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FE India’s Best Banks Awards: Sitharaman says Indian economy to grow at 7.4%

Addressing the gathering at the FE Best Banks Awards event in Mumbai on Friday, the finance minister said that the government’s estimation is based on developments.

FE India’s Best Banks Awards: Sitharaman says Indian economy to grow at 7.4%
Union Finance Minister Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman has said that the country’s economy is expected to grow at 7.4 percent in this fiscal and will continue to grow well in the next fiscal.

Addressing the gathering at the FE Best Banks Awards event in Mumbai on Friday, the finance minister said that the government’s estimation is based on developments. Expressing her confidence, the minister also observed that the International Monetary Fund and the World Bank have also projected the country’s growth to be the fastest for the next two fiscal years.

Their estimates are similar to what the Reserve Bank of India (RBI) has predicted.

Speaking about the global situation, the minister also pointed out that while it continues to be challenging, it is not the right time to throw caution to the winds at the moment. The minister, however, expressed her concerns about the export sector, saying it may face difficulties due to the slowdown in economies across the world.

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She also stressed the need for rigorous debate on the freebies side, adding that political parties making promises before elections must make budgetary provisions to take care of the expenditures and avoid pushing the burden on other entities.

Sitharaman further added that the power discoms and generating firms have seen the brunt of such freebies as these companies get paid in part or not at all in some other cases , even as they do not play any role in the announcements.

During the event, a number of exceptional performances by banks, non-banking financial companies (NBFCs), small finance banks and fintechs from across the country were honoured. The winners were chosen by an independent high-power jury, which was chaired by S Ramadorai, former vice-chairman, TCS.

Also read: FE Best Banks Awards: Banking stalwarts to be honoured today; Chief Guest Nirmala Sitharaman to preside over the function

The jury also comprised R Shankar Raman, director, Larsen & Tourbo; Biswamohan Mahapatra, former ED, RBI, and chairman, NPCI; Amit Chandra, chairman, Bain Capital; Sharad Sharma, founder, iSPIRT; and Amit Tandon, MD, IiAS.

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