Presenting her sixth budget in the Lok Sabha, Finance Minister Nirmala Sitharaman on Thursday said that global affairs are becoming more complex, globalisation is being redefined with reshoring, disruption and fragementation of supply chains and competition for critical minerals and technologies.
“A new world order is emerging,” she said.
Talking about India’s G20 Presidency, she said that India assumed the presidency during very difficult times.
“The global economy was going through high inflation, low growth, high interest rates, very high public debt, low trade growth and climate changes,” added the Finance Minister.
She said while the pandemic led to a crisis of food, fertilizer, fuel and finances, India successfully navigated its way and showed the world the way forward.
India built consensus on global problems, the recently announced India Middle East Europe Economic Corridor is a strategic and economic game changer for India and others, she added.
