finance minister said that the budget had been designed to focus on the general and weaker sections of society and promote industry and education while continuing to thrust on development. She also explained that the budget has factored in the global challenges.
Sitharaman further said that while considering the country’s development, threats from global situations are also considered. Since India has remained insulated from the effects of shortage of fuel and fertilisers, which are faced at the international level, the consequences are possible in future. Prime Minister Narendra Modi recently warned the international community that a shortage of fertilisers could cause food shortages. Against this backdrop, Finance Minister Sitharaman’s claims regarding the budget are drawing attention.
International financial institutions claim that India will not be particularly affected by the crisis of global economic recession and the rate of economic development of India will be the highest. Despite this, Finance Minister Sitharaman has assured that India has prepared the budget by considering the unexpected challenges. A few days ago, Commerce Minister Piyush Goyal also realised that India’s exports might be somewhat affected due to international developments. At the same time, Goyal expressed his satisfaction that India’s exports are currently at a record high level.
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