NEW DELHI: Union Finance Minister Nirmala Sitharaman stressed on the need for quick diversification of supply chains while speaking at the CII B20 Summit here on Friday evening.
At a session themed ‘Key Priorities for Sustained Global Economic Recovery’ at the B20 event, she said, “We need to quickly diversify our supply chains”.
“Well-functioning international markets with resilient and efficient supply chains are the ones that can help us sustain our growth. We need to cushion ourselves sufficiently against any shock that can happen”.
She also laid emphasis on investments for spurring growth, saying that is was a ‘sure shot route’ to achieving and sustaining growth. “…therefore investment in physical assets needs to be substantially raised, driven by the public sector, and complemented by private sector”, she said.
In India’s context, she outlined how the country has actually showcased an accelerated pace of economic reforms in the past nine years of her government. The share of capital expenditure in total expenditure rose from 12.3 per cent in 2017-18 to 22.4 per cent in 2023-24 (Budget estimate).
“Measures implemented by the Union Government have incentivised states to increase their capex spending”, she noted.
The theme of B20 Summit India is ‘R.A.I.S.E – Responsible, Accelerated, Innovative, Sustainable and Equitable Businesses’.
The Business 20, or B20, was formed in 2010 and is the official G20 dialogue forum with the global business community. The B20 aims to deliver concrete actionable policy recommendations on the priorities of each rotating presidency to spur economic growth and development. (ANI)