Outlining the priorities of the economy for the next decade, Union Finance Minister Nirmala Sitharaman Wednesday said attempts should be made to restore global calm and normalcy, and noted that war or any form of disruption should be avoided.
The Minister said the industry will have to realign its policies keeping in mind political and strategic decisions of the country.
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Speaking at the CII Global Economic Policy Forum, Sitharaman said the economy has to claw back more to regain its strength after the Covid pandemic and any skirmish or war will impact the supply chains and food value chains.
“The world is facing challenges which are reflected in the economy.”
“When we talk about restoring supply chains to frictionless supply chains, let’s not forget it’s not just economics, it’s more than that. We have to build in our own decision-making not just in an economic sense but also in a political and strategic sense,” she said.
“Supply chains will have to be restored but you would have to reset it, realign it, you will have to make sure that it is spread so much that no geopolitical or strategic risks will threaten our wellbeing.”
She also talked about the small enterprises and said India has always had the strength of small and medium sized enterprises.
For the decadal priority, industry should work with small and medium enterprises to explore how they can support large units while equally contributing to job creation, she said.
The minister said that the lessons learnt in the last decade should tell us that the country will have to now realign, and industry will have to realign itself not just on economic principles.
