India's economic growth is being recognised across the world - Finance Minister Nirmala Sitharaman

New Delhi/Seoul – Economists have not agreed on whether there will be an economic recession this year. But there seems to be a consensus among economists that the Indian economy will progress the fastest. It is claimed that the supply chain crisis associated with manufacturing will also affect the economies of major countries worldwide. However, economists are confident that the crisis will benefit the Indian economy. This was evident in the World Economic Forum’s report. Meanwhile, Finance Minister Nirmala Sitharaman has said that developing countries like India must act as ‘engines’ of global growth.

Union Finance Minister Sitharaman is visiting South Korea for the Asian Development Bank-ADB meeting. While addressing the Indian community in Seoul, the capital of South Korea, the Finance Minister expressed her satisfaction by saying that the whole world is noticing the country’s economic progress. However, Finance Minister Sitharaman further said this is not only because India is growing at the highest growth rate. But the world had to note how India dealt with the Covid pandemic and the economic challenges that followed.

The economies of the developed countries are in crisis and even in such a situation India and some other developing countries seem to be progressing. Developing countries must show more energy to maintain this pace of economic progress even in the challenging times ahead. It will be very important for developing countries to act as engines of the global economy. Finance Minister Sitharaman expressed her belief that this will solve the financial crisis in the world.

It becomes a significant matter that the presidency of G20 has come to India during such a time. Sitharaman expressed her belief that Indonesia, India and Brazil, which are members of the G20, are developing countries. Because of them, the ‘Global South’ voice will be louder in this conference. The next three years will be crucial for the global economy. The Finance Minister of India claimed that during this period, the global financial system will undergo a process of reset and adjustment according to the situation. On this occasion, Sitharaman pointed out that artificial intelligence, deep data analytics and IoT will be widely used in the future.

India is prepared to deal with these changes in the future. Digital payment systems, tax collection without direct contact with taxpayers and digital IDs these technologies have started in India. Also, Indian companies are ready to use technologies that will be important in the future, including artificial intelligence. In such a situation, Sitharaman appealed to NRIs in South Korea to contribute to India’s technology and research sector.

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