financial crisis: FM Sitharaman calls on India Inc to ‘not miss the bus’, as it did after the global financial crisis

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Finance Minister Nirmala Sitharaman addressing a FICCI interaction on Sunday with India Inc claimed India’s economic recovery would place it as the fastest growing among major economies while asking business representatives to build on the channel created by the Center in the 2022 Union budget.

Without giving reasons, FM Sitharaman said that India, after the global financial crisis, missed an opportunity. The liquidity measures taken at the time were not reversed in time and as a result India became part of the fragile economies, she said.

“The taper tantrum was not addressed at all and therefore we missed a great opportunity available at the time,” she said. The minister said the RBI and the government are now working together, carefully watching global developments.

Meanwhile, FM Sitharaman assured India Inc that the government would not let the economy suffer and would be duly prepared.

On divestment, the FM said the target given this time in the Union budget was much more “realistic” and not an understatement. After setting ambitious divestment targets over the past three financial years, the Center has this time set the target for next year at a conservative Rs 65,000 crore.

The minister added that while the recovery of the Indian economy may not be equal across the board, it is still observable. “It is this revival that makes observers say that this recovery will place India as the fastest growing economy among major economies and this will continue in the next fiscal year,” the minister said.

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