Jobs & growth priorities now, inflation moderating to manageable level: FM Sitharaman | The Financial Express

Jobs & growth priorities now, inflation moderating to manageable level: FM Sitharaman

“India’s Open Network for Digital Commerce has revolutionised the retail and manufacturing sector,” Sitharaman said at India Ideas Summit organised by US-India Business Council here, adding that this offered business opportunities to foreign companies.

Jobs & growth priorities now, inflation moderating to manageable level: FM Sitharaman
The government was engaged with foreign investors to ease rules for more investments, the minister said, adding that she saw "plenty of scope" for collaboration in the digital sector, including on payment technology between India and the United States.

Inviting US companies to invest in India’s digital revolution, finance minister Nirmala Sitharaman on Wednesday said jobs and economic growth are the top priorities of the government as inflation has “moderated to a manageable level”.

“India’s Open Network for Digital Commerce has revolutionised the retail and manufacturing sector,” Sitharaman said at India Ideas Summit organised by US-India Business Council here, adding that this offered business opportunities to foreign companies.

The government was engaged with foreign investors to ease rules for more investments, the minister said, adding that she saw “plenty of scope” for collaboration in the digital sector, including on payment technology between India and the United States.

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“The technology stack India has created is truly visionary,” Ed Knight, executive vice chairman of Nasdaq, said at the event.

Sitharaman said the country was confident of handling the challenge of high inflation and that its economic revival was driven by reforms. “My priority is to ensure jobs, equitable wealth distribution and making sure India is moving on the path of growth,” she added.

“Some of course are red-lettered (priorities), some may not be. Red-lettered ones would of course be jobs, equitable wealth distribution and making sure India is moving on the path of growth. In that sense, inflation is not red-lettered,” she said.

Inflation in India has remained above the central bank’s 2-6% tolerance band for several months, with consumer inflation at 6.71% in July. The Consumer Price Index (CPI) based retail inflation was at 7.01% in June.

Sitharaman was confident that the Reserve Bank of India would manage the volatility emerging from the aggressive rate hike stance by the US Fed and the European Central Bank.

Talking about fiscal management during the Covid-19 period, she said India, with a targeted fiscal policy, managed the economy and welfare needs through a challenging time without printing money.

The minister said India will have a new data privacy law soon. “We will soon have a new Data Privacy Bill, which will be a product of consultations and will address every such concern most of us had on the privacy bill,” she said. In August, the government withdrew the Personal Data Protection Bill, 2019 as the Joint Parliamentary Committee recommended 81 amendments in a bill of 99 sections.

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