Forge Partnerships among key stakeholders to address global concerns: Smt Nirmala Sitharaman, Minister of Finance & Corporate Affairs

Considering that most of the challenges affecting the economies today - technology, environment and sustainable development, supply chains, among others- are global in nature, it has become imperative for Industry, policy makers, citizens and citizen forums to work collectively, through a coordinated approach, to address the prevailing concerns and assure a better life for citizens in the global south as we enter into the middle of the century. This was stated by Smt. Nirmala Sitharaman, Hon’ble Minister of Finance and Corporate Affairs, Government of India, during the inaugural session of the Global Economic Policy Forum 2024 organized by the Department of Economic Affairs, Ministry of Finance, Government of India, and the Confederation of Indian Industry (CII) today.

The finance minister, elaborating further on the subject, enunciated five priorities which she felt should be the decadal priorities for the global economy, the theme of the conference.

First is to restore global calm for which all stakeholders should work in tandem to help avoid geopolitical disruptions and wars which cause supply chain disruptions, impact food value chains and fuels inflation. Secondly, underscoring the importance of economic principles behind frictionless supply chains and production hubs, she was strongly of the view that no political, geopolitical or strategic risk should come in the way of supply chain disruptions which impede growth and welfare.

The finance minister subsequently alluded to the issue of climate change as the third priority wherein she was emphatic that hard earned wealth, assets and life should not be held hostage to climate vagaries while a focus on agriculture and allied activities came next where technology and innovation could be leveraged to help farmers secure better livelihood and higher income. We should look at different ways of reforming agriculture without putting pressure on resources. The challenge of water should be another decadal priority, she averred.

Coming to the fourth priority, the finance minister highlighted the importance of scale which together with strength should be the buzzword wherein large industry has scale while small industry has horizontal scale, and both should work in concert for progress.  Enterprises should spread out across the country based on scale for inclusive growth and for reaping the demographic dividend, stated the finance minister.

Unpinning the significance of technology and digitalisation, the minister announced that Agri stack would be the next big thing for India after digital stack. She also urged industry to work with youth and use instruments at its disposal to facilitate upskilling in enlightened self interest while the last priority was on debt and financial security to safeguard the interest of future generations.

Mr Sanjiv Puri, President, CII and Chairman & Managing Director, ITC Limited, during his introductory remarks, spoke about five areas where India has made a positive contribution including robust growth, climate commitments, successful models for inclusive growth at scale, leveraging digitisation and building global supply chain resilience.   

Mr R. Dinesh, Immediate Past President, CII, during the concluding remarks, thanked the finance minister for her ardent support for GEPF and assured that CII would be working with the finance ministry in taking forward the proposals enunciated by the minister for meeting the decadal priorities for the global economy. A white paper would be brought out by CII which would outline the recommendations arising out of deliberations at GEPF. 

Mr Chandrajit Banerjee, Director General, CII delivered the welcome address at the forum.

CII was also privileged to have H.E Mr. Lyonpo Lekey Dorji, Hon’ble Minister of Finance, The Royal Government of Bhutan and H.E Mr Moosa Zameer, Hon’ble Minister of Finance, Republic of Maldives who were present during the inaugural session of GEPF.

11 December 2024

New Delhi