Finance Minister Nirmala Sitharaman said Prime Minister Narendra Modi
will come back to power in 2024 with a “good majority” and global investors
need not be “jittery”. Besides, she asserted the government is committed to
systemic reforms to accelerate the pace of growth.
Participating in a debate virtually organised by India Global Forum, she
said, investors “need not be jittery at all” about the outcome of general
elections due in April-May 2024.
“…keeping their (investors) fingers crossed is normal and I can
understand that. But here I am and also there are several people, who are
observing the Indian economy, observing the political environment, observing
the ground level realities and the situation as it prevails today, Prime
Minister Modi is coming back and coming back with a good majority,” she
emphasised.
The government led by Prime Minister Narendra Modi has taken various
initiatives that have transformed the life of every Indian and the business
environment has improved.
So, she said, “It is not as if this government has worked for one and not
for the other. It has worked for everybody.”
On the employment front she said the government is committed to providing
10 lakh jobs to youth of the country by December this year through Rojgar Mela
held every month.
Out of this, she said, about 8 lakh have already been provided by the Central
Government so far this year.
Talking about climate action, the Finance Minister said India is pushing
forward on that with its own funds.
“The Paris commitment given by us has been funded by us. We didn’t wait
for the US$ 100 billion that is never on the table… a lot of talk but no
money coming… no pathway to show how technology is going to be transferred,”
she said.
An additional issue is transition from fossil fuel to clean energy is
going to be a challenge, particularly for developing and emerging market
economies in terms of funding transition.
Asked about the impact of the ongoing conflict in Israel and Gaza on
India-Middle East-Europe Connectivity Corridor (IMEC), she said, it is a
long-term project and it is not going to be dependent on one or the other major
event.
So, it’s going to face challenges due to some event or other but it has
got its own strength, she said, adding, that countries who are directly or
indirectly in connection with this project are absolutely clear that it is
going to be critical for global trade, global partnerships.
The IMEC was signed at the 18th G-20 Summit held in New Delhi in
September. It is a multimodal economic corridor that incorporates multiple
networks of shipping, railways, and roadways and will also include electricity
cables, high-speed data cables, and a hydrogen pipeline.
The corridor is expected to create a reliable and cost-effective
cross-border, ship-to-rail transit network to supplement existing maritime and
road transport, and facilitate trade and connectivity, leading to the economic
integration of South Asia, West Asia, Europe, and the Middle East.
The IMEC will connect Indian ports such as the Jawaharlal Nehru Port
Authority, Mundra (Gujarat), and Kandla (Gujarat), with West Asian ones such as
Fujairah, Jebel Ali, and Abu Dhabi in the UAE, and Saudi Arabian ports of
Dammam, Ras Al Khair, and Ghuwaifat.
Then there is a rail segment that will continue the IMEC and provide
connection to the Saudi Arabian cities of Haradh and Al Haditha, onward to the
port of Haifa in Israel.
The final segment, which some call the Northern Corridor, will once again
be a maritime segment connecting the port of Haifa to the Greek port of Piraeus
and there to Europe.
PTI
