Union Finance Minister Nirmala Sitharaman addresses the gathering on the inaugural session of the Kautilya Economic Conclave 2023, in New Delhi on Friday.
| Photo Credit: ANI
The government is seeking to scale back its general debt ranges and has consciously chosen to not be profligate about spending in order to not burden future generations, Finance Minister Nirmala Sitharaman mentioned on Friday.
Ms. Sitharaman additionally emphasised the necessity to make sure that world meals, fertilizer and gasoline provides didn’t change into an instrument of warfare and disruption and mentioned the impression of terrorism had now change into an element that traders wanted to weigh whereas making selections, other than international locations’ financial openness and insurance policies.
“We are conscious in our decision making in matters related to macro-economic stability and the responsibility with which we deal with our fiscal management,” she mentioned, talking on the Kautilya Economic Conclave. “So, for every decision that we take today, we are conscious of what burden it is going to leave the next generations. It’s very easy to be profligate, and burden the coming generations with debt that will be sitting there,” she added.
Noting that the Government of India’s debt “might not be as high as it is” in comparison with different international locations, Ms. Sitharaman mentioned the Finance Ministry was nonetheless actively inspecting methods to carry down the debt ranges.
“We are consciously looking at experiments in different parts of the world and some of the data of some emerging market countries about how they are managing their debt,” the FM mentioned. “We are looking at ways in which we can bring down the overall debt and I am sure, we are going to be very successful in that because our efforts are very well streamlined to meet India’s aspirational requirements but deal with it with a sense of responsibility, so that our next coming generations don’t feel the burden that government debt has left,” she added.
