The Economy Will Grow Fastest in Two Years, Finance Minister Said Citing IMF and World Bank

Union Finance Minister Nirmala Sitharaman said on 26 August that the International Monetary Fund (IMF) has said in its latest estimate that the Indian economy will grow at the rate of 7.4 percent in the financial year 2022-23. She said that the government has also made a similar estimate, and it is in line with the domestic assessment. The Finance Minister said that the IMF and the World Bank have estimated that India’s economy will grow the fastest in the world in the next two financial years. However, she also said that there is concern about the economy due to external reasons, so this is not the right time to be sure about the growth.

Speaking on the sidelines of the Financial Express Best Bank Awards event in Mumbai, Sitharaman said strong corporate tax collections were a clear indication that private investment is growing on the promise of sustainable consumption demand.

“videsheenivesh ko badhaanachaahatehain”

The Union Minister pointed to the continued support of exports and explained what the government is doing to increase foreign investment. They said,

“Ham bhaaratmeinvidesheenivesh ko badhaanachaahatehaintaaki vrddhi keeraphtaardheemeenapade. ham nishchitroop se is dishameinkaamkarrahehain.”


Nirmala Sitharaman also gave her opinion on the so-called ‘Rewari Culture’ that has become the subject of debate recently. She said that instead of ‘what is included in the rewards, she is concerned that the burden of freebies is being thrown on ‘someone else’s shoulders, such as discoms. Whereas it should be paid from the budget.

She said that the political parties which are making such promises should make provision for their expenditure in the budget. Finance Minister said,

logon ko sakthbanaana aur unhendaldal se nikaalkarunakepairon par khadakaranekeliyesuvidhaendenatheekhai. lekin is cheej ko adhikaarmeintabdeelkardenabilkulalagbaathai.  #Nirmala Sitharaman spoke on Rewari Culture Debate

It is known that after the announcement of giving many things for free by the Aam Aadmi Party given the upcoming Gujarat elections, Prime Minister Narendra Modi targeted it by calling it ‘Rewari culture’. The Supreme Court has expressed concern on this matter and has sent the matter to a three-member bench for hearing. Nirmala Sitharaman also clarified in this conversation that there is no such plan of the Finance Ministry to levy any charge on UPI.

She said the concerns of the service providers would be addressed through other means. Finance Minister said,

“ hamaramaanahai ki digital bhugtaanjantakeebhalaeekeliyehai. logon ko in suvidhaon ka svatantrroop se upyogkaranemeinsakshamhonachaiyetaakibhartiyearthavyavastha ka digitization logon ke lie aakarshak ho aur digitizationkemaadhyam se, ham uch star keepaaradarshitapraaptkarsaken. Isliye hum abheebheesochtehain ki is par chargelagaane ka yeh samaynahinhai. ”  

The minister said that if there is a reduction in the budget of the digital payment system, then it will be addressed separately. The government has made a provision of Rs 1500 crore to pay the expenses of UPI and Repay debit card transactions.

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