India in no rush to Ease incentives, But oil is a problem, says Sitharaman

Nirmala Sitharaman

Nirmala Sitharaman

India is in no rush to withdraw its stimulus measures as policymakers want to ensure the country is on a path to sustainable growth, Finance Minister Nirmala Sitharaman said. Rising crude oil prices pose a major challenge, however, and uncertainty could thwart some of its plans to get the economy back on track, she said in an interview in New York on Sunday.

“The challenge I will face, and the teams are also watching in the ministry, is the way the fuel prices are leading to a big crest,” Sitharaman said. “This uncertainty is a big element for me, which is still imponderable and I don’t know how much will have to be diverted from other most important considerations, and that’s the challenge I see,” she said.

She added that the government had already allocated a certain amount of government spending to build infrastructure to support the economy.The Reserve Bank of India and the International Monetary Fund expect India to grow 9.5% this fiscal year, but rising fuel prices - India imports much of its needs - and a shortage of coal could be a major obstacle.

Sources:- Business standard

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