Finance Minister Nirmala Sitharaman said India is in no hurry to withdraw stimulus to support the economy as policymakers want to ensure that the country is on a sustainable growth path.
However, rising crude oil prices are emerging as a major challenge and the uncertainty could stifle some of his plans to get the economy back on track, he said in an interview in New York on Sunday.
“The challenge I will face, and the teams are also looking at the ministry to see how fuel prices are headed towards a bigger peak,” Sitharaman said. “This uncertainty is a huge element to me, which is still an impossibility and I don’t know how much to deviate from the other most important ideas, and that’s the challenge I see,” she said.
He said the government has already committed a certain amount of public expenditure for building infrastructure in an effort to support the economy.
The Reserve Bank of India and the International Monetary Fund expect India to grow at 9.5 per cent this fiscal year, but rising fuel prices – India imports a large part of its necessities – and a shortage of coal could be a major deterrent. .
This story has been published without modification in text from a wire agency feed. Only the title has been changed.
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