Union Finance Minister Nirmala Sitharaman on Wednesday said that job creation and equitable income distribution have become the government’s priorities along with inflation. She added that inflation is not a red-letter priority like the others as the central bank has been able to bring it down over the last couple of months. “India doesn’t have the luxury of sequencing priorities, and efforts to tackle them must take place simultaneously. My priority is to ensure jobs, equitable wealth distribution and making sure India is moving on the path of growth,” she said at the U.S.-India Business Council’s Ideas India Summit 2022. Meanwhile Gautam Adani, who was awarded with the USIBC 2022 Global Leadership Award at the event, said India and the US will lead the world GDP growth.
Emerging economies showing full potential to lead global economy for next 6 decades
Nirmala Sitharaman said that India will be taking up the G20 chair at a very challenging time. “However, emerging economies are the ones which are showing full potential to lead the global economy for the next 50-60 years. They are the ones which are robust and are coming out in a very comprehensive way out of the economy,” she said. The FM further emphasised that these economies are the ones who have solutions for many of the issues, whether it is based on food security or commodity prices. “These are the markets which will give you both the supply and the supply and demand side answers in the next 25-40 years. It is the right time to focus on the emerging economies, address issues of global concerns through these economies. emerging economies are going to be the center of focus,” Sitharaman added.
New Data Privacy Bill to be introduced soon
Talking about the digital revolution in the country, Sitharaman highlighted how this revolution offered investment opportunities for the United States. “India’s Open Network for Digital Commerce has revolutionised the retail and manufacturing sector, and it even offered business opportunities to foreign companies,” she said. The FM also announced that a new Data Privacy Bill which will be a product of consultations and which will address stakeholders’ concerns, will be out soon. The (IT) Minister has been working very diligently and has assured us the new bill will be ready soon, she said.
RBI to handle credit policy without any major blips
Sitharaman assured that the Reserve Bank of India (RBI) is confident about handling the credit policy without any major blips. The central bank has raised interest rates sharply since May to curb high inflation. For the past two years, the regulator had kept policy ultra-accommodative to facilitate recovery after the coronavirus outbreak. “We are confident that the steps that the US Fed may take or the European Central Bank may take, the Indian central bank is fairly clued in into the developments which are happening all around and they are confident of handling the Indian monetary policy without major blips or rise and fall,” Sitharaman said.
India is on the path to become electronics manufacturing hub: Rajeev Chandrasekhar
Meanwhile, Rajeev Chandrasekhar, Union Minister of State for Entrepreneurship, Skill Development, Electronics & Technology, said while speaking on India’s advanced manufacturing future that India is on the path to become an electronics manufacturing hub. “India’s manufacturing capabilities have really strengthened during COVID-19 landscape making us a preferred partner in the supply chains across the world,” he said.
India is the biggest global pool of talent: Gautam Adani
Talking about India being a massive talent pool, Adani said, “We live in a world where chips are essential for everyone. India is the biggest global pool of talent, but yet India has no semiconductor plant. India cannot remain dependent on global supply chains and needs US support.” The billionaire reiterated his company’s $70 billion commitment towards renewable energy. “Govts have done their part, it is now the job of business to find a way to collaborate. Adani Group has already committed $70 bn to these efforts. It’ll see us building 3 Giga factories in India, leading to one of the world’s most integrated wind energy value chains,” Adani said.
These Giga factories will extend from polysilicon to solar modules, manufacturing of wind turbines and manufacturing hydrogen electrolysers. “As a result, we’ll generate additional 45 GW of renewable energy to add to our existing 20 GW capacity and 3 million tons of hydrogen. It will be completed before 2030. This value chain will be fully indigenous and aligned with geopolitical needs of India, according to Adani. He also believes they can further accelerate their goals with support from companies in the US that are willing to work with them. “Both of us stand to benefit,” Adani said.