Global calm and normalcy should be priority: Fin Min

New Delhi: Finance minister Nirmala Sitharaman on Wednesday stressed that India Inc’s commercial considerations should blend with the economy, nation’s priorities and strategic needs.

Asking the industry to “realign and reset” itself based on the lessons learnt in the last decade, Sitharaman said the supply chains should be widespread lest geopolitical

risks disrupt it.

“Economic and commercial considerations today will have to blend (with) economy and its priorities with politics and strategic needs,” Sitharaman said at the CII Global Economic Policy

Forum 2024 here.

Outlining the priorities of the economy for the next decade, Sitharaman said the industry should work with small and medium enterprises to explore how they can support large units, while equally contributing to job creation.

“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 economic sense but also in a political and strategic sense. 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,” Sitharaman said.

Learning from the last decade are that the country will have to now realign, and industry will have to realign itself not just on economic principles.

Sitharaman said the attempt of both industry and governments everywhere should be to restore global calm and normalcy. There can nowhere be enough justifiable reason for skirmishes or war, and and noted that war or any form of disruption should be avoided, she said.

She also said the economy has to “clawback” more to regain its strength after the Covid pandemic “The world is facing challenges which are reflected in the economy. The global priority for this decade should be to restore normalcy. They are the main cause for disruptions in supply chain, inflation and other global challenges,” the minister said.