Highlights:
• BRICS should continue to serve as platform for dialogues and the exchange of experiences
• The government proposes to significantly increase public investment
• To increase capital expenditure from 35.4 percent to Rs 7.5 lakh crore
Fiscal spending, according to Finance Minister Nirmala Sitharaman, will drive the country’s growth. Sitharaman said BRICS should continue to serve as a platform for dialogues and the exchange of experiences, concerns, and ideas for rebuilding a sustainable and inclusive growth trajectory, while virtually participating in the second BRICS Finance Ministers and Central Bank Governors (FMCBG) meeting under China’s chairmanship.
Overview
Speaking about India’s growth prospects, she stated that fiscal spending and an investment push will continue to support economic growth, providing momentum to the economy based on the concept of macroeconomic growth complemented by all-inclusive welfare at the micro level.
In the current fiscal year, the government proposes to significantly increase public investment by increasing capital expenditure from 35.4 percent to Rs 7.5 lakh crore, or 2.9 percent of GDP.
Other legacy BRICS finance issues discussed by the Finance Ministers and Central Bank Governors included infrastructure investment, the New Development Bank (NDB), the BRICS Contingent Reserve Arrangement (CRA), and so on.
