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In a candid and forward-looking address at the Kautilya Economic Conclave 2023, Finance Minister Nirmala Sitharaman delved into the complexities of the global economic landscape, emphasizing the challenges posed by the ongoing COVID-19 recovery efforts and the necessity for effective management of national debt.
Sitharaman acknowledges the global struggle to fully recover from the impact of the COVID-19 pandemic. Highlighting the uneven pace of recovery across nations, Sitharaman said, "We've still not recovered from COVID. Not at all talking about the Indian economy, but globally. in some countries when the recovery is happening, you still have some constraints in restoring norms". Addressing concerns closer to home, the Finance Minister disclosed a significant milestone, revealing, "Over Rs 2.05 lakh crores is the balance in the Jan Dhan accounts." This positive balance indicated a robust financial standing in these accounts, underscoring the financial stability of a significant portion of the population. Sitharaman then turned her attention to the critical issue of national debt. "We are looking at ways in which we can bring down the overall debt. And I'm sure going to be very successful in that because I'm very much in line to meet India's aspirational requirements, but deal with it with a sense of responsibility so that next coming generations don't feel the burden, that government has debt on them", she explained. The Minister stressed the importance of responsible fiscal policies, ensuring that the burden of debt does not fall heavily on future generations. "We are conscious about the debt of government of India today. Compared to many others it might not be as high as it is, but even there we are consciously looking at experiments at different parts of the world. Again, some of the data about some emerging market countries about how they are managing their debt is something which is actively in our minds in the ministry, and we are looking at ways in which we can bring down the overall debt" she said. The Finance Minister, highlighted the ministry's focus on global experiments and emerging market countries' data to inform their debt management strategies, indicating a proactive approach to tackling this economic challenge. Another significant topic addressed by the Finance Minister was the global consensus on cryptocurrency regulation. Sitharaman proudly announced India's role in bringing this issue to the forefront during the G20 meeting. "Crypto was the issue that we're able to bring in G20 meeting under India presidency and brought all the countries on consensus. All G20 countries agreed on a template and they will bring the regulation based on that template," Sitharaman said, illustrating India's leadership in shaping international policies concerning emerging financial technologies. The Kautilya Economic Conclave 2023, with its focus on nuanced economic discussions, remains a crucial platform for experts and policymakers to exchange ideas and strategies. (ANI)
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