Diversification of supply chains to be critical for global growth: FM Sitharaman
Nirmala Sitharaman, the Minister of Finance today.
«We need to quickly diversify our supply chains. Well functioning international markets with resilient and efficient supply chains are the ones that can help us sustain our growth.
We need to cushion ourselves sufficiently against any shock that can happen,» the FM said during her address at the B20 India 2023 meet in New Delhi.
«It's an old wisdom that putting all eggs in one basket is not enough. Thus, for ensuring global stability, we need to have diversified supply chains,» she added.
Negating the notion that Aatmanirbhar Bharat is against globalisation, she added that the ambitious plan is more about enhancing India's inherent resilence, and making sure that each sector of the economy grows robustly.
«So, if some essential imports have to come in, we are not going to stop that,» she added. The FM was addressing the audience at a Special Plenary Session on ‘Key Priorities for Sustained Global Economic Recovery’.
The theme of B20SummitIndia is R.A.I.S.E — Responsible, Accelerated, Innovative, Sustainable and Equitable Businesses.
