Finance Minister Nirmala Sitharaman said that India’s government and the central bank are watchful of developments globally including the rise in inflationary pressures worldwide.
She said, “We are fairly watchful of what’s happening as regards global developments, as regards Fed’s decisions as also regards global inflationary pressures.” She further added that the government will not allow the economy to suffer for lack of preparation.
The expectation in the government is that this will crowd in private sector investment, as well, which will lead to job creation and a demand and consumption boost.
“Now with the RBI and the government working together and very keenly observing what is going on in the global financial ecosystem, we have learnt the lessons from the last crisis which the Government of India faced in 2012-13 and 2013-14,” she said.
She also said the issue of placing petroleum products under the ambit of GST will be discussed in the future meetings of the GST Council.
Responding to concerns expressed on the dumping of ferrous and non-ferrous metals, the finance minister said while the steel industry has to align domestic prices with the international trends, the interests of MSME user industries have also to be kept in mind.
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