B20 summit | My priority is to tame inflation, says Nirmala Sitharaman

Union Finance Minister addresses the audience at a Special Plenary Session at the B20 Summit India, in New Delhi on August 25, 2023. Twitter/@nsitharamanoffc

Finance Minister Nirmala Sitharaman on August 25 said the government’s priority is to tame inflation to ensure sustained economic growth.

Addressing the B20 Summit India, being hosted by the Confederation of Indian Industry (CII), the Minister said the GDP numbers for the first quarter, to be released this month, should be good.

Observing that elevated interest rates for considerable time hampers recovery, Ms. Sitharaman said, “my priority is to tame inflation.”

Retail inflation soared to a 15-month high of 7.44% in July, mainly on account of spiralling prices of tomatoes and vegetables.

On growth, she said that India has been able to accelerate the pace of economic reforms and the first quarter GDP numbers “should be good.” The National Statistical Office is scheduled to release the GDP numbers for the first quarter on August 31.

Ms. Sitharaman said that “green shoots’ of private capital expenditure can be felt on back of the government’s push for capital expenditure in the budget.

She also spoke about climate financing and reforms being undertaken by the government to attract foreign investments as they are vital for economic growth.