Despite global headwinds, Indian economy will stay on course: FM Sitharaman
Washington (PTI): The Indian economy will stay on course despite global headwinds and is projected to grow at seven per cent in fiscal 2022-23, Finance Minister Nirmala Sitharaman has said, attributing this to the conducive domestic policy environment and focus on key structural reforms.
Sitharaman's remarks came during her intervention at the plenary session of the international Monetary Finance Committee (IMFC) on Friday.
The meeting itself, she said, is being held at a juncture when the global economic outlook is clouded by key downside risks: growth slowdown in major economies, cross-border effects due to the ongoing geopolitical situation, inflationary pressures led by escalating food and energy prices that have adversely impacted vulnerable economies.
Despite global headwinds, the Indian economy will stay on course and is projected to grow at seven per cent in FY 2022-23. This is an outcome of the conducive domestic policy environment and the government's focus on key structural reforms to boost growth, she said.
She told members of the IMFC that the Indian Government has taken initiatives to protect growth while pursuing inflation management.
The government has ensured the availability of free food grains to more than 800 million vulnerable families for the past 25 months, through the country's massive public distribution network, she said.
Last-mile delivery of financial services to the poor has been a key priority of the government and this has been aided by India's digital public good infrastructure.
Today, India is leading the world in terms of digital payments innovations with our transaction cost being the lowest in the world, Sitharaman said.
Of the view that the IMF needs to increase resources available for emerging and low-income countries to safeguard the global financial system, Sitharaman underscored that concluding the 16th General Review of Quotas (GRQ) by December 15th, 2023 is vital for increasing the voting rights of emerging market economies (EMES) in line with their relative positions in the world economy.
India's quota in the IMF, which determines voting shares in the multi-lateral lending agency, is 2.75 per cent. China's quota is 6.4 per cent and that of the US is 17.43 per cent.
A general review allows the IMF to assess the adequacy of quotas in relation to both the members' balance of payments in financing needs and the Fund's ability to help meet those needs.
Observing that a key downside risk to global recovery is the exacerbated debt distress in many low-income countries, Sitharaman said it is therefore important that the IMF provides the necessary support to deal with the balance of payments-related vulnerabilities.
As such she welcomed IMF's recent initiative of a new food shock window to help countries address food insecurity.
On climate change, she emphasised the importance of a multilateral approach with the principles of equity and common but differentiated responsibilities and respective capabilities.
India has set out an ambitious climate action path through its updated Nationally Determined Contributions that demonstrates India's commitment at the highest level to decoupling economic growth from greenhouse gas emissions.
Transfer of climate finance and low-cost climate technologies from developed to developing countries has assumed critical significance, Sitharaman said.
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Prabhsimran fifty, Jitesh cameo lift Punjab Kings to 214/5 against SRH
Hyderabad, May 19: Prabhsimran Singh set the tone with a quickfire fifty before skipper Jitesh Sharma finished it off in style to lift Punjab Kings to an imposing 214/5 against Sunrisers Hyderabad in the IPL, here on Sunday.
The new look opening pair of Prabhsimran and Vidarbha's Atharva Taide put on 97 runs from 55 balls as PBKS did well to see through the power play without losing a wicket after opting to bat.
Prabhsimran smashed seven fours and four sixes for his 45-ball 71, while Taide will regret missing out on a fifty after being dismissed for a well-made 46 off just 27 balls.
Taide smashed five fours and two sixes and after his departure, Prabhsimran got the company of Rilee Rossouw as the duo put together 54 off 32 balls to keep the momentum going in the middle overs.
It looked a one-way traffic at 151/1 in 14 overs when leg-spinner Vijayakanth Viyaskanth dismissed the set batter Prabhsimran off a quicker delivery that took a faint edge and Heinrich Klaasen did well to take a one-handed catch behind the stumps.
Cummins (1/36) ended his spell taking the wicket Rossouw one run shy of a half-century in the 18th over that left two new batters at the crease -- Jitesh Sharma and Ashutosh Sharma.
T Natarajan (2/33) then did well to remove the inform Ashutosh Sharma in the penultimate over.
PBKS went on to lose four wickets for 44 runs in five overs before the stand-in skipper Jitesh's last over assault took them to a fighting total.
Jitesh (32 not out from 15 balls; 2x4, 2x6) finished with two sixes against Nitish Kumar Reddy in a 20-run final over.
It was a fearless batting display by the Punjab Kings who had nothing to lose and playing the last match of the season.
There was no Jonny Bairstow or Liam Livingstone -- the English duo who have left home for national duty -- but PBKS batters never felt their absence after they opted to bat.
Following a tidy start by Pat Cummins and Bhuvneshwar Kumar where the duo conceded just 12 runs, Prabhsimran took on the veteran Indian seamer slamming him for consecutive boundaries.
The lefthander Taide then got into the act in Natarajan's opening over, when he dragged one from outside off to through mid-on and followed it up with a mighty pull.
The diminutive Punjab batter Prabhsimran added to their misery, hammering a 145kph delivery from Cummins over deep square leg with sheer timing.
Taide also matched his senior partner Prabhsimran and took on Bhuvneshwar with a six and four, as PBKS cruised to 61 for no loss in the power play and the home side looked desperate in search of a breakthrough.
Natarajan finally broke the opening partnership in the 10th over with a short and widish delivery to dismiss a well set Taide.
But Prabhsimran continued his belligerent batting in the company of Rossouw and raced to a 34-ball fifty, his second this season in the 11th over.
His big assault came in Nitish Reddy's next over when the duo spanked him for 20 runs two sixes and one four as there was no stopping PBKS.
